Canaccord Genuity Group Cuts Illumina (NASDAQ:ILMN) Price Target to $92.00

Illumina (NASDAQ:ILMN) had its price target trimmed by Canaccord Genuity Group from $115.00 to $92.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a hold rating on the life sciences company’s stock.

A number of other equities research analysts also recently issued reports on the stock. Robert W. Baird lowered their target price on shares of Illumina from $127.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, March 5th. Piper Sandler increased their target price on Illumina from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Barclays lowered their price target on Illumina from $100.00 to $77.00 and set an “underweight” rating for the company in a research report on Thursday, April 10th. HSBC lowered Illumina from a “buy” rating to a “hold” rating and set a $100.00 price objective on the stock. in a research note on Friday, February 28th. Finally, TD Cowen downgraded shares of Illumina from a “buy” rating to a “hold” rating and dropped their target price for the stock from $177.00 to $140.00 in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $137.55.

Illumina Stock Performance

Shares of ILMN opened at $76.51 on Tuesday. The company has a 50-day moving average of $80.43 and a two-hundred day moving average of $116.34. The stock has a market cap of $12.11 billion, a P/E ratio of -9.96, a PEG ratio of 1.60 and a beta of 1.38. Illumina has a 12-month low of $68.70 and a 12-month high of $156.66. The company has a current ratio of 1.77, a quick ratio of 1.42 and a debt-to-equity ratio of 0.63.

Illumina (NASDAQ:ILMN) last released its earnings results on Thursday, February 6th. The life sciences company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.06). Illumina had a negative net margin of 27.95% and a positive return on equity of 13.37%. As a group, research analysts predict that Illumina will post 4.51 EPS for the current fiscal year.

Institutional Trading of Illumina

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC grew its holdings in Illumina by 99.4% during the 1st quarter. CWM LLC now owns 36,035 shares of the life sciences company’s stock worth $2,859,000 after acquiring an additional 17,967 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Illumina by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 44,400 shares of the life sciences company’s stock worth $3,523,000 after purchasing an additional 400 shares during the last quarter. Stephens Investment Management Group LLC grew its stake in Illumina by 22.1% in the first quarter. Stephens Investment Management Group LLC now owns 295,597 shares of the life sciences company’s stock worth $23,453,000 after purchasing an additional 53,590 shares in the last quarter. Stephens Inc. AR increased its holdings in Illumina by 12.4% in the first quarter. Stephens Inc. AR now owns 7,447 shares of the life sciences company’s stock valued at $591,000 after buying an additional 824 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in Illumina by 36.8% during the first quarter. New York State Common Retirement Fund now owns 138,993 shares of the life sciences company’s stock valued at $11,028,000 after buying an additional 37,388 shares in the last quarter. Institutional investors own 89.42% of the company’s stock.

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.