Illumina (NASDAQ:ILMN) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Illumina (NASDAQ:ILMN) had its target price upped by Canaccord Genuity Group from $87.00 to $99.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the life sciences company’s stock.

ILMN has been the subject of several other research reports. Guggenheim lowered their price target on Illumina from $122.00 to $114.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Piper Sandler cut their price target on Illumina from $190.00 to $185.00 and set an “overweight” rating for the company in a research note on Thursday, May 15th. Royal Bank of Canada cut their price objective on Illumina from $128.00 to $112.00 and set an “outperform” rating for the company in a research note on Tuesday, April 8th. Robert W. Baird cut their price objective on Illumina from $127.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, March 5th. Finally, Citigroup lowered their price target on Illumina from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $126.94.

Illumina Stock Performance

Shares of ILMN stock opened at $86.93 on Wednesday. The stock has a fifty day moving average of $79.08 and a 200 day moving average of $102.92. Illumina has a 52 week low of $68.70 and a 52 week high of $156.66. The firm has a market capitalization of $13.76 billion, a price-to-earnings ratio of -11.32, a PEG ratio of 1.60 and a beta of 1.32. The company has a quick ratio of 1.42, a current ratio of 1.77 and a debt-to-equity ratio of 0.63.

Illumina (NASDAQ:ILMN) last announced its quarterly earnings data on Thursday, May 8th. The life sciences company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. Illumina had a positive return on equity of 13.37% and a negative net margin of 27.95%. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.98 earnings per share. As a group, research analysts expect that Illumina will post 4.51 earnings per share for the current year.

Insider Activity

In other Illumina news, CFO Ankur Dhingra bought 6,100 shares of Illumina stock in a transaction on Monday, May 12th. The shares were acquired at an average price of $81.21 per share, for a total transaction of $495,381.00. Following the completion of the purchase, the chief financial officer now directly owns 24,906 shares in the company, valued at approximately $2,022,616.26. This trade represents a 32.44% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Illumina

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC grew its position in shares of Illumina by 171.2% during the 1st quarter. Acadian Asset Management LLC now owns 32,921 shares of the life sciences company’s stock worth $2,608,000 after buying an additional 20,784 shares in the last quarter. Bayforest Capital Ltd raised its stake in Illumina by 664.5% in the first quarter. Bayforest Capital Ltd now owns 3,058 shares of the life sciences company’s stock valued at $243,000 after buying an additional 2,658 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Illumina by 51.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,960,385 shares of the life sciences company’s stock valued at $155,537,000 after buying an additional 667,978 shares during the last quarter. Empowered Funds LLC raised its stake in Illumina by 113.7% in the first quarter. Empowered Funds LLC now owns 9,284 shares of the life sciences company’s stock valued at $737,000 after buying an additional 4,940 shares during the last quarter. Finally, Rise Advisors LLC raised its stake in shares of Illumina by 173.6% in the first quarter. Rise Advisors LLC now owns 353 shares of the life sciences company’s stock worth $28,000 after purchasing an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 89.42% of the company’s stock.

About Illumina

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.