Lululemon Athletica (NASDAQ:LULU) Price Target Cut to $329.00 by Analysts at Morgan Stanley

Lululemon Athletica (NASDAQ:LULU) had its price objective cut by Morgan Stanley from $404.00 to $329.00 in a report published on Monday, Benzinga reports. They currently have an overweight rating on the apparel retailer’s stock.

Several other equities analysts have also recently weighed in on LULU. JPMorgan Chase & Co. dropped their price objective on Lululemon Athletica from $457.00 to $338.00 and set an overweight rating for the company in a report on Thursday, July 25th. BMO Capital Markets lowered their price target on Lululemon Athletica from $420.00 to $384.00 and set a market perform rating for the company in a report on Thursday, June 6th. TD Cowen lowered their price target on Lululemon Athletica from $447.00 to $420.00 and set a buy rating for the company in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft reissued a hold rating and set a $357.00 price target on shares of Lululemon Athletica in a report on Thursday, June 13th. Finally, TD Securities lowered their price target on Lululemon Athletica from $515.00 to $437.00 and set a buy rating for the company in a report on Wednesday, May 29th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, Lululemon Athletica has an average rating of Moderate Buy and an average target price of $384.39.

Lululemon Athletica Price Performance

LULU opened at $271.66 on Monday. The business has a fifty day simple moving average of $275.58 and a 200 day simple moving average of $343.83. The company has a market capitalization of $33.96 billion, a PE ratio of 21.79, a price-to-earnings-growth ratio of 1.25 and a beta of 1.26. Lululemon Athletica has a 1 year low of $226.01 and a 1 year high of $516.39.

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

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

Institutional Investors Weigh In On Lululemon Athletica

A number of institutional investors have recently made changes to their positions in the stock. Teachers Retirement System of The State of Kentucky boosted its position in shares of Lululemon Athletica by 8.5% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 24,492 shares of the apparel retailer’s stock valued at $7,315,000 after purchasing an additional 1,918 shares in the last quarter. Quarry LP boosted its position in shares of Lululemon Athletica by 285.9% during the 2nd quarter. Quarry LP now owns 355 shares of the apparel retailer’s stock valued at $106,000 after purchasing an additional 263 shares in the last quarter. Sunbelt Securities Inc. boosted its position in shares of Lululemon Athletica by 9.0% during the 2nd quarter. Sunbelt Securities Inc. now owns 908 shares of the apparel retailer’s stock valued at $271,000 after purchasing an additional 75 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Lululemon Athletica by 6.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,306 shares of the apparel retailer’s stock valued at $2,481,000 after purchasing an additional 468 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of Lululemon Athletica by 9.8% during the 2nd quarter. NewEdge Advisors LLC now owns 6,766 shares of the apparel retailer’s stock valued at $2,021,000 after purchasing an additional 604 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.