Illumina (NASDAQ:ILMN) Shares Gap Down After Analyst Downgrade

Illumina, Inc. (NASDAQ:ILMN) shares gapped down before the market opened on Monday after ValuEngine downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $282.43, but opened at $290.64. Illumina shares last traded at $307.12, with a volume of 67,378 shares changing hands.

Other research analysts have also issued reports about the stock. Cowen cut their target price on shares of Illumina from $380.00 to $320.00 and set an “outperform” rating for the company in a report on Friday, July 12th. Guggenheim assumed coverage on shares of Illumina in a report on Friday. They issued a “buy” rating and a $350.00 target price for the company. UBS Group raised their target price on shares of Illumina from $350.00 to $355.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Credit Suisse Group reissued a “buy” rating and issued a $340.00 target price on shares of Illumina in a report on Wednesday, July 31st. Finally, Argus raised their target price on shares of Illumina from $300.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. Illumina has a consensus rating of “Buy” and an average target price of $333.38.

In other news, SVP Mostafa Ronaghi sold 4,000 shares of Illumina stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $310.93, for a total transaction of $1,243,720.00. Following the completion of the sale, the senior vice president now directly owns 80,585 shares in the company, valued at $25,056,294.05. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Charles Dadswell sold 124 shares of Illumina stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $300.00, for a total value of $37,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,799 shares of company stock valued at $11,117,580. 0.38% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in ILMN. Next Capital Management LLC bought a new stake in shares of Illumina in the second quarter valued at about $25,000. Massey Quick Simon & CO. LLC raised its holdings in shares of Illumina by 3,100.0% in the third quarter. Massey Quick Simon & CO. LLC now owns 96 shares of the life sciences company’s stock valued at $29,000 after acquiring an additional 93 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Illumina in the second quarter valued at about $37,000. North Star Investment Management Corp. bought a new stake in shares of Illumina in the third quarter valued at about $31,000. Finally, Trustcore Financial Services LLC bought a new stake in shares of Illumina in the second quarter valued at about $44,000. Institutional investors and hedge funds own 90.97% of the company’s stock.

The company has a debt-to-equity ratio of 0.42, a current ratio of 6.79 and a quick ratio of 6.10. The firm has a fifty day moving average of $300.59 and a two-hundred day moving average of $312.28. The stock has a market capitalization of $46.38 billion, a P/E ratio of 53.16, a P/E/G ratio of 3.14 and a beta of 1.07.

Illumina (NASDAQ:ILMN) last released its quarterly earnings data on Thursday, October 24th. The life sciences company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.53. The firm had revenue of $907.00 million during the quarter, compared to the consensus estimate of $872.65 million. Illumina had a return on equity of 22.53% and a net margin of 28.14%. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.52 earnings per share. As a group, sell-side analysts forecast that Illumina, Inc. will post 6.44 EPS for the current fiscal year.

About Illumina (NASDAQ:ILMN)

Illumina, Inc provides sequencing and array-based solutions for genetic analysis. The company operates in two segments, Core Illumina and Consolidated VIEs. It offers sequencing that provides researchers with various applications and the ability to sequence mammalian genomes; and arrays for a range of deoxyribonucleic acid and RNA analysis applications, including single nucleotide polymorphism genotyping, copy number variations analysis, gene expression analysis, and methylation analysis, as well as enables the detection of known genetic markers on a single array.

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