Illumina, Inc. (ILMN) Sets New 52-Week High Following Strong Earnings
Illumina, Inc. (NASDAQ:ILMN)’s share price hit a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $196.72 and last traded at $196.79, with a volume of 3,460,068 shares. The stock had previously closed at $172.30.
The life sciences company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.14. The firm had revenue of $662 million for the quarter, compared to analyst estimates of $642.38 million. Illumina had a return on equity of 19.69% and a net margin of 30.27%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period last year, the company earned $0.86 EPS.
ILMN has been the topic of a number of research reports. Vetr downgraded Illumina from a “strong-buy” rating to a “buy” rating and set a $197.84 price objective on the stock. in a report on Wednesday, May 31st. Zacks Investment Research upgraded Illumina from a “hold” rating to a “buy” rating and set a $195.00 target price on the stock in a report on Thursday, July 27th. Canaccord Genuity upgraded Illumina from a “hold” rating to a “buy” rating and raised their target price for the company from $170.00 to $215.00 in a report on Monday, August 7th. First Analysis upgraded Illumina from an “underweight” rating to an “equal weight” rating and set a $176.00 target price on the stock in a report on Wednesday, August 2nd. Finally, Barclays PLC reiterated an “equal weight” rating and set a $150.00 target price on shares of Illumina in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $177.01.
In other Illumina news, SVP Charles Dadswell sold 145 shares of Illumina stock in a transaction on Monday, June 5th. The stock was sold at an average price of $184.75, for a total transaction of $26,788.75. Following the sale, the senior vice president now owns 10,791 shares of the company’s stock, valued at approximately $1,993,637.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Omead Ostadan sold 1,671 shares of Illumina stock in a transaction on Monday, August 7th. The shares were sold at an average price of $195.26, for a total value of $326,279.46. Following the sale, the executive vice president now directly owns 24,571 shares in the company, valued at approximately $4,797,733.46. The disclosure for this sale can be found here. Insiders have sold a total of 134,010 shares of company stock valued at $23,946,015 in the last 90 days. Insiders own 1.60% of the company’s stock.
A number of hedge funds have recently made changes to their positions in ILMN. Nisa Investment Advisors LLC increased its stake in shares of 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 increased its stake in shares of 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 increased its stake in shares of 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 increased its stake in shares of 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 stake in shares of Illumina during the first quarter valued at $256,000. 93.81% of the stock is currently owned by hedge funds and other institutional investors.
The company has a 50 day moving average price of $179.63 and a 200-day moving average price of $173.73. The stock has a market cap of $28.36 billion, a P/E ratio of 38.97 and a beta of 0.83.
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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.
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