Malaga Cove Capital LLC Makes New Investment in Illumina, Inc. (NASDAQ:ILMN)

Key Points

• Malaga Cove Capital LLC has made a new investment of $681,000 in Illumina, Inc., acquiring 8,582 shares in the first quarter.
• Illumina's stock has experienced a 7.8% decline recently, with a current trading price around $94.66, despite the company surpassing earnings expectations.
• Institutional investors control approximately 89.42% of Illumina's shares, with major increases in holdings from firms such as Capital World Investors and Bessemer Group Inc.

Malaga Cove Capital LLC acquired a new stake in Illumina, Inc. (NASDAQ:ILMN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 8,582 shares of the life sciences company's stock, valued at approximately $681,000.

A number of other large investors have also recently modified their holdings of ILMN. Fourth Dimension Wealth LLC purchased a new position in Illumina during the fourth quarter valued at $40,000. Rakuten Securities Inc. grew its position in Illumina by 290.3% during the 1st quarter. Rakuten Securities Inc. now owns 363 shares of the life sciences company's stock worth $29,000 after purchasing an additional 270 shares during the last quarter. Center for Financial Planning Inc. acquired a new position in shares of Illumina in the 1st quarter valued at $33,000. PFS Partners LLC raised its position in Illumina by 400.0% during the first quarter. PFS Partners LLC now owns 500 shares of the life sciences company's stock worth $40,000 after acquiring an additional 400 shares during the period. Finally, Golden State Wealth Management LLC increased its position in Illumina by 123.2% during the first quarter. Golden State Wealth Management LLC now owns 529 shares of the life sciences company's stock worth $42,000 after purchasing an additional 292 shares during the last quarter. Institutional investors own 89.42% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on ILMN. Canaccord Genuity Group increased their price target on shares of Illumina from $99.00 to $105.00 and gave the company a "hold" rating in a research note on Friday. JPMorgan Chase & Co. cut their target price on Illumina from $120.00 to $85.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Citigroup cut Illumina from a "hold" rating to a "strong sell" rating and decreased their price target for the stock from $85.00 to $80.00 in a research note on Wednesday, July 9th. Stephens reissued an "overweight" rating and issued a $105.00 price objective on shares of Illumina in a research note on Tuesday, May 20th. Finally, Morgan Stanley raised their target price on Illumina from $100.00 to $105.00 and gave the company an "equal weight" rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Illumina has an average rating of "Hold" and an average target price of $127.47.

Insider Activity

In related news, CFO Ankur Dhingra bought 6,100 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was bought at an average cost of $81.21 per share, for a total transaction of $495,381.00. Following the acquisition, 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.17% of the company's stock.

Illumina Stock Up 4.0%

NASDAQ ILMN traded up $3.78 during trading on Monday, hitting $98.44. The stock had a trading volume of 2,360,354 shares, compared to its average volume of 2,418,604. Illumina, Inc. has a 12 month low of $68.70 and a 12 month high of $156.66. The company has a market capitalization of $15.58 billion, a PE ratio of 12.46, a P/E/G ratio of 1.75 and a beta of 1.37. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.41 and a current ratio of 1.81. The company's 50-day moving average price is $93.80 and its two-hundred day moving average price is $92.28.

Illumina (NASDAQ:ILMN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The life sciences company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.17. Illumina had a return on equity of 28.93% and a net margin of 29.36%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the company earned $0.36 EPS. Illumina's revenue for the quarter was down 4.8% on a year-over-year basis. As a group, sell-side analysts forecast that Illumina, Inc. will post 4.51 EPS for the current year.

Illumina Company 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.