Wells Fargo & Company Cuts Lululemon Athletica (NASDAQ:LULU) Price Target to $285.00

Lululemon Athletica (NASDAQ:LULU) had its price objective lowered by Wells Fargo & Company from $350.00 to $285.00 in a research report released on Friday, MarketBeat.com reports. Wells Fargo & Company currently has an equal weight rating on the apparel retailer’s stock.

Several other equities research analysts have also issued reports on the stock. BMO Capital Markets lowered their target price on shares of Lululemon Athletica from $420.00 to $384.00 and set a market perform rating for the company in a report on Thursday, June 6th. Sanford C. Bernstein raised their target price on shares of Lululemon Athletica from $376.00 to $382.00 and gave the stock a market perform rating in a report on Friday, June 7th. Oppenheimer restated an outperform rating and issued a $445.00 target price on shares of Lululemon Athletica in a report on Thursday, June 6th. Piper Sandler restated a neutral rating and issued a $250.00 target price on shares of Lululemon Athletica in a report on Friday. Finally, The Goldman Sachs Group lowered shares of Lululemon Athletica from a buy rating to a neutral rating and decreased their price objective for the company from $463.00 to $286.00 in a report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, Lululemon Athletica has an average rating of Moderate Buy and an average target price of $390.35.

Lululemon Athletica Stock Up 1.9 %

LULU stock opened at $268.55 on Friday. Lululemon Athletica has a 52 week low of $226.01 and a 52 week high of $516.39. The company has a fifty day simple moving average of $276.40 and a two-hundred day simple moving average of $345.25. The firm has a market capitalization of $33.57 billion, a P/E ratio of 21.54, a price-to-earnings-growth ratio of 1.25 and a beta of 1.26.

Lululemon Athletica (NASDAQ:LULU) last released its quarterly earnings data on Wednesday, June 5th. The apparel retailer reported $2.54 EPS for the quarter, beating the consensus estimate of $2.38 by $0.16. The business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.20 billion. Lululemon Athletica had a net margin of 16.09% and a return on equity of 42.64%. Lululemon Athletica’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.28 earnings per share. As a group, analysts anticipate that Lululemon Athletica will post 14.22 EPS for the current year.

Lululemon Athletica declared that its board has approved a stock repurchase program on Wednesday, June 5th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the apparel retailer to reacquire up to 2.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Lululemon Athletica by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 9,847,954 shares of the apparel retailer’s stock worth $3,847,103,000 after acquiring an additional 154,985 shares in the last quarter. Value Star Asset Management Hong Kong Ltd increased its stake in Lululemon Athletica by 19,890.3% during the 2nd 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 purchasing an additional 4,630,466 shares in the last quarter. American Century Companies Inc. increased its stake in Lululemon Athletica by 4.9% during the 2nd quarter. American Century Companies Inc. now owns 1,769,096 shares of the apparel retailer’s stock valued at $528,429,000 after purchasing an additional 82,731 shares in the last quarter. Capital World Investors increased its stake in Lululemon Athletica by 0.9% during the 4th quarter. Capital World Investors now owns 1,547,793 shares of the apparel retailer’s stock valued at $791,371,000 after purchasing an additional 14,112 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Lululemon Athletica by 1.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,139,812 shares of the apparel retailer’s stock valued at $445,268,000 after purchasing an additional 18,924 shares in the last quarter. Institutional investors own 85.20% of the company’s stock.

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.