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

Key Points

• Morgan Stanley has raised its price target for Illumina (ILMN) from $100.00 to $105.00, suggesting a potential upside of 7.57% based on the stock's previous close.
• A mixed outlook from analysts is reflected, with ratings varying from "strong sell" by Citigroup to "outperform" by Royal Bank Of Canada, resulting in a consensus average target price of $127.47.
• Illumina's quarterly earnings beat expectations with $1.19 EPS, although the company reported a 4.8% decline in revenue compared to the same quarter last year.

Illumina (NASDAQ:ILMN - Get Free Report) had its target price boosted by Morgan Stanley from $100.00 to $105.00 in a research note issued on Monday, MarketBeat Ratings reports. The brokerage presently has an "equal weight" rating on the life sciences company's stock. Morgan Stanley's price objective would indicate a potential upside of 11.19% from the stock's current price.

Other equities analysts have also issued research reports about the stock. Wall Street Zen lowered shares of Illumina from a "buy" rating to a "hold" rating in a research report on Saturday. Robert W. Baird raised their price target on Illumina from $84.00 to $105.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Scotiabank downgraded Illumina from a "sector outperform" rating to a "sector perform" rating and set a $125.00 target price for the company. in a research note on Friday, July 11th. Barclays increased their price objective on Illumina from $85.00 to $90.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. Finally, Piper Sandler dropped their target price on shares of Illumina from $190.00 to $185.00 and set an "overweight" rating on the stock in a research report on Thursday, May 15th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $127.74.

Illumina Stock Down 3.4%

Shares of ILMN stock traded down $3.33 during trading on Monday, hitting $94.43. 2,148,890 shares of the company were exchanged, compared to its average volume of 2,422,392. The business's 50-day simple moving average is $94.47 and its 200 day simple moving average is $92.05. The firm has a market capitalization of $14.51 billion, a price-to-earnings ratio of 11.95, a P/E/G ratio of 2.20 and a beta of 1.37. Illumina has a twelve month low of $68.70 and a twelve month high of $156.66. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.41 and a current ratio of 1.81.

Illumina (NASDAQ:ILMN - Get Free Report) last issued its earnings results on Thursday, July 31st. The life sciences company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.17. The company had revenue of $1.06 billion for 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 business's revenue was down 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS. As a group, analysts forecast that Illumina will post 4.51 EPS for the current fiscal year.

Insider Transactions at Illumina

In other Illumina news, CFO Ankur Dhingra purchased 6,100 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer owned 24,906 shares in the company, valued at $2,022,616.26. The trade was a 32.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.60% of the stock is owned by company insiders.

Institutional Trading of Illumina

Several large investors have recently modified their holdings of the stock. Capital World Investors raised its holdings in 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 buying an additional 14,481,232 shares during the last quarter. Corvex Management LP grew its position in shares of Illumina by 125.2% during the 1st quarter. Corvex Management LP now owns 3,829,608 shares of the life sciences company's stock worth $303,841,000 after buying an additional 2,129,449 shares during the period. Brown Advisory Inc. increased its stake in shares of Illumina by 54,220.9% in the 4th quarter. Brown Advisory Inc. now owns 1,912,639 shares of the life sciences company's stock valued at $255,586,000 after acquiring an additional 1,909,118 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Illumina by 361.7% during the 1st quarter. AQR Capital Management LLC now owns 2,121,585 shares of the life sciences company's stock valued at $165,484,000 after acquiring an additional 1,662,093 shares during the period. Finally, Bessemer Group Inc. boosted its stake in Illumina by 32,837.5% during the fourth quarter. Bessemer Group Inc. now owns 1,348,131 shares of the life sciences company's stock worth $180,152,000 after acquiring an additional 1,344,038 shares in the last quarter. 89.42% of the stock is 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.