Canaccord Genuity cut shares of Illumina (NASDAQ:ILMN) from a buy rating to a hold rating in a report issued on Tuesday morning, 24/7 WallStreet reports. The brokerage currently has $300.00 price target on the life sciences company’s stock, down from their previous price target 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 commented.
Several other brokerages have also commented on ILMN. ValuEngine lowered Vereit from a buy rating to a hold rating in a research report on Friday, July 19th. Wolfe Research started coverage on Waters in a research report on Thursday, May 30th. They set an underperform rating on the stock. Bank of America set a $80.00 target price on Colgate-Palmolive and gave the company a buy rating in a research report on Friday, July 12th. BidaskClub lowered Weyco Group from a sell rating to a strong sell rating in a research report on Saturday, July 13th. Finally, OTR Global lowered Illumina to a positive rating in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company’s stock. Illumina presently has a consensus rating of Buy and a consensus target price of $332.77.
Illumina (NASDAQ:ILMN) last announced its earnings results on Monday, July 29th. The life sciences company reported $1.35 EPS for the quarter, beating the consensus estimate of $1.32 by $0.03. Illumina had a return on equity of 23.49% and a net margin of 25.06%. The company had revenue of $838.00 million for the quarter, compared to analyst estimates of $835.12 million. During the same quarter in the prior year, the company earned $1.43 EPS. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, analysts predict that Illumina will post 6.34 earnings per share for the current fiscal year.
In other news, SVP Omead Ostadan sold 1,260 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $315.32, for a total value of $397,303.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jay T. Flatley sold 3,300 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $318.59, for a total value of $1,051,347.00. Following the completion of the transaction, the director now owns 285,816 shares in the company, valued at approximately $91,058,119.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,167 shares of company stock worth $19,899,477. Corporate insiders own 0.38% of the company’s stock.
Several hedge funds have recently bought and sold shares of ILMN. Dimensional Fund Advisors LP lifted its holdings in shares of Illumina by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 256,825 shares of the life sciences company’s stock valued at $77,031,000 after purchasing an additional 5,007 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Illumina by 10.1% in the fourth quarter. Geode Capital Management LLC now owns 1,854,346 shares of the life sciences company’s stock valued at $555,173,000 after purchasing an additional 170,046 shares in the last quarter. First Allied Advisory Services Inc. lifted its holdings in shares of Illumina by 6.1% in the fourth quarter. First Allied Advisory Services Inc. now owns 1,713 shares of the life sciences company’s stock valued at $509,000 after purchasing an additional 98 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Illumina by 83.0% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 86 shares of the life sciences company’s stock valued at $26,000 after purchasing an additional 39 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Illumina by 47.6% in the fourth quarter. Teacher Retirement System of Texas now owns 25,545 shares of the life sciences company’s stock valued at $7,662,000 after purchasing an additional 8,234 shares in the last quarter. Institutional investors own 90.48% of the company’s stock.
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 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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