Illumina (NASDAQ:ILMN) Updates FY24 Earnings Guidance

Illumina (NASDAQ:ILMN) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $4.05 to $4.15 for the period, compared to the consensus estimate of $3.90. The company issued revenue guidance of -3% yr/yr or $4.369 billion, compared to the consensus revenue estimate of $4.35 billion.

Illumina Trading Up 2.5 %

Shares of ILMN stock traded up $3.73 on Monday, hitting $153.49. The stock had a trading volume of 4,095,842 shares, compared to its average volume of 1,996,354. The firm has a market cap of $24.45 billion, a P/E ratio of -7.82 and a beta of 1.13. Illumina has a twelve month low of $89.00 and a twelve month high of $155.37. The company has a current ratio of 1.11, a quick ratio of 0.86 and a debt-to-equity ratio of 1.04. The company has a fifty day moving average price of $135.93 and a two-hundred day moving average price of $122.39.

Illumina (NASDAQ:ILMN) last released its quarterly earnings results on Tuesday, August 6th. The life sciences company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.24. Illumina had a positive return on equity of 3.08% and a negative net margin of 68.73%. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the firm posted $0.32 earnings per share. Illumina’s revenue was down 5.4% compared to the same quarter last year. As a group, analysts forecast that Illumina will post 3.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ILMN. Barclays increased their target price on Illumina from $125.00 to $135.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Hsbc Global Res upgraded Illumina from a “hold” rating to a “strong-buy” rating and set a $180.00 target price on the stock in a research note on Thursday, October 17th. StockNews.com initiated coverage on shares of Illumina in a research note on Thursday, August 29th. They set a “buy” rating for the company. Daiwa Capital Markets raised shares of Illumina from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $120.00 to $154.00 in a research report on Friday, August 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $252.00 target price on shares of Illumina in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $155.50.

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.