Illumina (NASDAQ:ILMN) Shares Down 16.1% After Analyst Downgrade

Illumina, Inc. (NASDAQ:ILMN)’s stock price was down 16.1% during mid-day trading on Friday after Cowen lowered their price target on the stock from $380.00 to $320.00. Cowen currently has an outperform rating on the stock. Illumina traded as low as $303.92 and last traded at $305.05, approximately 8,474,345 shares were traded during mid-day trading. An increase of 742% from the average daily volume of 1,006,871 shares. The stock had previously closed at $363.66.

Several other research firms have also recently weighed in on ILMN. Wolfe Research started coverage on shares of Waters in a report on Thursday, May 30th. They issued an “underperform” rating on the stock. BidaskClub raised shares of Zumiez from a “sell” rating to a “hold” rating in a report on Saturday, June 22nd. Canaccord Genuity increased their price target on shares of Cogeco Communications from C$97.00 to C$104.00 and gave the company a “buy” rating in a report on Friday. OTR Global cut shares of Illumina to a “positive” rating in a report on Tuesday, April 2nd. Finally, Deutsche Bank increased their price target on shares of Spirit Airlines from $75.00 to $79.00 and gave the company a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $341.15.

In other news, Director Jay T. Flatley sold 3,300 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $304.44, for a total transaction of $1,004,652.00. Following the transaction, the director now directly owns 282,516 shares of the company’s stock, valued at $86,009,171.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Charles Dadswell sold 124 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $311.77, for a total transaction of $38,659.48. Following the transaction, the senior vice president now directly owns 8,086 shares in the company, valued at $2,520,972.22. The disclosure for this sale can be found here. Insiders have sold 55,991 shares of company stock worth $18,216,784 over the last ninety days. Insiders own 0.38% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Strategy Asset Managers LLC bought a new position in shares of Illumina during the first quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV increased its holdings in shares of 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 purchasing an additional 39 shares during the period. C J Advisory Inc bought a new position in shares of Illumina during the first quarter worth approximately $29,000. Lake Point Wealth Management bought a new position in shares of Illumina during the fourth quarter worth approximately $30,000. Finally, Sontag Advisory LLC bought a new position in shares of Illumina during the fourth quarter worth approximately $34,000. 89.69% of the stock is currently owned by institutional investors.

The business’s 50 day moving average is $344.08. The stock has a market capitalization of $44.84 billion, a price-to-earnings ratio of 53.33, a P/E/G ratio of 2.59 and a beta of 1.15. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.66 and a quick ratio of 3.33.

Illumina (NASDAQ:ILMN) last announced its quarterly earnings data on Thursday, April 25th. The life sciences company reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.26. The business had revenue of $846.00 million for the quarter, compared to analysts’ expectations of $838.70 million. Illumina had a net margin of 25.06% and a return on equity of 23.49%. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period last year, the firm posted $1.45 earnings per share. Analysts anticipate that Illumina, Inc. will post 6.68 earnings per share for the current fiscal year.

Illumina Company Profile (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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