Allianz Asset Management GmbH Has $555,000 Stake in 10x Genomics (NASDAQ:TXG)

Key Points

• Allianz Asset Management GmbH has significantly increased its stake in 10x Genomics, acquiring an additional 35,600 shares during the first quarter, raising its total holdings by 127.1% to approximately $555,000.
• Research analysts have mixed opinions on the stock, with UBS and JPMorgan lowering their price targets, while Bank of America raised its target, leaving a consensus target price of $13.23.
• Insiders have sold a total of 20,872 shares over the past 90 days, indicating potential concerns while insiders still hold 9.39% of the company's stock.

Allianz Asset Management GmbH boosted its holdings in shares of 10x Genomics (NASDAQ:TXG - Free Report) by 127.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,600 shares of the company's stock after purchasing an additional 35,600 shares during the quarter. Allianz Asset Management GmbH owned about 0.05% of 10x Genomics worth $555,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TXG. GAMMA Investing LLC grew its stake in shares of 10x Genomics by 81.8% during the first quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock worth $31,000 after purchasing an additional 1,614 shares during the period. GF Fund Management CO. LTD. acquired a new stake in shares of 10x Genomics during the fourth quarter worth $32,000. Signaturefd LLC grew its stake in 10x Genomics by 134.3% in the first quarter. Signaturefd LLC now owns 4,203 shares of the company's stock valued at $37,000 after acquiring an additional 2,409 shares during the period. Whittier Trust Co. acquired a new position in 10x Genomics in the first quarter valued at about $41,000. Finally, Versant Capital Management Inc grew its stake in 10x Genomics by 4,184.4% in the first quarter. Versant Capital Management Inc now owns 12,082 shares of the company's stock valued at $105,000 after acquiring an additional 11,800 shares during the period. Institutional investors own 84.68% of the company's stock.

Insider Transactions at 10x Genomics

In related news, CEO Serge Saxonov sold 9,343 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total value of $77,546.90. Following the completion of the sale, the chief executive officer directly owned 1,083,625 shares of the company's stock, valued at $8,994,087.50. The trade was a 0.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Adam Taich sold 4,044 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total value of $33,565.20. Following the completion of the sale, the chief financial officer directly owned 331,588 shares of the company's stock, valued at $2,752,180.40. The trade was a 1.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,872 shares of company stock valued at $173,238. Corporate insiders own 10.03% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Stephens restated an "overweight" rating and issued a $14.00 price target on shares of 10x Genomics in a report on Thursday, May 15th. Weiss Ratings restated a "sell (e+)" rating on shares of 10x Genomics in a report on Tuesday, July 29th. The Goldman Sachs Group cut their price target on 10x Genomics from $7.50 to $6.50 and set a "sell" rating on the stock in a report on Monday, May 12th. JPMorgan Chase & Co. cut their price target on 10x Genomics from $12.00 to $9.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, Bank of America boosted their price target on 10x Genomics from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Thursday, June 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $13.23.

10x Genomics Trading Down 6.3%

NASDAQ:TXG traded down $0.84 during trading hours on Wednesday, hitting $12.48. 1,928,495 shares of the company were exchanged, compared to its average volume of 3,411,248. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of -9.63 and a beta of 2.03. 10x Genomics has a one year low of $6.78 and a one year high of $24.76. The company has a fifty day simple moving average of $11.71 and a 200 day simple moving average of $10.83.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.09. The business had revenue of $154.88 million during the quarter, compared to analyst estimates of $131.91 million. 10x Genomics had a negative return on equity of 23.22% and a negative net margin of 25.14%. 10x Genomics's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the company earned ($0.50) EPS. Equities research analysts predict that 10x Genomics will post -1.43 earnings per share for the current fiscal year.

10x Genomics Profile

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.