Canaccord Genuity cut shares of Illumina (NASDAQ:ILMN) from a buy rating to a hold rating in a research note released on Tuesday, July 30th, BenzingaRatingsTable reports. The firm currently has $300.00 target price on the life sciences company’s stock, down from their previous target price of $330.00.
“We don’t believe an ultra-premium multiple is now justified for a company looking to grow +6% on the top and bottom lines, which now seem more vulnerable to large misses. What’s more, we lack visibility to 2020 or 2021 growth rates given a wide range of moving parts. We would look to get more constructive if our concerns prove to be transitory, or if ILMN announces the $100 genome at a price point that would meaningfully accelerate its top line and not add further headwinds to its gross, operating or net income margins. ILMN is working hard to drive down the cost of sequencing to be able to usher in the eagerly awaited $100 genome. DTC troubles. On the call, Illumina CEO Francis deSouza indicated he expects a DTC reacceleration “in the coming years,” which to us doesn’t imply a recovery in 2020.”,” Canaccord Genuity’s analyst wrote.
A number of other equities research analysts have also issued reports on the company. BidaskClub lowered Illumina from a strong-buy rating to a buy rating in a research report on Saturday, July 13th. Argus reduced their price target on Illumina to $340.00 and set a buy rating on the stock in a research report on Thursday, July 18th. OTR Global lowered Illumina to a positive rating in a research report on Tuesday, April 2nd. Zacks Investment Research upgraded Illumina from a hold rating to a buy rating and set a $355.00 target price on the stock in a research report on Tuesday, April 2nd. Finally, Cowen cut their price target on Illumina from $380.00 to $320.00 and set an outperform rating on the stock in a report on Friday, July 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. Illumina currently has a consensus rating of Buy and a consensus price target of $330.92.
Illumina (NASDAQ:ILMN) last announced its quarterly earnings results on Monday, July 29th. The life sciences company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.03. The company had revenue of $838.00 million during the quarter, compared to the consensus estimate of $835.12 million. Illumina had a net margin of 27.56% and a return on equity of 21.73%. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.43 earnings per share. As a group, sell-side analysts forecast that Illumina will post 6.04 earnings per share for the current year.
In related news, insider Francis A. Desouza sold 3,000 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $309.69, for a total transaction of $929,070.00. Following the completion of the sale, the insider now directly owns 70,536 shares of the company’s stock, valued at $21,844,293.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Charles Dadswell sold 124 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $371.29, for a total value of $46,039.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,458 shares of company stock valued at $19,329,754. Company insiders own 0.38% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Broderick Brian C increased its holdings in shares of Illumina by 0.3% in the second quarter. Broderick Brian C now owns 13,240 shares of the life sciences company’s stock worth $4,874,000 after buying an additional 36 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in shares of Illumina by 83.0% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 86 shares of the life sciences company’s stock worth $26,000 after purchasing an additional 39 shares in the last quarter. Foresight Wealth Management LLC lifted its position in Illumina by 4.2% in the 2nd quarter. Foresight Wealth Management LLC now owns 972 shares of the life sciences company’s stock valued at $358,000 after acquiring an additional 39 shares in the last quarter. Sage Capital Advisors llc lifted its position in Illumina by 0.7% in the 1st quarter. Sage Capital Advisors llc now owns 5,887 shares of the life sciences company’s stock valued at $1,829,000 after acquiring an additional 40 shares in the last quarter. Finally, Sterling Investment Advisors Ltd. lifted its position in Illumina by 2.0% in the 1st quarter. Sterling Investment Advisors Ltd. now owns 2,090 shares of the life sciences company’s stock valued at $649,000 after acquiring an additional 40 shares in the last quarter. 92.09% of the stock is owned by institutional investors.
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 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 enables the detection of known genetic markers on a single array.
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