ARK Investment Management LLC Has $71.04 Million Stock Position in Illumina, Inc. (NASDAQ:ILMN)

Key Points

• ARK Investment Management LLC increased its stake in Illumina, Inc. by 30.5% during Q1, owning approximately $71.04 million in shares as of the latest SEC filing.
• Illumina's stock has seen various ratings adjustments from analysts, with an average price target of $125.11 and an average rating of "Hold" from several firms.
• The company reported earnings of $0.97 per share for the latest quarter, surpassing analysts' estimates, although revenue declined by 1.4% year-over-year.

ARK Investment Management LLC boosted its position in Illumina, Inc. (NASDAQ:ILMN - Free Report) by 30.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 895,319 shares of the life sciences company's stock after purchasing an additional 208,989 shares during the period. ARK Investment Management LLC owned about 0.57% of Illumina worth $71,035,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Diversified Trust Co acquired a new stake in Illumina in the 1st quarter valued at about $355,000. State of Alaska Department of Revenue lifted its stake in Illumina by 2.5% in the 1st quarter. State of Alaska Department of Revenue now owns 18,527 shares of the life sciences company's stock valued at $1,469,000 after purchasing an additional 445 shares during the last quarter. Merit Financial Group LLC lifted its stake in Illumina by 344.8% in the 1st quarter. Merit Financial Group LLC now owns 13,036 shares of the life sciences company's stock valued at $1,034,000 after purchasing an additional 10,105 shares during the last quarter. Trexquant Investment LP lifted its stake in Illumina by 16.7% in the 4th quarter. Trexquant Investment LP now owns 142,977 shares of the life sciences company's stock valued at $19,106,000 after purchasing an additional 20,506 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in Illumina by 15.1% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 516,293 shares of the life sciences company's stock valued at $40,963,000 after acquiring an additional 67,676 shares during the period. 89.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ILMN. Morgan Stanley lowered their price target on shares of Illumina from $136.00 to $100.00 and set an "equal weight" rating on the stock in a report on Monday, May 12th. Canaccord Genuity Group increased their price target on shares of Illumina from $87.00 to $99.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Citigroup cut shares of Illumina from a "hold" rating to a "strong sell" rating and lowered their price target for the company from $85.00 to $80.00 in a report on Wednesday, July 9th. JPMorgan Chase & Co. lowered their price target 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. Finally, Stephens reissued an "overweight" rating and issued a $105.00 price target on shares of Illumina in a report on Tuesday, May 20th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $125.11.

Illumina Stock Performance

Shares of NASDAQ:ILMN opened at $109.30 on Friday. The company's 50 day simple moving average is $91.50 and its 200 day simple moving average is $94.09. The stock has a market capitalization of $17.30 billion, a price-to-earnings ratio of -18.01, a price-to-earnings-growth ratio of 2.10 and a beta of 1.36. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.86 and a quick ratio of 1.48. Illumina, Inc. has a 1 year low of $68.70 and a 1 year high of $156.66.

Illumina (NASDAQ:ILMN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The life sciences company reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.96 by $0.01. The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.03 billion. Illumina had a negative net margin of 22.25% and a positive return on equity of 25.54%. The firm's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period last year, the firm posted $0.98 earnings per share. As a group, research analysts predict that Illumina, Inc. will post 4.51 EPS for the current fiscal year.

Insider Transactions at Illumina

In other news, CFO Ankur Dhingra acquired 6,100 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were acquired at an average cost of $81.21 per share, with a total value of $495,381.00. Following the completion of the purchase, the chief financial officer directly owned 24,906 shares of the company's stock, valued at $2,022,616.26. The trade was a 32.44% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is owned by company insiders.

Illumina Profile

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.

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