Raymond James Trims Lululemon Athletica (NASDAQ:LULU) Target Price to $350.00

Lululemon Athletica (NASDAQ:LULU) had its target price reduced by Raymond James from $400.00 to $350.00 in a research report released on Tuesday morning, Benzinga reports. They currently have an outperform rating on the apparel retailer’s stock.

Other equities research analysts have also issued research reports about the stock. Citigroup cut their target price on shares of Lululemon Athletica from $300.00 to $270.00 and set a neutral rating on the stock in a research note on Thursday, August 22nd. BTIG Research initiated coverage on Lululemon Athletica in a report on Wednesday, May 8th. They set a buy rating and a $425.00 price target on the stock. Robert W. Baird cut their target price on Lululemon Athletica from $470.00 to $350.00 and set an outperform rating for the company in a research report on Wednesday, July 31st. UBS Group decreased their price target on shares of Lululemon Athletica from $385.00 to $315.00 and set a neutral rating on the stock in a research report on Tuesday, August 20th. Finally, Wedbush increased their price objective on Lululemon Athletica from $397.00 to $400.00 and gave the company an outperform rating in a research report on Thursday, June 6th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $375.00.

Lululemon Athletica Stock Performance

Shares of LULU opened at $259.01 on Tuesday. The company has a market capitalization of $32.38 billion, a PE ratio of 20.77, a price-to-earnings-growth ratio of 1.25 and a beta of 1.26. The stock has a fifty day moving average of $273.65 and a two-hundred day moving average of $341.85. Lululemon Athletica has a fifty-two week low of $226.01 and a fifty-two week high of $516.39.

Lululemon Athletica (NASDAQ:LULU) last announced its quarterly earnings results on Thursday, August 29th. The apparel retailer reported $3.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.96 by $0.19. The firm had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.41 billion. Lululemon Athletica had a net margin of 16.09% and a return on equity of 42.64%. The firm’s revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.68 EPS. As a group, equities research analysts forecast that Lululemon Athletica will post 14.22 earnings per share for the current fiscal year.

Lululemon Athletica announced that its board has approved a stock buyback plan on Wednesday, June 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the apparel retailer to repurchase up to 2.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Lululemon Athletica

Hedge funds have recently modified their holdings of the stock. Value Star Asset Management Hong Kong Ltd lifted its holdings in Lululemon Athletica by 19,890.3% in the second quarter. Value Star Asset Management Hong Kong Ltd now owns 4,653,746 shares of the apparel retailer’s stock valued at $1,390,074,000 after buying an additional 4,630,466 shares during the period. Vanguard Group Inc. lifted its holdings in Lululemon Athletica by 32.3% in the fourth quarter. Vanguard Group Inc. now owns 9,692,969 shares of the apparel retailer’s stock valued at $4,955,918,000 after buying an additional 2,369,119 shares during the period. Norges Bank acquired a new position in Lululemon Athletica in the fourth quarter valued at approximately $236,378,000. Marshall Wace LLP lifted its holdings in Lululemon Athletica by 359.4% in the second quarter. Marshall Wace LLP now owns 204,500 shares of the apparel retailer’s stock valued at $61,084,000 after buying an additional 283,344 shares during the period. Finally, Northern Trust Corp lifted its holdings in Lululemon Athletica by 32.7% in the fourth quarter. Northern Trust Corp now owns 1,046,011 shares of the apparel retailer’s stock valued at $534,815,000 after buying an additional 257,944 shares during the period. 85.20% of the stock is owned by institutional investors.

About Lululemon Athletica

Lululemon Athletica Inc, together with its subsidiaries, designs, distributes, and retails athletic apparel, footwear, and accessories under the lululemon brand for women and men. It offers pants, shorts, tops, and jackets for healthy lifestyle, such as yoga, running, training, and other activities. It also provides fitness-inspired accessories.