SouthState Corp Decreases Holdings in Illumina, Inc. (NASDAQ:ILMN)

SouthState Corp decreased its holdings in shares of Illumina, Inc. (NASDAQ:ILMN) by 28.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 728 shares of the life sciences company’s stock after selling 289 shares during the quarter. SouthState Corp’s holdings in Illumina were worth $95,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Industrial Alliance Investment Management Inc. acquired a new position in shares of Illumina in the 2nd quarter worth approximately $34,000. Versant Capital Management Inc raised its stake in Illumina by 292.9% in the second quarter. Versant Capital Management Inc now owns 330 shares of the life sciences company’s stock valued at $34,000 after buying an additional 246 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Illumina by 65.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 426 shares of the life sciences company’s stock valued at $56,000 after buying an additional 168 shares in the last quarter. Focused Wealth Management Inc purchased a new position in shares of Illumina during the third quarter worth about $63,000. Finally, Hollencrest Capital Management acquired a new position in Illumina during the third quarter worth approximately $63,000. Institutional investors and hedge funds own 89.42% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on ILMN. Royal Bank of Canada lifted their target price on Illumina from $252.00 to $254.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. TD Cowen raised their target price on shares of Illumina from $166.00 to $177.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Leerink Partners raised their target price on shares of Illumina from $160.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. StockNews.com assumed coverage on Illumina in a research note on Thursday, August 29th. They set a “buy” rating for the company. Finally, Daiwa Capital Markets upgraded shares of Illumina from a “neutral” rating to a “buy” rating and lifted their target price for the company from $120.00 to $154.00 in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $164.00.

Illumina Trading Up 3.3 %

NASDAQ ILMN opened at $135.00 on Wednesday. The firm has a market cap of $21.41 billion, a PE ratio of -13.55 and a beta of 1.13. The stock has a 50-day moving average of $140.04 and a 200-day moving average of $124.47. The company has a current ratio of 2.43, a quick ratio of 1.85 and a debt-to-equity ratio of 0.94. Illumina, Inc. has a 1-year low of $93.39 and a 1-year high of $156.66.

Illumina (NASDAQ:ILMN) last announced its earnings results on Monday, November 4th. The life sciences company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.26. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. Illumina had a negative net margin of 36.10% and a positive return on equity of 7.29%. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.33 earnings per share. As a group, sell-side analysts forecast that Illumina, Inc. will post 4.11 EPS for the current year.

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.