Principal Financial Group Inc. Sells 22,177 Shares of 10x Genomics $TXG

Key Points

• Principal Financial Group reduced its 10x Genomics stake by 8.9%, selling 22,177 shares and retaining 226,830 shares valued at approximately $4.8 million. Institutional investors collectively own 84.68% of the company.
• Analyst sentiment remains mixed: the stock has an average rating of “Hold” and an average price target of $32.08, though several firms raised targets as high as $50.
• 10x Genomics recently beat quarterly earnings expectations, reporting a loss of $0.10 per share versus the anticipated $0.29 loss, while revenue rose 9.4% year over year to $150.84 million. Shares opened at $47.05, near their 52-week high of $49.50.

Principal Financial Group Inc. lowered its position in 10x Genomics (NASDAQ:TXG - Free Report) by 8.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 226,830 shares of the company's stock after selling 22,177 shares during the period. Principal Financial Group Inc. owned 0.18% of 10x Genomics worth $4,816,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Geneos Wealth Management Inc. acquired a new position in shares of 10x Genomics in the 4th quarter valued at about $38,000. Larson Financial Group LLC increased its holdings in 10x Genomics by 164.4% in the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock worth $39,000 after purchasing an additional 1,470 shares in the last quarter. Fifth Third Bancorp bought a new stake in 10x Genomics in the first quarter worth approximately $50,000. Van ECK Associates Corp lifted its stake in 10x Genomics by 85.9% in the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company's stock valued at $60,000 after buying an additional 1,695 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in 10x Genomics by 28.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,660 shares of the company's stock valued at $92,000 after buying an additional 1,237 shares during the period. 84.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Adam Taich sold 15,098 shares of the firm's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $368,995.12. Following the completion of the sale, the chief financial officer directly owned 379,898 shares of the company's stock, valued at $9,284,707.12. This trade represents a 3.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Benjamin J. Hindson sold 11,595 shares of the business's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $283,381.80. Following the completion of the transaction, the insider directly owned 502,000 shares in the company, valued at $12,268,880. This trade represents a 2.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 91,309 shares of company stock valued at $2,581,357. Insiders own 8.84% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on TXG. Bank of America increased their target price on shares of 10x Genomics from $21.00 to $30.00 and gave the stock a "neutral" rating in a research note on Monday, April 20th. TD Cowen reaffirmed a "hold" rating on shares of 10x Genomics in a research note on Wednesday, July 15th. Barclays upped their price objective on shares of 10x Genomics from $30.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, June 24th. Canaccord Genuity Group increased their price objective on shares of 10x Genomics from $32.00 to $50.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 10x Genomics in a research note on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $32.08.

10x Genomics Price Performance

NASDAQ:TXG opened at $47.05 on Wednesday. 10x Genomics has a one year low of $11.16 and a one year high of $49.50. The company has a market cap of $5.97 billion, a PE ratio of -276.76 and a beta of 2.05. The firm has a 50-day moving average of $35.67 and a 200-day moving average of $26.13.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.19. The firm had revenue of $150.84 million during the quarter, compared to the consensus estimate of $146.41 million. 10x Genomics had a negative return on equity of 2.86% and a negative net margin of 3.55%.The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.28) earnings per share. On average, equities research analysts expect that 10x Genomics will post -0.78 earnings per share for the current fiscal year.

10x Genomics Company Profile

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.

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