Illumina (NASDAQ:ILMN) Reaches New 52-Week High After Better-Than-Expected Earnings

Illumina, Inc. (NASDAQ:ILMN) reached a new 52-week high during trading on Monday following a better than expected earnings announcement. The stock traded as high as $153.99 and last traded at $151.60, with a volume of 347676 shares changing hands. The stock had previously closed at $149.76.

The life sciences company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.26. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. Illumina had a negative net margin of 68.73% and a positive return on equity of 3.08%. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.33 earnings per share.

Analysts Set New Price Targets

A number of research analysts have issued reports on ILMN shares. Citigroup upped their price target on shares of Illumina from $155.00 to $190.00 and gave the company a “buy” rating in a research note on Tuesday. Royal Bank of Canada lifted their price target on Illumina from $252.00 to $254.00 and gave the stock an “outperform” rating in a research report on Tuesday. TD Cowen increased their price objective on Illumina from $166.00 to $177.00 and gave the company a “buy” rating in a report on Tuesday. Argus upgraded Illumina from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Wednesday, August 28th. Finally, Canaccord Genuity Group upped their target price on Illumina from $130.00 to $145.00 and gave the company a “hold” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Illumina has a consensus rating of “Moderate Buy” and a consensus target price of $161.50.

Institutional Investors Weigh In On Illumina

A number of large investors have recently made changes to their positions in the stock. UMB Bank n.a. lifted its position in Illumina by 7.0% during the second quarter. UMB Bank n.a. now owns 1,341 shares of the life sciences company’s stock worth $140,000 after buying an additional 88 shares in the last quarter. Integrated Advisors Network LLC increased its stake in shares of Illumina by 2.0% in the 3rd quarter. Integrated Advisors Network LLC now owns 4,484 shares of the life sciences company’s stock worth $585,000 after acquiring an additional 90 shares during the last quarter. Carson Advisory Inc. raised its holdings in shares of Illumina by 3.8% during the 3rd quarter. Carson Advisory Inc. now owns 2,757 shares of the life sciences company’s stock worth $360,000 after acquiring an additional 102 shares during the period. Texas Permanent School Fund Corp boosted its position in shares of Illumina by 0.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 32,818 shares of the life sciences company’s stock valued at $4,507,000 after acquiring an additional 114 shares during the last quarter. Finally, Institute for Wealth Management LLC. grew its holdings in shares of Illumina by 4.6% in the second quarter. Institute for Wealth Management LLC. now owns 2,728 shares of the life sciences company’s stock valued at $285,000 after purchasing an additional 119 shares during the period. 89.42% of the stock is currently owned by hedge funds and other institutional investors.

Illumina Trading Up 1.0 %

The company has a quick ratio of 0.86, a current ratio of 1.11 and a debt-to-equity ratio of 1.04. The company’s 50-day moving average is $136.87 and its 200-day moving average is $122.92. The stock has a market capitalization of $24.69 billion, a price-to-earnings ratio of -15.56 and a beta of 1.13.

Illumina Company Profile

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.