Illumina (NASDAQ:ILMN) Price Target Raised to $99.00 at Canaccord Genuity Group

Illumina (NASDAQ:ILMN - Free Report) had its target price boosted by Canaccord Genuity Group from $87.00 to $99.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the life sciences company's stock.

Other research analysts have also recently issued reports about the stock. Robert W. Baird decreased their price objective on shares of Illumina from $127.00 to $90.00 and set a "neutral" rating for the company in a report on Wednesday, March 5th. HSBC lowered Illumina from a "buy" rating to a "hold" rating and set a $100.00 target price on the stock. in a report on Friday, February 28th. JPMorgan Chase & Co. dropped their price target on shares of Illumina from $120.00 to $85.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Stephens restated an "overweight" rating and set a $105.00 price objective on shares of Illumina in a research report on Tuesday, May 20th. Finally, Piper Sandler lowered their price objective on shares of Illumina from $190.00 to $185.00 and set an "overweight" rating on the stock in a research note on Thursday, May 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Illumina has an average rating of "Moderate Buy" and an average price target of $126.94.

Illumina Stock Up 0.5%

Shares of NASDAQ ILMN traded up $0.43 during midday trading on Wednesday, reaching $87.97. 831,070 shares of the company's stock were exchanged, compared to its average volume of 2,276,908. The stock has a market capitalization of $13.93 billion, a PE ratio of -11.45, a price-to-earnings-growth ratio of 1.60 and a beta of 1.32. The business's fifty day moving average price is $78.46 and its two-hundred day moving average price is $103.69. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.42 and a current ratio of 1.77. 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 results on Thursday, May 8th. The life sciences company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company posted $0.98 earnings per share. The company's revenue for the quarter was down 1.4% compared to the same quarter last year. Analysts forecast that Illumina will post 4.51 EPS for the current year.

Insider Transactions at Illumina

In related news, CFO Ankur Dhingra purchased 6,100 shares of Illumina stock in a transaction dated Monday, May 12th. The shares were acquired at an average cost of $81.21 per share, for a total transaction of $495,381.00. Following the transaction, the chief financial officer now directly owns 24,906 shares of the company's stock, valued at approximately $2,022,616.26. This trade represents a 32.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Illumina

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital World Investors increased its stake in shares of Illumina by 408.6% in the 4th quarter. Capital World Investors now owns 18,025,301 shares of the life sciences company's stock valued at $2,408,721,000 after acquiring an additional 14,481,232 shares during the last quarter. Corvex Management LP increased its stake in Illumina by 125.2% in the first quarter. Corvex Management LP now owns 3,829,608 shares of the life sciences company's stock valued at $303,841,000 after purchasing an additional 2,129,449 shares in the last quarter. Brown Advisory Inc. raised its holdings in Illumina by 54,220.9% in the fourth quarter. Brown Advisory Inc. now owns 1,912,639 shares of the life sciences company's stock worth $255,586,000 after purchasing an additional 1,909,118 shares during the period. Norges Bank bought a new position in shares of Illumina during the fourth quarter worth $228,714,000. Finally, AQR Capital Management LLC boosted its position in shares of Illumina by 361.7% during the first quarter. AQR Capital Management LLC now owns 2,121,585 shares of the life sciences company's stock worth $165,484,000 after purchasing an additional 1,662,093 shares in the last quarter. Institutional investors own 89.42% 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.