Truist Financial Lowers Lululemon Athletica (NASDAQ:LULU) Price Target to $498.00

Lululemon Athletica (NASDAQ:LULUGet Free Report) had its price target cut by investment analysts at Truist Financial from $561.00 to $498.00 in a note issued to investors on Monday, BayStreet.CA reports. The brokerage presently has a “buy” rating on the apparel retailer’s stock. Truist Financial’s price target would indicate a potential upside of 23.51% from the company’s current price.

A number of other research firms have also recently weighed in on LULU. Piper Sandler cut their price target on Lululemon Athletica from $560.00 to $525.00 and set an “overweight” rating on the stock in a report on Friday. Citigroup cut their price target on Lululemon Athletica from $520.00 to $500.00 and set a “buy” rating on the stock in a report on Friday. Guggenheim lowered their price objective on shares of Lululemon Athletica from $550.00 to $525.00 and set a “buy” rating on the stock in a research note on Friday. Barclays lowered their price objective on shares of Lululemon Athletica from $610.00 to $546.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, TD Cowen lowered their price objective on shares of Lululemon Athletica from $553.00 to $515.00 and set an “outperform” rating on the stock in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $494.41.

Check Out Our Latest Analysis on LULU

Lululemon Athletica Stock Performance

Shares of LULU stock opened at $403.19 on Monday. Lululemon Athletica has a one year low of $304.19 and a one year high of $516.39. The company’s 50-day simple moving average is $463.10 and its 200-day simple moving average is $442.47. The stock has a market capitalization of $50.88 billion, a price-to-earnings ratio of 33.02, a PEG ratio of 1.42 and a beta of 1.33.

Lululemon Athletica (NASDAQ:LULUGet Free Report) last issued its earnings results on Thursday, March 21st. The apparel retailer reported $5.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.00 by $0.29. Lululemon Athletica had a net margin of 16.11% and a return on equity of 44.41%. The firm had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter last year, the company posted $4.40 earnings per share. Lululemon Athletica’s revenue was up 15.6% on a year-over-year basis. As a group, research analysts forecast that Lululemon Athletica will post 14.19 EPS for the current year.

Lululemon Athletica declared that its Board of Directors has initiated a share buyback program on Thursday, December 7th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the apparel retailer to repurchase up to 1.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Lululemon Athletica

A number of large investors have recently modified their holdings of LULU. 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. Alliancebernstein L.P. increased its position in shares of Lululemon Athletica by 1,462.6% during the second quarter. Alliancebernstein L.P. now owns 1,093,563 shares of the apparel retailer’s stock worth $413,914,000 after acquiring an additional 1,023,578 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Lululemon Athletica by 51,219.6% during the fourth quarter. International Assets Investment Management LLC now owns 688,196 shares of the apparel retailer’s stock worth $351,868,000 after acquiring an additional 686,855 shares in the last quarter. Norges Bank acquired a new position in Lululemon Athletica during the fourth quarter worth $236,378,000. Finally, 1832 Asset Management L.P. boosted its holdings in Lululemon Athletica by 953,929.8% during the second quarter. 1832 Asset Management L.P. now owns 448,394 shares of the apparel retailer’s stock worth $169,717,000 after purchasing an additional 448,347 shares during the last quarter. 85.20% of the stock is currently owned by institutional investors and hedge funds.

About Lululemon Athletica

(Get Free Report)

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 operates in two segments, Company-Operated Stores and Direct to Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle, such as yoga, running, training, and other activities.

Further Reading

Analyst Recommendations for Lululemon Athletica (NASDAQ:LULU)

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