Piper Sandler Cuts Illumina (NASDAQ:ILMN) Price Target to $185.00

Illumina (NASDAQ:ILMN) had its price target cut by Piper Sandler from $190.00 to $185.00 in a research report report published on Thursday,Benzinga reports. They currently have an overweight rating on the life sciences company’s stock.

Other research analysts also recently issued research reports about the stock. TD Cowen downgraded shares of Illumina from a “buy” rating to a “hold” rating and cut their target price for the company from $177.00 to $140.00 in a research note on Friday, February 7th. Royal Bank of Canada dropped their target price on Illumina from $128.00 to $112.00 and set an “outperform” rating for the company in a research note on Tuesday, April 8th. Morgan Stanley dropped their target price on Illumina from $136.00 to $100.00 and set an “equal weight” rating for the company in a research note on Monday, May 12th. Guggenheim dropped their target price on Illumina from $122.00 to $114.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Finally, HSBC lowered Illumina from a “buy” rating to a “hold” rating and set a $100.00 target price for the company. in a research note on Friday, February 28th. One research 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 data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $130.70.

Illumina Stock Up 3.4%

Shares of NASDAQ:ILMN opened at $83.62 on Thursday. The company has a quick ratio of 1.42, a current ratio of 1.77 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $13.23 billion, a P/E ratio of -10.89, a P/E/G ratio of 1.60 and a beta of 1.35. Illumina has a 52-week low of $68.70 and a 52-week high of $156.66. The stock’s fifty day simple moving average is $78.48 and its 200-day simple moving average is $111.12.

Illumina (NASDAQ:ILMN) last announced its earnings results on Thursday, May 8th. The life sciences company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.01. Illumina had a negative net margin of 27.95% and a positive return on equity of 13.37%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company posted $0.98 EPS. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, equities research analysts forecast that Illumina will post 4.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Ankur Dhingra bought 6,100 shares of Illumina stock in a transaction on Monday, May 12th. The shares were bought at an average price of $81.21 per share, with a total value of $495,381.00. Following the acquisition, the chief financial officer now directly owns 24,906 shares in the company, valued at approximately $2,022,616.26. This represents a 32.44% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.17% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ILMN. Assenagon Asset Management S.A. raised its position in shares of Illumina by 5.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 42,748 shares of the life sciences company’s stock worth $5,712,000 after purchasing an additional 2,338 shares during the period. Park Avenue Securities LLC raised its position in shares of Illumina by 7.6% during the 4th quarter. Park Avenue Securities LLC now owns 9,005 shares of the life sciences company’s stock worth $1,203,000 after purchasing an additional 633 shares during the period. Radnor Capital Management LLC raised its position in shares of Illumina by 6.2% during the 4th quarter. Radnor Capital Management LLC now owns 7,410 shares of the life sciences company’s stock worth $990,000 after purchasing an additional 430 shares during the period. USA Financial Formulas acquired a new stake in shares of Illumina during the 4th quarter worth approximately $1,448,000. Finally, Beech Hill Advisors Inc. raised its position in shares of Illumina by 86.4% during the 4th quarter. Beech Hill Advisors Inc. now owns 14,349 shares of the life sciences company’s stock worth $1,917,000 after purchasing an additional 6,650 shares during the period. 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.