Illumina (NASDAQ:ILMN) Downgraded to Neutral Rating by Daiwa Capital Markets

Key Points

• Daiwa Capital Markets downgraded Illumina from an "outperform" rating to a "neutral" rating, setting a price target of $94.00, implying a potential downside of 0.82% from the current price.
• Other firms have also adjusted their ratings and price targets, with Piper Sandler maintaining an "overweight" rating while Morgan Stanley raised theirs from $100.00 to $105.00.
• Illumina reported earnings of $1.19 per share in its last quarter, exceeding expectations but showing a decline in revenue by 4.8% compared to the previous year.

Illumina (NASDAQ:ILMN - Get Free Report) was downgraded by analysts at Daiwa Capital Markets from an "outperform" rating to a "neutral" rating in a report released on Tuesday, MarketBeat reports. They presently have a $94.00 price objective on the life sciences company's stock. Daiwa Capital Markets' price objective indicates a potential downside of 0.82% from the company's current price.

A number of other brokerages also recently weighed in on ILMN. Piper Sandler dropped their price objective on Illumina from $190.00 to $185.00 and set an "overweight" rating on the stock in a research report on Thursday, May 15th. Wall Street Zen downgraded Illumina from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Morgan Stanley raised their price target on Illumina from $100.00 to $105.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. Barclays raised their price target on Illumina from $85.00 to $90.00 and gave the stock an "underweight" rating in a report on Friday, August 1st. Finally, Canaccord Genuity Group raised their price target on Illumina from $99.00 to $105.00 and gave the stock a "hold" rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $124.58.

Illumina Price Performance

Shares of ILMN stock opened at $94.78 on Tuesday. Illumina has a 1-year low of $68.70 and a 1-year high of $156.66. The stock's 50-day moving average is $95.43 and its 200 day moving average is $90.52. The company has a market cap of $14.57 billion, a P/E ratio of 12.00, a PEG ratio of 2.13 and a beta of 1.37. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.81 and a quick ratio of 1.41.

Illumina (NASDAQ:ILMN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The life sciences company reported $1.19 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.17. Illumina had a return on equity of 28.93% and a net margin of 29.36%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the company earned $0.36 earnings per share. The firm's revenue for the quarter was down 4.8% compared to the same quarter last year. Research analysts predict that Illumina will post 4.51 earnings per share for the current fiscal year.

Institutional Trading of Illumina

Several large investors have recently made changes to their positions in the company. Prudential PLC purchased a new stake in shares of Illumina during the second quarter worth approximately $590,000. Ensign Peak Advisors Inc boosted its stake in Illumina by 3.7% during the second quarter. Ensign Peak Advisors Inc now owns 61,703 shares of the life sciences company's stock worth $5,887,000 after buying an additional 2,228 shares during the last quarter. Empirical Finance LLC boosted its stake in Illumina by 20.7% during the second quarter. Empirical Finance LLC now owns 5,805 shares of the life sciences company's stock worth $554,000 after buying an additional 996 shares during the last quarter. Cordatus Wealth Management LLC acquired a new position in Illumina during the second quarter worth $229,000. Finally, Senvest Management LLC boosted its stake in Illumina by 20.1% during the second quarter. Senvest Management LLC now owns 1,382,592 shares of the life sciences company's stock worth $131,913,000 after buying an additional 231,300 shares during the last quarter. 89.42% of the stock is currently owned by hedge funds and other institutional investors.

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.

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