Illumina, Inc. (NASDAQ:ILMN) announced that its Board of Directors has authorized the company to repurchase, on a discretionary basis, up to $250 million of its outstanding common shares in the open market or in privately negotiated transactions, subject to market conditions and other factors. The company also announced the completion of the existing discretionary authorization of $96 million that was repurchased since the company reported earnings on October 20th.
“This announcement reflects our conviction in Illumina’s long-term strategy and revenue growth trajectory, as we penetrate the many large, untapped market opportunities ahead,” said Marc Stapley, Senior Vice President and Chief Financial Officer at Illumina. “It is also indicative of our strong financial position, which enables us to opportunistically execute share repurchases to deliver value to our shareholders, while investing in the long-term growth of the business.” (Original Source)
Shares of Illumina closed last Friday at $143.28. ILMN has a 1-year high of $242.37 and a 1-year low of $130. The stock’s 50-day moving average is $164.27 and its 200-day moving average is $196.71.
On the ratings front, Illumina has been the subject of a number of recent research reports. In a report issued on October 21, Piper Jaffray analyst William Quirk maintained a Buy rating on ILMN, with a price target of $219, which represents a potential upside of 52.8% from where the stock is currently trading. Separately, on the same day, Mizuho’s Eric Criscuoloare reiterated a Hold rating on the stock and has a price target of $150.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, William Quirk and Eric Criscuoloare have a total average return of -1.9% and 1.6% respectively. Quirk has a success rate of 46.9% and is ranked #2907 out of 3808 analysts, while Criscuoloare has a success rate of 75.0% and is ranked #2417.
The street is mostly Bullish on ILMN stock. Out of 9 analysts who cover the stock, 6 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $220.00, which represents a potential upside of 53.5% from where the stock is currently trading.
Illumina Inc provides sequencing-and array-based solutions for genetic analysis. Its products enabled researchers to explore DNA, helping them create the first map of gene variations associated with health, disease, and drug response.