Spyglass Capital Management LLC Purchases New Position in Illumina, Inc. (NASDAQ:ILMN)

Spyglass Capital Management LLC acquired a new stake in Illumina, Inc. (NASDAQ:ILMN - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 537,716 shares of the life sciences company's stock, valued at approximately $71,855,000. Illumina comprises about 4.0% of Spyglass Capital Management LLC's investment portfolio, making the stock its 14th biggest position. Spyglass Capital Management LLC owned about 0.34% of Illumina as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Triglav Skladi D.O.O. purchased a new position in shares of Illumina in the 4th quarter valued at approximately $1,403,000. Taconic Capital Advisors LP purchased a new stake in shares of Illumina in the 4th quarter valued at $668,000. Tidal Investments LLC boosted its holdings in shares of Illumina by 740.3% in the 4th quarter. Tidal Investments LLC now owns 37,385 shares of the life sciences company's stock valued at $4,996,000 after acquiring an additional 32,936 shares during the last quarter. Tema Etfs LLC purchased a new position in shares of Illumina during the 4th quarter valued at approximately $1,903,000. Finally, Scientech Research LLC purchased a new position in shares of Illumina during the 4th quarter valued at approximately $1,490,000. 89.42% of the stock is owned by hedge funds and other institutional investors.

Illumina Trading Up 1.5%

ILMN traded up $1.17 on Thursday, hitting $80.54. The company had a trading volume of 1,983,225 shares, compared to its average volume of 2,322,136. The company has a current ratio of 1.77, a quick ratio of 1.42 and a debt-to-equity ratio of 0.63. The firm has a market cap of $12.75 billion, a P/E ratio of -10.49, a PEG ratio of 1.60 and a beta of 1.35. The company's fifty day moving average price is $78.33 and its 200 day moving average price is $110.03. 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 issued its quarterly earnings results on Thursday, May 8th. The life sciences company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. Illumina had a negative net margin of 27.95% and a positive return on equity of 13.37%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the firm earned $0.98 earnings per share. The business's revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, equities analysts expect that Illumina, Inc. will post 4.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ILMN. JPMorgan Chase & Co. cut their target price on shares of Illumina from $120.00 to $85.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Piper Sandler cut their target price on shares of Illumina from $190.00 to $185.00 and set an "overweight" rating for the company in a report on Thursday, May 15th. Citigroup cut their target price on shares of Illumina from $90.00 to $85.00 and set a "neutral" rating for the company in a report on Monday, April 7th. HSBC cut shares of Illumina from a "buy" rating to a "hold" rating and set a $100.00 target price on the stock. in a research note on Friday, February 28th. Finally, Canaccord Genuity Group lowered their price target on shares of Illumina from $92.00 to $87.00 and set a "hold" rating on the stock in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $128.15.

Insider Buying and Selling

In other news, CFO Ankur Dhingra bought 6,100 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were purchased at an average cost of $81.21 per share, for a total transaction of $495,381.00. Following the completion of the purchase, the chief financial officer now owns 24,906 shares of the company's stock, valued at approximately $2,022,616.26. This represents a 32.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.60% of the company's stock.

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.