Illumina (ILMN) Lifted to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Illumina (NASDAQ:ILMN) from a hold rating to a buy rating in a research report sent to investors on Friday. They currently have $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 research firms also recently issued reports on ILMN. Piper Jaffray Companies boosted their price target on shares of Illumina to $380.00 and gave the company an overweight rating in a research note on Tuesday, October 2nd. BidaskClub downgraded shares of Illumina from a strong-buy rating to a buy rating in a research note on Thursday, October 4th. UBS Group began coverage on shares of Illumina in a research note on Tuesday, October 9th. They issued a neutral rating and a $340.00 price target on the stock. Deutsche Bank boosted their price target on shares of Illumina to $350.00 and gave the company a buy rating in a research note on Friday, October 12th. Finally, Barclays boosted their price target on shares of Illumina from $350.00 to $370.00 and gave the company an overweight rating in a research note on Wednesday, October 24th. Three analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $340.40.

Shares of ILMN stock opened at $307.07 on Friday. The company has a current ratio of 2.46, a quick ratio of 2.24 and a debt-to-equity ratio of 0.24. Illumina has a 12 month low of $207.51 and a 12 month high of $372.61. The stock has a market cap of $44.87 billion, a price-to-earnings ratio of 76.77, a PEG ratio of 1.99 and a beta of 1.11.

Illumina (NASDAQ:ILMN) last issued its earnings results on Tuesday, October 23rd. The life sciences company reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.26. Illumina had a net margin of 21.09% and a return on equity of 27.10%. The company had revenue of $853.00 million for the quarter, compared to the consensus estimate of $825.65 million. During the same period in the previous year, the firm earned $1.11 earnings per share. Illumina’s quarterly revenue was up 19.5% compared to the same quarter last year. On average, research analysts anticipate that Illumina will post 5.76 EPS for the current fiscal year.

In other Illumina news, SVP Mostafa Ronaghi sold 10,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the senior vice president now owns 79,612 shares in the company, valued at approximately $25,048,323.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert S. Epstein sold 1,346 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $311.86, for a total transaction of $419,763.56. Following the transaction, the director now owns 6,447 shares of the company’s stock, valued at approximately $2,010,561.42. The disclosure for this sale can be found here. Insiders sold 56,404 shares of company stock valued at $17,701,927 in the last 90 days. Company insiders own 0.54% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of ILMN. Capital International Investors acquired a new position in Illumina during the 3rd quarter worth approximately $1,482,837,000. Canada Pension Plan Investment Board boosted its holdings in shares of Illumina by 272.2% in the 3rd quarter. Canada Pension Plan Investment Board now owns 1,023,452 shares of the life sciences company’s stock valued at $375,668,000 after buying an additional 748,500 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of Illumina by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,826,216 shares of the life sciences company’s stock valued at $1,771,511,000 after buying an additional 528,635 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Illumina by 219.8% in the 2nd quarter. Millennium Management LLC now owns 548,957 shares of the life sciences company’s stock valued at $153,318,000 after buying an additional 377,283 shares in the last quarter. Finally, WCM Investment Management CA acquired a new position in shares of Illumina in the 3rd quarter valued at $77,035,000. Institutional investors own 88.88% of the company’s stock.

About Illumina

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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