Lululemon Athletica (NASDAQ:LULU) Updates FY23 Earnings Guidance

Lululemon Athletica (NASDAQ:LULUGet Rating) updated its FY23 earnings guidance on Thursday. The company provided earnings per share guidance of $9.35-9.50 for the period, compared to the consensus earnings per share estimate of $9.35. The company issued revenue guidance of $7.61-7.71 billion, compared to the consensus revenue estimate of $7.58 billion.Lululemon Athletica also updated its FY 2022 guidance to $9.35-$9.50 EPS.

LULU has been the topic of several analyst reports. Citigroup boosted their price objective on Lululemon Athletica from $350.00 to $400.00 and gave the stock a neutral rating in a research note on Wednesday, March 30th. MKM Partners boosted their price target on Lululemon Athletica from $438.00 to $447.00 in a report on Wednesday, March 30th. Cowen lowered their target price on Lululemon Athletica from $507.00 to $497.00 in a report on Thursday, April 21st. KGI Securities downgraded Lululemon Athletica from an outperform rating to a neutral rating in a research report on Monday, May 23rd. Finally, Cowen cut their target price on Lululemon Athletica from $507.00 to $497.00 in a research report on Thursday, April 21st. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, Lululemon Athletica has a consensus rating of Buy and a consensus price target of $441.50.

Shares of Lululemon Athletica stock traded up $12.62 during trading on Thursday, hitting $302.58. 4,259,059 shares of the stock were exchanged, compared to its average volume of 1,586,594. The stock has a market cap of $38.70 billion, a price-to-earnings ratio of 40.34, a price-to-earnings-growth ratio of 1.57 and a beta of 1.31. The firm’s 50-day moving average price is $336.93 and its 200 day moving average price is $352.95. Lululemon Athletica has a 12-month low of $251.51 and a 12-month high of $485.83.

Lululemon Athletica (NASDAQ:LULUGet Rating) last announced its quarterly earnings results on Thursday, June 2nd. The apparel retailer reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.05. Lululemon Athletica had a net margin of 15.59% and a return on equity of 37.92%. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same period in the previous year, the company earned $1.16 earnings per share. Lululemon Athletica’s quarterly revenue was up 31.6% compared to the same quarter last year. On average, equities analysts forecast that Lululemon Athletica will post 9.34 earnings per share for the current year.

Lululemon Athletica declared that its Board of Directors has authorized a stock repurchase program on Tuesday, March 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the apparel retailer to repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Hedge funds have recently added to or reduced their stakes in the company. Autumn Glory Partners LLC acquired a new stake in shares of Lululemon Athletica in the fourth quarter worth $416,000. Sequoia Financial Advisors LLC bought a new position in shares of Lululemon Athletica in the 4th quarter worth about $395,000. Fund Management at Engine No. 1 LLC bought a new position in shares of Lululemon Athletica in the 1st quarter worth about $363,000. Centaurus Financial Inc. lifted its position in shares of Lululemon Athletica by 103.5% in the 1st quarter. Centaurus Financial Inc. now owns 883 shares of the apparel retailer’s stock worth $322,000 after buying an additional 449 shares during the last quarter. Finally, SkyView Investment Advisors LLC lifted its position in shares of Lululemon Athletica by 2,744.1% in the 4th quarter. SkyView Investment Advisors LLC now owns 21,530 shares of the apparel retailer’s stock worth $280,000 after buying an additional 20,773 shares during the last quarter. Institutional investors and hedge funds own 85.48% of the company’s stock.

About Lululemon Athletica (Get Rating)

lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women and men. It operates in two segments, Company-Operated Stores and Direct to Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle and athletic activities, such as yoga, running, and training, as well as other sweaty pursuits.

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