Canaccord Genuity Group Has Lowered Expectations for Illumina (NASDAQ:ILMN) Stock Price

Illumina (NASDAQ:ILMN - Free Report) had its target price decreased by Canaccord Genuity Group from $92.00 to $87.00 in a research report released on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the life sciences company's stock.

A number of other research analysts also recently weighed in on the company. Royal Bank of Canada decreased their price target on Illumina from $128.00 to $112.00 and set an "outperform" rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. lowered their target price on shares of Illumina from $120.00 to $85.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Piper Sandler increased their price target on shares of Illumina from $185.00 to $190.00 and gave the company an "overweight" rating in a research note on Monday, February 10th. Guggenheim decreased their price objective on shares of Illumina from $122.00 to $114.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Finally, Barclays dropped their target price on shares of Illumina from $100.00 to $77.00 and set an "underweight" rating on the stock in a report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $130.70.

Illumina Trading Up 3.4%

NASDAQ ILMN traded up $2.69 during trading hours on Monday, hitting $80.90. The company's stock had a trading volume of 2,593,194 shares, compared to its average volume of 2,306,264. Illumina has a twelve month low of $68.70 and a twelve month high of $156.66. The firm has a market capitalization of $12.80 billion, a P/E ratio of -10.53, a PEG ratio of 1.60 and a beta of 1.35. The company has a quick ratio of 1.42, a current ratio of 1.77 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average of $78.60 and a 200 day moving average of $112.24.

Illumina (NASDAQ:ILMN - Get Free Report) last posted its earnings results on Thursday, May 8th. The life sciences company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01. Illumina had a negative net margin of 27.95% and a positive return on equity of 13.37%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the business posted $0.98 earnings per share. The business's revenue for the quarter was down 1.4% compared to the same quarter last year. Equities research analysts forecast that Illumina will post 4.51 earnings per share for the current fiscal year.

Insider Activity at Illumina

In related news, CFO Ankur Dhingra purchased 6,100 shares of Illumina stock in a transaction dated Monday, May 12th. The shares were bought at an average cost of $81.21 per share, for a total transaction of $495,381.00. Following the purchase, the chief financial officer now 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 through the SEC website. 0.17% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Illumina

Hedge funds have recently modified their holdings of the company. Bleakley Financial Group LLC acquired a new stake in Illumina in the fourth quarter valued at $751,000. Van ECK Associates Corp increased its stake in Illumina by 17.5% during the 4th quarter. Van ECK Associates Corp now owns 152,265 shares of the life sciences company's stock valued at $20,347,000 after purchasing an additional 22,718 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in Illumina in the 4th quarter valued at about $1,464,000. Allworth Financial LP boosted its position in shares of Illumina by 720.7% during the fourth quarter. Allworth Financial LP now owns 7,132 shares of the life sciences company's stock valued at $1,001,000 after buying an additional 6,263 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Illumina in the fourth quarter valued at about $448,000. Institutional investors and hedge funds 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.