An investment management firm, ProShare Advisors LLC, has recently increased its holdings in Illumina, Inc. (NASDAQ:ILMN) by 9.5% during the first quarter of this year. According to the company’s disclosure with the Securities and Exchange Commission (SEC), ProShare Advisors LLC now owns a total of 167,214 shares in Illumina after purchasing an additional 14,488 shares within the mentioned period.
This move signifies ProShare Advisors LLC’s confidence in the life sciences company and its potential for growth in the future. At the end of the reporting period, ProShare Advisors LLC’s stake in Illumina was valued at approximately $38,886,000. Although this ownership represents only 0.11% of Illumina’s overall worth, it still demonstrates a significant investment on behalf of ProShare Advisors LLC.
Illumina, Inc., known for its advancements in genetic sequencing and array-based solutions for genotyping research applications, has experienced fluctuations in its stock price over the past year. On September 14th, 2023, Illumina opened at $150.77 per share. Its lowest point during the past twelve months was recorded at $148.28 while it reached a high of $248.87.
With a market capitalization of $23.87 billion and a negative price-to-earnings ratio (-5.67), Illumina is offering investors opportunities despite its recent volatility. The company also exhibits a price-to-earnings-to-growth (P/E/G) ratio of 8.58 and a beta value of 1.12.
In terms of moving averages, Illumina currently has a 50-day simple moving average (SMA) of $176.62 and a 200-day SMA of $198.09. These figures can help investors assess recent trends within stock prices and potentially make informed decisions about their investments.
Additionally, important financial ratios reveal valuable insights about Illumina’s financial health. The company maintains a debt-to-equity ratio of 0.23, indicating a relatively low level of debt in comparison to its equity. Moreover, Illumina possesses a robust current ratio of 1.40 and a quick ratio of 1.13, which implies that the company is able to cover its short-term liabilities efficiently.
In conclusion, ProShare Advisors LLC’s recent increase in holdings highlights investors’ confidence in Illumina, Inc. Despite experiencing fluctuations in its stock price over the past year, Illumina remains an attractive investment due to its advancements in genetic sequencing and array-based solutions. With a market capitalization of $23.87 billion and encouraging financial indicators, Illumina demonstrates promising potential for growth in the life sciences industry.
Institutional Investors and Hedge Funds Show Confidence in Illumina’s Performance and Future Prospects
Institutional investors and hedge funds have been making significant changes to their positions in Illumina (NASDAQ: ILMN), a leading life sciences company. Luts & Greenleigh Group Inc., for example, has raised its stake in the company by 0.6% during the first quarter, now owning 8,220 shares of Illumina’s stock valued at $1,912,000 after purchasing an additional 50 shares. Similarly, Carnegie Capital Asset Management LLC increased its stake in Illumina by 4.5%, owning 1,171 shares worth $272,000 after acquiring an additional 50 shares.
Eukles Asset Management also raised its stake in the company by 0.9%, now owning 5,747 shares valued at $1,336,000 after purchasing an additional 51 shares. Steward Partners Investment Advisory LLC increased its stake by 1.5%, now owning 3,689 shares worth $746,000 after acquiring an additional 54 shares. Finally, McCollum Christoferson Group LLC raised its stake by 4.8%, now owning 1,195 shares valued at $278,000 after purchasing an additional 55 shares.
These changes reflect a high level of confidence from these institutional investors and hedge funds in Illumina’s performance and future prospects. It is worth noting that approximately 92.17% of the company’s stock is currently owned by such entities.
In other news related to Illumina, SVP Susan H. Tousi recently sold 500 shares of the stock on Tuesday, August 22nd. The transaction was completed at an average price of $167.04 per share for a total transaction value of $83,520. Following this sale, Tousi now holds direct ownership of 45,524 shares of the company’s stock valued at $7’604’328’96.
During a recent document filing with the SEC, it was revealed that insiders have sold a total of 1,500 shares of Illumina’s stock valued at $278,560 over the past ninety days. Insiders currently own 0.13% of the company’s stock.
Turning to financial performance, Illumina released its earnings results on Wednesday, August 9th. The company reported an impressive $0.32 EPS for the quarter, exceeding the consensus estimate by $0.30 per share. Furthermore, Illumina showcased a positive return on equity of 1.97% despite a negative net margin of 93.86%. The business generated revenues of $1.18 billion during the quarter, slightly surpassing analyst estimates of $1.16 billion. When compared to the same period in the prior year, Illumina experienced a modest increase of 1.2% in quarterly revenue.
Equities research analysts have also been closely monitoring Illumina’s performance and prospects. Robert W. Baird reduced their target price from $229 to $180 per share in their research note on Thursday, August 10th. StockNews.com initiated coverage on Illumina and gave it a “hold” rating on Thursday, August 17th.
Piper Sandler lowered their price objective for Illumina from $290 to $275 but maintained an “overweight” rating for the company in a research report issued on Tuesday, August 15th.
HSBC reduced their price objective from $270 to $235 per share and assigned a “buy” rating for Illumina.
JPMorgan Chase & Co also decreased their price objective from $235 to $190 per share and provided a “neutral” rating for the company.
According to data from Bloomberg.com, there is currently a consensus rating of “Hold” for ILMN with an average target price of $236’05.
This comprehensive overview highlights important developments surrounding Illumina and its current standing within the market. The company’s positive financial results, coupled with the confidence displayed by institutional investors and hedge funds, suggest a bright future for Illumina in the life sciences industry.