Sumitomo Mitsui Trust Group Inc. Cuts Holdings in 10x Genomics (NASDAQ:TXG)

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of 10x Genomics (NASDAQ:TXG - Free Report) by 6.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,363,366 shares of the company's stock after selling 350,118 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 4.39% of 10x Genomics worth $46,822,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Signaturefd LLC grew its holdings in shares of 10x Genomics by 424.6% in the 4th quarter. Signaturefd LLC now owns 1,794 shares of the company's stock worth $26,000 after acquiring an additional 1,452 shares during the period. GAMMA Investing LLC boosted its position in 10x Genomics by 81.8% during the first quarter. GAMMA Investing LLC now owns 3,586 shares of the company's stock worth $31,000 after purchasing an additional 1,614 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in 10x Genomics during the fourth quarter worth $32,000. SRS Capital Advisors Inc. grew its holdings in 10x Genomics by 817.4% in the fourth quarter. SRS Capital Advisors Inc. now owns 4,853 shares of the company's stock valued at $70,000 after purchasing an additional 4,324 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in shares of 10x Genomics by 4,184.4% in the first quarter. Versant Capital Management Inc now owns 12,082 shares of the company's stock valued at $105,000 after buying an additional 11,800 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TXG. The Goldman Sachs Group decreased their price objective on shares of 10x Genomics from $7.50 to $6.50 and set a "sell" rating on the stock in a research report on Monday, May 12th. JPMorgan Chase & Co. reduced their price target on shares of 10x Genomics from $12.00 to $9.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. UBS Group lowered their price target on shares of 10x Genomics from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Bank of America raised their price objective on shares of 10x Genomics from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Thursday, June 26th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of 10x Genomics in a research note on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $14.96.

Insiders Place Their Bets

In related news, insider Benjamin J. Hindson sold 7,485 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total value of $62,125.50. Following the sale, the insider directly owned 448,374 shares of the company's stock, valued at approximately $3,721,504.20. This trade represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Serge Saxonov sold 9,343 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $8.30, for a total transaction of $77,546.90. Following the completion of the sale, the chief executive officer owned 1,083,625 shares of the company's stock, valued at approximately $8,994,087.50. The trade was a 0.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,872 shares of company stock valued at $173,238. Insiders own 9.39% of the company's stock.

10x Genomics Price Performance

NASDAQ TXG remained flat at $13.01 during mid-day trading on Thursday. 2,002,826 shares of the company were exchanged, compared to its average volume of 2,716,130. The firm has a market capitalization of $1.60 billion, a PE ratio of -10.01 and a beta of 2.03. 10x Genomics has a 1 year low of $6.78 and a 1 year high of $24.76. The firm's fifty day simple moving average is $9.63 and its two-hundred day simple moving average is $11.17.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.09. The business had revenue of $154.88 million for the quarter, compared to analysts' expectations of $131.91 million. 10x Genomics had a negative return on equity of 23.22% and a negative net margin of 25.14%. The business's revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.50) earnings per share. On average, analysts forecast that 10x Genomics will post -1.43 EPS for the current fiscal year.

10x Genomics Profile

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.