Illumina (NASDAQ:ILMN) Given New $105.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group raised its price target for Illumina from $99 to $105, indicating a potential upside of 8.59% based on the current stock price.
• Illumina's stock has experienced a 5.9% decline in trading, with a current price of $96.69 and an average target price from analysts at $126.47.
• Recent earnings data showed Illumina reported $1.19 earnings per share, exceeding estimates, but revenue fell 4.8% year-over-year to $1.06 billion.

Illumina (NASDAQ:ILMN - Get Free Report) had its target price upped by investment analysts at Canaccord Genuity Group from $99.00 to $105.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the life sciences company's stock. Canaccord Genuity Group's price objective suggests a potential upside of 8.59% from the stock's current price.

Other analysts also recently issued research reports about the company. Barclays lifted their price target on Illumina from $85.00 to $90.00 and gave the company an "underweight" rating in a research report on Friday. JPMorgan Chase & Co. cut their price target on shares of Illumina from $120.00 to $85.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Royal Bank Of Canada lowered their price objective on shares of Illumina from $128.00 to $112.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 8th. Guggenheim reduced their target price on Illumina from $122.00 to $114.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, Morgan Stanley reduced their price objective on Illumina from $136.00 to $100.00 and set an "equal weight" rating on the stock in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Illumina presently has an average rating of "Hold" and a consensus target price of $126.47.

Illumina Stock Down 5.9%

NASDAQ ILMN traded down $6.02 during trading hours on Friday, hitting $96.69. The company's stock had a trading volume of 1,865,669 shares, compared to its average volume of 2,392,648. The company has a current ratio of 1.86, a quick ratio of 1.48 and a debt-to-equity ratio of 0.63. The company's 50-day simple moving average is $93.52 and its two-hundred day simple moving average is $93.18. The company has a market capitalization of $15.31 billion, a PE ratio of -15.92, a price-to-earnings-growth ratio of 2.08 and a beta of 1.36. Illumina has a 52 week low of $68.70 and a 52 week high of $156.66.

Illumina (NASDAQ:ILMN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The life sciences company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.17. Illumina had a positive return on equity of 25.54% and a negative net margin of 22.25%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the company earned $0.36 earnings per share. Illumina's revenue was down 4.8% compared to the same quarter last year. Research analysts anticipate that Illumina will post 4.51 EPS for the current fiscal year.

Insider Transactions at Illumina

In other Illumina news, CFO Ankur Dhingra acquired 6,100 shares of the company's stock in a transaction dated Monday, May 12th. The shares were acquired at an average cost of $81.21 per share, with a total value of $495,381.00. Following the acquisition, the chief financial officer directly owned 24,906 shares of the company's stock, valued at approximately $2,022,616.26. The trade was a 32.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC boosted its stake in shares of Illumina by 173.6% during the 1st quarter. Rise Advisors LLC now owns 353 shares of the life sciences company's stock worth $28,000 after acquiring an additional 224 shares in the last quarter. Rakuten Securities Inc. raised its stake in shares of Illumina by 290.3% during the 1st quarter. Rakuten Securities Inc. now owns 363 shares of the life sciences company's stock worth $29,000 after buying an additional 270 shares during the period. Center for Financial Planning Inc. purchased a new position in shares of Illumina during the 1st quarter valued at approximately $33,000. Fourth Dimension Wealth LLC purchased a new stake in Illumina in the 4th quarter worth $40,000. Finally, PFS Partners LLC raised its position in Illumina by 400.0% during the first quarter. PFS Partners LLC now owns 500 shares of the life sciences company's stock worth $40,000 after acquiring an additional 400 shares during the period. 89.42% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.