Illumina (NASDAQ:ILMN) Downgraded by Canaccord Genuity to Hold

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Canaccord Genuity downgraded shares of Illumina (NASDAQ:ILMN) from a buy rating to a hold rating in a research report report published on Tuesday, July 30th, Stock Target Advisor reports. The brokerage currently has $300.00 price objective on the life sciences company’s stock, down from their prior price objective of $330.00.

“We don’t believe an ultra-premium multiple is now justified for a company looking to grow +6% on the top and bottom lines, which now seem more vulnerable to large misses. What’s more, we lack visibility to 2020 or 2021 growth rates given a wide range of moving parts. We would look to get more constructive if our concerns prove to be transitory, or if ILMN announces the $100 genome at a price point that would meaningfully accelerate its top line and not add further headwinds to its gross, operating or net income margins. ILMN is working hard to drive down the cost of sequencing to be able to usher in the eagerly awaited $100 genome. DTC troubles. On the call, Illumina CEO Francis deSouza indicated he expects a DTC reacceleration “in the coming years,” which to us doesn’t imply a recovery in 2020.”,” Canaccord Genuity’s analyst commented.

ILMN has been the topic of several other reports. Bank of America lowered Illumina from a buy rating to an underperform rating and set a $310.00 target price on the stock. in a research report on Friday, July 12th. BidaskClub lowered Illumina from a strong-buy rating to a buy rating in a report on Saturday, July 13th. Wolfe Research started coverage on Illumina in a report on Thursday, May 30th. They set an outperform rating on the stock. Argus decreased their target price on Illumina to $340.00 and set a buy rating for the company in a research note on Thursday, July 18th. Finally, Cowen decreased their target price on Illumina from $380.00 to $320.00 and set an outperform rating for the company in a research note on Friday, July 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $330.92.

NASDAQ:ILMN opened at $284.77 on Tuesday. The firm has a market capitalization of $41.86 billion, a price-to-earnings ratio of 49.78, a PEG ratio of 2.71 and a beta of 1.10. Illumina has a 1-year low of $268.62 and a 1-year high of $380.76. The company has a current ratio of 6.79, a quick ratio of 6.10 and a debt-to-equity ratio of 0.42. The business’s fifty day moving average price is $319.73 and its 200 day moving average price is $315.64.

Illumina (NASDAQ:ILMN) last posted its quarterly earnings results on Monday, July 29th. The life sciences company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.03. Illumina had a return on equity of 21.73% and a net margin of 27.56%. The firm had revenue of $838.00 million for the quarter, compared to analyst estimates of $835.12 million. During the same period in the previous year, the firm earned $1.43 earnings per share. Illumina’s quarterly revenue was up 1.0% on a year-over-year basis. Equities analysts forecast that Illumina will post 6.04 earnings per share for the current year.

In other news, Director Jay T. Flatley sold 3,300 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $288.36, for a total value of $951,588.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Robert P. Ragusa sold 2,230 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $293.09, for a total value of $653,590.70. Following the sale, the senior vice president now directly owns 10,685 shares of the company’s stock, valued at $3,131,666.65. The disclosure for this sale can be found here. Over the last three months, insiders sold 53,758 shares of company stock valued at $17,479,206. 0.38% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV lifted its holdings in Illumina by 83.0% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 86 shares of the life sciences company’s stock worth $26,000 after acquiring an additional 39 shares in the last quarter. First Manhattan Co. lifted its holdings in shares of Illumina by 18.8% in the first quarter. First Manhattan Co. now owns 3,464 shares of the life sciences company’s stock valued at $1,076,000 after purchasing an additional 547 shares in the last quarter. Ardevora Asset Management LLP lifted its holdings in shares of Illumina by 14.2% in the first quarter. Ardevora Asset Management LLP now owns 101,212 shares of the life sciences company’s stock valued at $31,446,000 after purchasing an additional 12,600 shares in the last quarter. Copper Rock Capital Partners LLC bought a new stake in shares of Illumina in the second quarter valued at about $10,888,000. Finally, Private Asset Management Inc. lifted its holdings in shares of Illumina by 9.5% in the first quarter. Private Asset Management Inc. now owns 16,514 shares of the life sciences company’s stock valued at $5,131,000 after purchasing an additional 1,427 shares in the last quarter. Institutional investors and hedge funds own 90.95% of the company’s stock.

Illumina Company Profile

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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Analyst Recommendations for Illumina (NASDAQ:ILMN)

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