Illumina (NASDAQ:ILMN) Trading Up 9.7% on Strong Earnings

Illumina, Inc. (NASDAQ:ILMN) shares were up 9.7% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $128.70 and last traded at $127.69. Approximately 448,302 shares were traded during trading, a decline of 79% from the average daily volume of 2,097,993 shares. The stock had previously closed at $116.36.

The life sciences company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.24. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.09 billion. Illumina had a negative net margin of 28.71% and a positive return on equity of 2.31%. The business’s revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ILMN shares. Jefferies Financial Group started coverage on shares of Illumina in a research note on Monday, June 3rd. They issued a “hold” rating and a $115.00 price target on the stock. Evercore ISI dropped their price objective on shares of Illumina from $195.00 to $175.00 and set an “outperform” rating for the company in a report on Tuesday, June 11th. Royal Bank of Canada dropped their price objective on shares of Illumina from $249.00 to $242.00 and set an “outperform” rating for the company in a report on Monday, July 1st. Robert W. Baird boosted their price target on shares of Illumina from $125.00 to $128.00 and gave the stock a “neutral” rating in a report on Friday, May 3rd. Finally, Stephens reiterated an “overweight” rating and set a $170.00 price target on shares of Illumina in a report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Illumina presently has an average rating of “Hold” and an average price target of $158.57.

Hedge Funds Weigh In On Illumina

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Illumina by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 18,245,041 shares of the life sciences company’s stock worth $2,505,409,000 after purchasing an additional 66,528 shares during the period. Edgewood Management LLC grew its stake in Illumina by 4.6% in the 4th quarter. Edgewood Management LLC now owns 6,878,495 shares of the life sciences company’s stock valued at $957,762,000 after acquiring an additional 302,222 shares during the last quarter. Baillie Gifford & Co. grew its stake in Illumina by 8.7% in the 1st quarter. Baillie Gifford & Co. now owns 5,736,418 shares of the life sciences company’s stock valued at $787,725,000 after acquiring an additional 460,649 shares during the last quarter. WCM Investment Management LLC grew its stake in Illumina by 2,232.3% in the 1st quarter. WCM Investment Management LLC now owns 3,377,221 shares of the life sciences company’s stock valued at $463,760,000 after acquiring an additional 3,232,418 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Illumina by 7.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,039,538 shares of the life sciences company’s stock valued at $317,267,000 after acquiring an additional 204,043 shares during the last quarter. 89.42% of the stock is owned by institutional investors and hedge funds.

Illumina Stock Performance

The stock has a market capitalization of $20.38 billion, a price-to-earnings ratio of -15.70 and a beta of 1.15. The stock’s 50 day moving average is $111.70 and its 200 day moving average is $123.25. The company has a current ratio of 1.75, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

About Illumina

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.