Engineers Gate Manager LP Decreases Stake in Illumina, Inc. $ILMN

Key Points

• Engineers Gate Manager LP cut its Illumina stake by 85.4% in the second quarter, selling 39,858 shares and retaining 6,795 shares valued at approximately $1.2 million. Institutional investors collectively own 89.42% of the company.
• Illumina insiders have sold heavily recently, including Director Keith Meister’s sale of 119,501 shares for roughly $26.1 million. Insiders sold more than 2 million shares worth approximately $436.6 million over the past 90 days.
• Analyst sentiment remains mixed: UBS upgraded Illumina to “buy,” while the broader analyst consensus is “hold” with an average price target of $199.12. The stock opened at $239.62 and recently reported quarterly earnings and revenue above expectations.

Engineers Gate Manager LP decreased its position in Illumina, Inc. (NASDAQ:ILMN - Free Report) by 85.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,795 shares of the life sciences company's stock after selling 39,858 shares during the quarter. Engineers Gate Manager LP's holdings in Illumina were worth $1,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. NewEdge Advisors LLC increased its position in shares of Illumina by 8.6% during the 2nd quarter. NewEdge Advisors LLC now owns 4,740 shares of the life sciences company's stock valued at $833,000 after purchasing an additional 377 shares during the last quarter. IFP Advisors Inc grew its holdings in Illumina by 43.7% during the 2nd quarter. IFP Advisors Inc now owns 1,930 shares of the life sciences company's stock valued at $339,000 after purchasing an additional 587 shares during the last quarter. Arizona State Retirement System raised its position in Illumina by 2.9% in the 2nd quarter. Arizona State Retirement System now owns 42,742 shares of the life sciences company's stock worth $7,515,000 after purchasing an additional 1,222 shares during the period. West Family Investments Inc. purchased a new stake in Illumina in the 2nd quarter worth about $219,000. Finally, Waverly Advisors LLC lifted its stake in shares of Illumina by 18.5% during the 2nd quarter. Waverly Advisors LLC now owns 5,527 shares of the life sciences company's stock worth $972,000 after acquiring an additional 864 shares during the last quarter. 89.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Illumina news, Director Keith Meister sold 119,501 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $218.40, for a total value of $26,099,018.40. Following the completion of the sale, the director owned 770,350 shares in the company, valued at approximately $168,244,440. This represents a 13.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Christensen Wedel sold 1,033 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $191.52, for a total value of $197,840.16. Following the transaction, the senior vice president directly owned 14,023 shares in the company, valued at $2,685,684.96. This trade represents a 6.86% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 2,062,465 shares of company stock valued at $436,589,802. 2.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. UBS Group raised shares of Illumina from a "neutral" rating to a "buy" rating and lifted their price target for the company from $135.00 to $260.00 in a research note on Wednesday, September 9th. Canaccord Genuity Group raised their price target on Illumina from $190.00 to $205.00 and gave the company a "hold" rating in a research note on Monday, August 3rd. Royal Bank Of Canada lifted their price objective on Illumina from $170.00 to $230.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Leerink Partners raised their target price on shares of Illumina from $175.00 to $210.00 and gave the company an "outperform" rating in a research report on Friday, July 17th. Finally, Argus boosted their price target on shares of Illumina from $180.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $199.12.

Illumina Stock Performance

NASDAQ ILMN opened at $239.62 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.80 and a quick ratio of 1.40. Illumina, Inc. has a 1-year low of $88.00 and a 1-year high of $250.06. The company has a market cap of $36.18 billion, a PE ratio of 44.71, a price-to-earnings-growth ratio of 3.47 and a beta of 1.46. The stock's 50 day simple moving average is $204.62 and its 200-day simple moving average is $165.80.

Illumina (NASDAQ:ILMN - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The life sciences company reported $1.31 EPS for the quarter, beating the consensus estimate of $1.23 by $0.08. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. Illumina had a return on equity of 29.84% and a net margin of 18.36%.The firm's revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.19 EPS. Illumina has set its FY 2026 guidance at 5.300-5.400 EPS. As a group, equities research analysts anticipate that Illumina, Inc. will post 5.36 EPS for the current fiscal year.

About Illumina

Illumina, Inc develops and manufactures genomic analysis technologies used by researchers, healthcare providers, pharmaceutical companies and other organizations. Its offerings include next-generation DNA sequencing systems, microarray platforms, consumables, laboratory services and bioinformatics software designed to help analyze genetic variation and biological functions.

The company's sequencing instruments include systems for a range of applications and throughput levels, such as the NovaSeq, NextSeq, MiSeq and iSeq platforms.

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