Illumina (NASDAQ:ILMN) Cut to Underperform at Bank of America

Bank of America cut shares of Illumina (NASDAQ:ILMN) from a buy rating to an underperform rating in a research note published on Friday, Benzinga reports. The brokerage currently has $310.00 target price on the life sciences company’s stock.

Several other research analysts have also weighed in on the stock. Canaccord Genuity reaffirmed a buy rating and set a $360.00 target price (up previously from $350.00) on shares of Illumina in a research note on Monday, June 10th. Wolfe Research began coverage on shares of Waters in a research note on Thursday, May 30th. They set an underperform rating for the company. OTR Global lowered shares of Illumina to a positive rating in a research note on Tuesday, April 2nd. Zacks Investment Research lowered shares of GasLog Partners LP Unit from a hold rating to a strong sell rating in a research note on Tuesday, April 2nd. Finally, BidaskClub raised shares of Zumiez from a sell rating to a hold rating in a research note on Saturday, June 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $341.15.

Shares of ILMN opened at $302.29 on Friday. 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 has a 12-month low of $268.62 and a 12-month high of $380.76. The firm has a 50-day moving average price of $343.54. The stock has a market capitalization of $44.84 billion, a price-to-earnings ratio of 52.85, a P/E/G ratio of 2.12 and a beta of 1.15.

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 the Zacks’ consensus estimate of $1.34 by $0.26. The firm had revenue of $846.00 million during the quarter, compared to analyst estimates of $838.70 million. Illumina had a net margin of 25.06% and a return on equity of 23.49%. Illumina’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.45 earnings per share. As a group, equities analysts anticipate that Illumina will post 6.68 EPS for the current year.

In other news, Director Frances Arnold sold 1,503 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $307.95, for a total transaction of $462,848.85. Following the sale, the director now owns 10,159 shares of the company’s stock, valued at $3,128,464.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Charles Dadswell sold 124 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $311.77, for a total transaction of $38,659.48. Following the sale, the senior vice president now directly owns 8,086 shares in the company, valued at approximately $2,520,972.22. The disclosure for this sale can be found here. Insiders have sold 59,291 shares of company stock worth $19,459,234 in the last three months. Corporate insiders own 0.38% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of ILMN. Colony Group LLC raised its holdings in Illumina by 3.3% in the fourth quarter. Colony Group LLC now owns 1,172 shares of the life sciences company’s stock valued at $352,000 after acquiring an additional 37 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in Illumina by 83.0% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 86 shares of the life sciences company’s stock valued at $26,000 after acquiring an additional 39 shares in the last quarter. Sage Capital Advisors llc raised its holdings in Illumina by 0.7% in the first quarter. Sage Capital Advisors llc now owns 5,887 shares of the life sciences company’s stock valued at $1,829,000 after acquiring an additional 40 shares in the last quarter. Sterling Investment Advisors Ltd. raised its holdings in Illumina by 2.0% in the first quarter. Sterling Investment Advisors Ltd. now owns 2,090 shares of the life sciences company’s stock valued at $649,000 after acquiring an additional 40 shares in the last quarter. Finally, LS Investment Advisors LLC raised its holdings in Illumina by 1.8% in the first quarter. LS Investment Advisors LLC now owns 2,502 shares of the life sciences company’s stock valued at $777,000 after acquiring an additional 45 shares in the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

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 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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