Zacks Investment Research upgraded shares of Illumina (NASDAQ:ILMN) from a hold rating to a buy rating in a research note published on Friday. The firm currently has $347.00 price target on the life sciences company’s stock.
According to Zacks, “In the past six months, Illumina has outperformed its industry. The company has received regulatory approval for its next-generation sequencing (NGS) system — MiSeqDx in China. Illumina also released the S4 200 cycle kit for the NovaSeq platform in the quarter. Additionally, improving margins buoy optimism. Further, the company’s raised 2018 EPS guidance indicates that the company will deliver solid results in the quarters to come. On the flip side, seasonality in DTC functionality continues to dent Illumina’s microarray sales. Funding issues restrict growth. The company, which is currently a bit overvalued, is operating in a tough competitive landscape.”
A number of other brokerages also recently commented on ILMN. Piper Jaffray Companies upped their price objective on shares of Illumina to $380.00 and gave the stock an overweight rating in a research report on Tuesday, October 2nd. BidaskClub cut shares of Illumina from a strong-buy rating to a buy rating in a research note on Thursday, October 4th. UBS Group assumed coverage on shares of Illumina in a research note on Tuesday, October 9th. They set a neutral rating and a $340.00 price target on the stock. Deutsche Bank upped their price target on shares of Illumina to $350.00 and gave the stock a buy rating in a research note on Friday, October 12th. Finally, Barclays upped their price target on shares of Illumina from $350.00 to $370.00 and gave the stock an overweight rating in a research note on Wednesday, October 24th. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $340.40.
Illumina (NASDAQ:ILMN) last announced its quarterly earnings data on Tuesday, October 23rd. The life sciences company reported $1.52 EPS for the quarter, topping the Zacks’ consensus estimate of $1.26 by $0.26. The company had revenue of $853.00 million during the quarter, compared to the consensus estimate of $825.65 million. Illumina had a net margin of 21.09% and a return on equity of 27.10%. Illumina’s quarterly revenue was up 19.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.11 EPS. On average, equities research analysts forecast that Illumina will post 5.76 earnings per share for the current year.
In related news, Director Jay T. Flatley sold 3,300 shares of the stock in a transaction dated Wednesday, January 9th. The shares were sold at an average price of $296.20, for a total value of $977,460.00. Following the sale, the director now directly owns 333,279 shares of the company’s stock, valued at approximately $98,717,239.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Mostafa Ronaghi sold 10,000 shares of the stock in a transaction dated Monday, November 12th. The shares were sold at an average price of $314.63, for a total transaction of $3,146,300.00. Following the completion of the sale, the senior vice president now directly owns 79,612 shares in the company, valued at $25,048,323.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,404 shares of company stock worth $17,701,927. Corporate insiders own 0.54% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ILMN. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Illumina by 377.4% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 9,095 shares of the life sciences company’s stock worth $2,540,000 after purchasing an additional 7,190 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Illumina by 249.2% during the 2nd quarter. Renaissance Technologies LLC now owns 63,618 shares of the life sciences company’s stock worth $17,768,000 after acquiring an additional 45,400 shares during the period. Marshall Wace LLP lifted its holdings in shares of Illumina by 166.4% during the 2nd quarter. Marshall Wace LLP now owns 17,738 shares of the life sciences company’s stock worth $4,954,000 after acquiring an additional 11,080 shares during the period. Tower Research Capital LLC TRC purchased a new position in shares of Illumina during the 2nd quarter worth about $1,220,000. Finally, grace capital purchased a new position in shares of Illumina during the 2nd quarter worth about $420,000. 88.88% of the stock is currently owned by institutional investors.
Illumina Company Profile
Illumina, Inc provides sequencing and array-based solutions for genetic analysis. The company operates in two segments, Core Illumina and Consolidated VIEs. It offers sequencing by synthesis technology that provides researchers with various applications and the ability to sequence mammalian genomes; and arrays for a range of deoxyribonucleic acid and RNA analysis applications, including single nucleotide polymorphism genotyping, copy number variations analysis, gene expression analysis, and methylation analysis, as well as allow the detection of known genetic markers on a single array.
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