Principal Financial Group Inc. Sells 17,601 Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Principal Financial Group Inc. decreased its holdings in Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 47.9% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 19,165 shares of the biotechnology company’s stock after selling 17,601 shares during the period. Principal Financial Group Inc.’s holdings in Pacific Biosciences of California were worth $33,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Atom Investors LP purchased a new stake in Pacific Biosciences of California during the third quarter valued at about $30,000. Water Island Capital LLC lifted its stake in shares of Pacific Biosciences of California by 91.1% in the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company’s stock valued at $27,000 after acquiring an additional 9,537 shares during the last quarter. Atria Investments Inc boosted its holdings in Pacific Biosciences of California by 85.7% during the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 10,138 shares during the period. Centiva Capital LP bought a new position in Pacific Biosciences of California during the 3rd quarter worth approximately $40,000. Finally, Ballentine Partners LLC purchased a new position in Pacific Biosciences of California in the 3rd quarter worth approximately $43,000.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PACB. Scotiabank dropped their price objective on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a research note on Monday, November 11th. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, November 12th. Piper Sandler upped their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, UBS Group lowered Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective on the stock. in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.95.

Pacific Biosciences of California Price Performance

PACB opened at $2.00 on Wednesday. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The company has a market cap of $547.73 million, a price-to-earnings ratio of -1.37 and a beta of 1.95. The stock has a fifty day simple moving average of $2.00 and a two-hundred day simple moving average of $1.78. Pacific Biosciences of California, Inc. has a 12-month low of $1.16 and a 12-month high of $8.55.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.