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

Shares of Illumina, Inc. (NASDAQ:ILMN) hit a new 52-week high during mid-day trading on Monday following a stronger than expected earnings report. The company traded as high as $153.99 and last traded at $151.60, with a volume of 347676 shares. The stock had previously closed at $149.76.

The life sciences company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.26. Illumina had a positive return on equity of 3.08% and a negative net margin of 68.73%. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the firm earned $0.33 EPS. The firm’s revenue was down 3.5% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research analysts have commented on ILMN shares. Argus raised shares of Illumina from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a report on Wednesday, August 28th. JPMorgan Chase & Co. raised their price target on Illumina from $125.00 to $140.00 and gave the company a “neutral” rating in a report on Tuesday. Robert W. Baird upped their price objective on Illumina from $119.00 to $124.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Barclays upped their price target on shares of Illumina from $135.00 to $145.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Citigroup lifted their price objective on shares of Illumina from $155.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Illumina presently has an average rating of “Moderate Buy” and a consensus price target of $161.50.

Institutional Inflows and Outflows

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

Illumina Stock Performance

The company has a market cap of $24.69 billion, a P/E ratio of -15.56 and a beta of 1.13. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.11 and a quick ratio of 0.86. The business has a 50-day moving average of $136.87 and a two-hundred day moving average of $122.92.

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.