Sumitomo Mitsui Trust Group Inc. Lowers Stock Position in 10x Genomics $TXG

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of 10x Genomics (NASDAQ:TXG) by 7.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,110,214 shares of the company’s stock after selling 381,975 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in 10x Genomics were worth $108,490,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. bought a new position in shares of 10x Genomics during the 4th quarter worth approximately $38,000. Larson Financial Group LLC increased its position in shares of 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company’s stock valued at $39,000 after acquiring an additional 1,470 shares during the last quarter. Van ECK Associates Corp lifted its holdings in 10x Genomics by 85.9% during the fourth quarter. Van ECK Associates Corp now owns 3,668 shares of the company’s stock worth $60,000 after acquiring an additional 1,695 shares during the period. EverSource Wealth Advisors LLC boosted its position in 10x Genomics by 203.9% in the second quarter. EverSource Wealth Advisors LLC now owns 7,490 shares of the company’s stock worth $87,000 after purchasing an additional 5,025 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in 10x Genomics by 28.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,660 shares of the company’s stock worth $92,000 after purchasing an additional 1,237 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TXG. Zacks Research downgraded 10x Genomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. William Blair upgraded shares of 10x Genomics from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 31st. Citigroup raised their price objective on shares of 10x Genomics from $24.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Bank of America boosted their target price on shares of 10x Genomics from $21.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, April 20th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $28.92.

Insider Activity at 10x Genomics

In other news, insider Benjamin J. Hindson sold 11,595 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total value of $283,381.80. Following the completion of the transaction, the insider directly owned 502,000 shares in the company, valued at approximately $12,268,880. This represents a 2.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam Taich sold 15,098 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $368,995.12. Following the transaction, the chief financial officer owned 379,898 shares in the company, valued at $9,284,707.12. This trade represents a 3.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 96,309 shares of company stock valued at $2,704,157 in the last ninety days. 8.84% of the stock is currently owned by company insiders.

10x Genomics Price Performance

NASDAQ:TXG traded down $0.37 during trading hours on Friday, hitting $42.73. The stock had a trading volume of 2,832,681 shares, compared to its average volume of 3,133,241. The company has a 50 day simple moving average of $29.94 and a two-hundred day simple moving average of $23.68. The firm has a market capitalization of $5.43 billion, a price-to-earnings ratio of -251.35 and a beta of 2.05. 10x Genomics has a one year low of $11.16 and a one year high of $43.23.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.19. The firm had revenue of $150.84 million for the quarter, compared to analysts’ expectations of $146.41 million. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.28) earnings per share. Equities research analysts anticipate that 10x Genomics will post -0.79 earnings per share for the current year.

10x Genomics Company Profile

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.