Illumina (NASDAQ:ILMN) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays has raised its price target for Illumina from $85.00 to $90.00, maintaining an "underweight" rating, suggesting a potential downside of 9.78% from the current stock price.
• JPMorgan, Piper Sandler, and other firms have also lowered their price targets for Illumina, indicating increasing caution among analysts regarding the stock's performance.
• Illumina reported a decline in revenue of 4.8% year-over-year, though it exceeded earnings estimates in its latest quarterly results.

Illumina (NASDAQ:ILMN - Get Free Report) had its target price upped by equities researchers at Barclays from $85.00 to $90.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "underweight" rating on the life sciences company's stock. Barclays's target price suggests a potential downside of 8.57% from the stock's current price.

A number of other brokerages also recently issued reports on ILMN. Piper Sandler cut their price target on Illumina from $190.00 to $185.00 and set an "overweight" rating on the stock in a report on Thursday, May 15th. Robert W. Baird boosted their target price on Illumina from $84.00 to $105.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Stephens restated an "overweight" rating and set a $105.00 target price on shares of Illumina in a research note on Tuesday, May 20th. Canaccord Genuity Group boosted their target price on Illumina from $87.00 to $99.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Finally, Royal Bank Of Canada dropped their target price on Illumina from $128.00 to $112.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Illumina has an average rating of "Hold" and an average price target of $127.47.

Illumina Stock Performance

NASDAQ:ILMN traded up $3.78 during mid-day trading on Friday, hitting $98.44. 2,360,354 shares of the company traded hands, compared to its average volume of 2,412,954. The stock's fifty day moving average price is $93.80 and its 200-day moving average price is $92.28. Illumina has a one year low of $68.70 and a one year high of $156.66. The company has a quick ratio of 1.41, a current ratio of 1.81 and a debt-to-equity ratio of 0.66. The firm has a market cap of $15.58 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.75 and a beta of 1.37.

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

Insider Transactions at Illumina

In related news, CFO Ankur Dhingra purchased 6,100 shares of the firm's stock in a transaction on Monday, May 12th. The shares were bought at an average cost of $81.21 per share, for a total transaction of $495,381.00. Following the transaction, the chief financial officer directly owned 24,906 shares of the company's stock, valued at approximately $2,022,616.26. This trade represents a 32.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On Illumina

Several institutional investors have recently added to or reduced their stakes in ILMN. LPL Financial LLC raised its stake in shares of Illumina by 24.6% in the fourth quarter. LPL Financial LLC now owns 82,867 shares of the life sciences company's stock worth $11,073,000 after acquiring an additional 16,339 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Illumina in the fourth quarter worth about $9,023,000. O Shaughnessy Asset Management LLC raised its stake in shares of Illumina by 84.2% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,374 shares of the life sciences company's stock worth $852,000 after acquiring an additional 2,913 shares during the last quarter. HighPoint Advisor Group LLC raised its stake in shares of Illumina by 15.9% in the fourth quarter. HighPoint Advisor Group LLC now owns 2,121 shares of the life sciences company's stock worth $283,000 after acquiring an additional 291 shares during the last quarter. Finally, Huntington National Bank raised its stake in shares of Illumina by 279.4% in the fourth quarter. Huntington National Bank now owns 1,954 shares of the life sciences company's stock worth $261,000 after acquiring an additional 1,439 shares during the last quarter. 89.42% of the stock is owned by institutional investors.

About Illumina

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.