Illumina (ILMN) Upgraded to “Buy” by Zacks Investment Research

Illumina (NASDAQ:ILMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The brokerage presently has a $270.00 target price on the life sciences company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 9.65% from the company’s current price.

According to Zacks, “In the last three months, Illumina outperformed its industry. The company’s recent strategic collaborations are expected to expand its product portfolio. This apart an improving margin scenario should also instill confidence on the stock. Currently, Illumina is focusing on product innovation through research and development as well, which is evident from the launch of iSeq 100 Sequencing System recently. Post a promising fourth-quarter show, we expect Illumina to maintain its growth momentum on continued uptake of sequencing consumables, instruments and microarray portfolios. On the flip side, the company is operating in a tough competitive landscape which is a concern. Further, the stock looks a bit overvalued at the moment.”

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ILMN has been the topic of several other reports. BTIG Research reaffirmed a “hold” rating on shares of Illumina in a research report on Tuesday, January 16th. Wells Fargo raised Illumina from a “market perform” rating to an “outperform” rating and set a $205.00 price target on the stock in a research report on Tuesday, January 2nd. Evercore ISI assumed coverage on Illumina in a research report on Wednesday, January 3rd. They issued an “outperform” rating and a $250.00 price target on the stock. Canaccord Genuity reaffirmed a “buy” rating and issued a $265.00 price target (up from $255.00) on shares of Illumina in a research report on Wednesday, January 31st. Finally, Piper Jaffray reaffirmed a “buy” rating and issued a $269.00 price target on shares of Illumina in a research report on Tuesday, January 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the company. Illumina has a consensus rating of “Buy” and an average target price of $243.03.

Illumina stock traded up $4.79 during mid-day trading on Monday, hitting $246.23. 206,167 shares of the company’s stock were exchanged, compared to its average volume of 862,084. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.99 and a quick ratio of 3.55. The company has a market capitalization of $35,430.26, a price-to-earnings ratio of 61.65, a PEG ratio of 3.22 and a beta of 0.89. Illumina has a 1-year low of $167.98 and a 1-year high of $256.64.

Illumina (NASDAQ:ILMN) last issued its quarterly earnings results on Tuesday, January 30th. The life sciences company reported $1.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.22. The company had revenue of $778.00 million for the quarter, compared to the consensus estimate of $752.04 million. Illumina had a return on equity of 21.71% and a net margin of 26.56%. The firm’s revenue was up 25.7% compared to the same quarter last year. During the same period last year, the business posted $0.85 earnings per share. sell-side analysts anticipate that Illumina will post 4.6 earnings per share for the current year.

In related news, SVP Oene Mark Van sold 1,400 shares of the stock in a transaction dated Thursday, April 12th. The shares were sold at an average price of $238.48, for a total value of $333,872.00. Following the completion of the sale, the senior vice president now owns 12,217 shares in the company, valued at $2,913,510.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Charles Dadswell sold 116 shares of the stock in a transaction dated Tuesday, April 3rd. The shares were sold at an average price of $230.91, for a total transaction of $26,785.56. Following the completion of the sale, the senior vice president now owns 7,875 shares of the company’s stock, valued at approximately $1,818,416.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,008 shares of company stock valued at $8,270,535. 0.54% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Hemenway Trust Co LLC lifted its stake in Illumina by 0.6% during the fourth quarter. Hemenway Trust Co LLC now owns 37,895 shares of the life sciences company’s stock worth $8,280,000 after purchasing an additional 227 shares during the period. Daiwa Securities Group Inc. lifted its stake in Illumina by 4.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 5,543 shares of the life sciences company’s stock worth $1,211,000 after purchasing an additional 229 shares during the period. Private Asset Management Inc. lifted its stake in Illumina by 2.2% during the fourth quarter. Private Asset Management Inc. now owns 11,072 shares of the life sciences company’s stock worth $2,419,000 after purchasing an additional 240 shares during the period. Fairfield Bush & CO. lifted its stake in Illumina by 1.4% during the fourth quarter. Fairfield Bush & CO. now owns 18,985 shares of the life sciences company’s stock worth $4,148,000 after purchasing an additional 255 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Illumina by 38.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 993 shares of the life sciences company’s stock worth $217,000 after purchasing an additional 278 shares during the period. Hedge funds and other institutional investors own 91.68% of the company’s stock.

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About Illumina

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 by synthesis technology 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 allow the detection of known genetic markers on a single array.

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