Neo Ivy Capital Management Buys New Position in Illumina, Inc. (NASDAQ:ILMN)

Key Points

• Neo Ivy Capital Management has initiated a new investment in Illumina, Inc., acquiring 7,042 shares valued at approximately $559,000 during the first quarter.
• Illumina reported earnings of $0.97 per share for the most recent quarter, exceeding analysts' expectations, with revenues of $1.04 billion, slightly below the consensus estimate.
• Brokerages have recently updated their price targets on Illumina, with Citigroup lowering their target to $80.00 while others like Guggenheim set it at $114.00, reflecting varied analyst sentiments on the stock's performance.

Neo Ivy Capital Management purchased a new position in shares of Illumina, Inc. (NASDAQ:ILMN - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm purchased 7,042 shares of the life sciences company's stock, valued at approximately $559,000.

Other hedge funds have also recently made changes to their positions in the company. Rakuten Securities Inc. increased its stake in shares of Illumina by 290.3% in the 1st quarter. Rakuten Securities Inc. now owns 363 shares of the life sciences company's stock valued at $29,000 after acquiring an additional 270 shares in the last quarter. Center for Financial Planning Inc. acquired a new position in shares of Illumina during the first quarter valued at about $33,000. Fourth Dimension Wealth LLC bought a new position in shares of Illumina during the 4th quarter worth about $40,000. PFS Partners LLC grew its stake in shares of Illumina by 400.0% in the 1st quarter. PFS Partners LLC now owns 500 shares of the life sciences company's stock valued at $40,000 after buying an additional 400 shares during the period. Finally, Golden State Wealth Management LLC increased its position in Illumina by 123.2% in the 1st quarter. Golden State Wealth Management LLC now owns 529 shares of the life sciences company's stock valued at $42,000 after buying an additional 292 shares in the last quarter. 89.42% of the stock is owned by institutional investors.

Illumina Trading Down 1.1%

Illumina stock traded down $1.18 during mid-day trading on Wednesday, hitting $107.53. The company's stock had a trading volume of 377,689 shares, compared to its average volume of 2,380,254. The stock has a market cap of $17.02 billion, a price-to-earnings ratio of -17.69, a price-to-earnings-growth ratio of 2.15 and a beta of 1.36. Illumina, Inc. has a 12 month low of $68.70 and a 12 month high of $156.66. The business has a 50 day moving average price of $92.53 and a 200-day moving average price of $93.37. 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 (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 for the quarter, beating the consensus estimate of $0.96 by $0.01. Illumina had a positive return on equity of 25.54% and a negative net margin of 22.25%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company posted $0.98 earnings per share. The business's revenue was down 1.4% on a year-over-year basis. As a group, analysts forecast that Illumina, Inc. will post 4.51 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ILMN shares. Guggenheim reduced their price objective on Illumina from $122.00 to $114.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Evercore ISI upped their price objective on shares of Illumina from $116.00 to $128.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Robert W. Baird increased their target price on shares of Illumina from $84.00 to $105.00 and gave the company a "neutral" rating in a report on Monday. Piper Sandler dropped their target price on shares of Illumina from $190.00 to $185.00 and set an "overweight" rating on the stock in a research report on Thursday, May 15th. Finally, Canaccord Genuity Group upped their target price on Illumina from $87.00 to $99.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $125.89.

Insider Transactions at Illumina

In other news, CFO Ankur Dhingra acquired 6,100 shares of the firm's stock in a transaction on Monday, May 12th. The shares were purchased at an average price of $81.21 per share, for a total transaction of $495,381.00. Following the completion of the transaction, the chief financial officer owned 24,906 shares of the company's stock, valued at $2,022,616.26. The trade was a 32.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by company insiders.

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.