Lululemon Athletica Inc. (NASDAQ:LULU) Shares Sold by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC lowered its holdings in Lululemon Athletica Inc. (NASDAQ:LULU) by 40.0% during the second quarter, HoldingsChannel.com reports. The fund owned 870 shares of the apparel retailer’s stock after selling 580 shares during the period. HBK Sorce Advisory LLC’s holdings in Lululemon Athletica were worth $260,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of LULU. Prevail Innovative Wealth Advisors LLC bought a new stake in shares of Lululemon Athletica in the 2nd quarter worth approximately $4,259,000. Meeder Advisory Services Inc. lifted its stake in Lululemon Athletica by 9.3% in the second quarter. Meeder Advisory Services Inc. now owns 2,261 shares of the apparel retailer’s stock valued at $675,000 after buying an additional 192 shares during the last quarter. Meeder Asset Management Inc. boosted its holdings in shares of Lululemon Athletica by 7,675.4% during the second quarter. Meeder Asset Management Inc. now owns 10,108 shares of the apparel retailer’s stock valued at $3,019,000 after acquiring an additional 9,978 shares during the period. Oppenheimer & Co. Inc. boosted its holdings in shares of Lululemon Athletica by 9.0% during the second quarter. Oppenheimer & Co. Inc. now owns 10,655 shares of the apparel retailer’s stock valued at $3,183,000 after acquiring an additional 878 shares during the period. Finally, Eagle Strategies LLC acquired a new stake in shares of Lululemon Athletica in the 2nd quarter worth about $456,000. 85.20% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Calvin Mcdonald acquired 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $260.00 per share, for a total transaction of $1,040,000.00. Following the completion of the acquisition, the chief executive officer now owns 89,922 shares of the company’s stock, valued at approximately $23,379,720. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.48% of the company’s stock.

Lululemon Athletica Stock Performance

LULU stock opened at $266.76 on Monday. The firm has a 50 day simple moving average of $262.01 and a 200 day simple moving average of $324.07. Lululemon Athletica Inc. has a 52 week low of $226.01 and a 52 week high of $516.39. The stock has a market cap of $33.35 billion, a P/E ratio of 21.39, a P/E/G ratio of 1.38 and a beta of 1.25.

Lululemon Athletica (NASDAQ:LULU) last issued its earnings results on Thursday, August 29th. The apparel retailer reported $3.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.93 by $0.22. Lululemon Athletica had a net margin of 16.34% and a return on equity of 42.59%. The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.41 billion. During the same quarter last year, the business posted $2.68 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. Sell-side analysts predict that Lululemon Athletica Inc. will post 14.03 EPS for the current year.

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Piper Sandler boosted their target price on shares of Lululemon Athletica from $250.00 to $260.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Robert W. Baird decreased their price objective on Lululemon Athletica from $470.00 to $350.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. JPMorgan Chase & Co. cut their target price on Lululemon Athletica from $457.00 to $338.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Jefferies Financial Group reissued an “underperform” rating and issued a $220.00 price target on shares of Lululemon Athletica in a research note on Thursday, July 25th. Finally, Raymond James cut their price objective on shares of Lululemon Athletica from $350.00 to $325.00 and set an “outperform” rating on the stock in a research note on Monday, September 2nd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $354.94.

Lululemon Athletica Company Profile

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.