Illumina, Inc. (NASDAQ:ILMN) Rating Increased to Buy at Canaccord Genuity

Illumina, Inc. (NASDAQ:ILMN) was upgraded by investment analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a report issued on Monday, August 7th, MarketBeat reports. The brokerage currently has a $215.00 price target on the life sciences company’s stock, up from their previous price target of $170.00. Canaccord Genuity’s price target would suggest a potential upside of 13.56% from the company’s previous close.

The analysts wrote, “Shipments to China grew +16% and we believe China is likely to be a double-digit grower for ILMN over the next several years, driven by the Chinese Precision Medicine Initiative,”

ILMN has been the subject of a number of other reports. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $187.00 price objective (up from $170.00) on shares of Illumina in a research note on Friday, April 14th. Vetr cut Illumina from a “strong-buy” rating to a “buy” rating and set a $197.84 target price for the company. in a research note on Wednesday, June 21st. Barclays PLC reissued a “hold” rating and set a $150.00 target price on shares of Illumina in a research note on Wednesday, July 19th. BidaskClub cut Illumina from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Finally, Cowen and Company reissued an “outperform” rating and set a $200.00 target price on shares of Illumina in a research note on Wednesday, April 26th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the company. Illumina has a consensus rating of “Hold” and a consensus price target of $177.01.

Shares of Illumina (NASDAQ ILMN) traded down 0.98% during trading on Monday, reaching $189.32. The company’s stock had a trading volume of 882,072 shares. The stock has a 50 day moving average of $181.43 and a 200-day moving average of $174.88. Illumina has a 1-year low of $119.37 and a 1-year high of $199.95. The company has a market capitalization of $27.64 billion, a PE ratio of 37.99 and a beta of 0.83.

Illumina (NASDAQ:ILMN) last issued its quarterly earnings data on Tuesday, August 1st. The life sciences company reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.14. Illumina had a return on equity of 19.69% and a net margin of 30.27%. The business had revenue of $662 million during the quarter, compared to analysts’ expectations of $642.38 million. During the same period in the previous year, the firm posted $0.86 earnings per share. The company’s revenue was up 10.3% on a year-over-year basis. On average, analysts expect that Illumina will post $3.65 earnings per share for the current year.

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In other Illumina news, Director Jay T. Flatley sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $180.24, for a total transaction of $3,604,800.00. Following the completion of the sale, the director now directly owns 539,176 shares of the company’s stock, valued at approximately $97,181,082.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jay T. Flatley sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $170.77, for a total value of $2,561,550.00. Following the sale, the director now directly owns 534,176 shares of the company’s stock, valued at $91,221,235.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 154,010 shares of company stock valued at $27,840,615. 1.60% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its position in Illumina by 41.0% in the first quarter. Nisa Investment Advisors LLC now owns 6,190 shares of the life sciences company’s stock valued at $1,056,000 after buying an additional 1,800 shares during the last quarter. State of Tennessee Treasury Department boosted its position in Illumina by 7.8% in the first quarter. State of Tennessee Treasury Department now owns 97,850 shares of the life sciences company’s stock valued at $16,697,000 after buying an additional 7,040 shares during the last quarter. Bank of Nova Scotia boosted its position in Illumina by 265.4% in the first quarter. Bank of Nova Scotia now owns 86,202 shares of the life sciences company’s stock valued at $14,710,000 after buying an additional 62,612 shares during the last quarter. Aberdeen Asset Management PLC UK boosted its position in Illumina by 8.4% in the first quarter. Aberdeen Asset Management PLC UK now owns 27,981 shares of the life sciences company’s stock valued at $4,775,000 after buying an additional 2,158 shares during the last quarter. Finally, Eastern Bank acquired a new position in Illumina during the first quarter valued at about $256,000. Institutional investors own 93.91% of the company’s stock.

About Illumina

Illumina, Inc (Illumina) is a provider of sequencing- and array-based solutions for genetic analysis. The Company operates through two segments: Core Illumina and the consolidated variable interest entities (VIEs), which include the activities of GRAIL, Inc (GRAIL) and Helix Holdings I, LLC (Helix). Core Illumina consists of its core operations.

Analyst Recommendations for Illumina (NASDAQ:ILMN)

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