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

Lululemon Athletica (NASDAQ:LULU) had its price objective decreased by Truist Financial from $561.00 to $498.00 in a research note released on Monday morning, BayStreet.CA reports. Truist Financial currently has a buy rating on the apparel retailer’s stock.

Several other brokerages also recently weighed in on LULU. Raymond James lifted their target price on Lululemon Athletica from $495.00 to $520.00 and gave the company an outperform rating in a research note on Wednesday, January 10th. HSBC downgraded Lululemon Athletica from a buy rating to a hold rating and set a $500.00 target price on the stock. in a research note on Monday, January 22nd. Evercore ISI cut their target price on Lululemon Athletica from $575.00 to $515.00 and set an outperform rating on the stock in a research note on Friday, March 22nd. JPMorgan Chase & Co. boosted their price objective on Lululemon Athletica from $500.00 to $531.00 and gave the stock an overweight rating in a research note on Thursday, January 4th. Finally, Bank of America boosted their price objective on Lululemon Athletica from $450.00 to $520.00 and gave the stock a buy rating in a research note on Friday, December 8th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $493.66.

Lululemon Athletica Trading Up 0.3 %

Shares of NASDAQ LULU opened at $390.65 on Monday. The company has a market cap of $49.30 billion, a price-to-earnings ratio of 31.99, a price-to-earnings-growth ratio of 1.36 and a beta of 1.33. Lululemon Athletica has a 12-month low of $326.93 and a 12-month high of $516.39. The stock’s 50 day simple moving average is $458.01 and its 200 day simple moving average is $441.95.

Lululemon Athletica (NASDAQ:LULU) last announced its quarterly earnings results on Thursday, March 21st. The apparel retailer reported $5.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.00 by $0.29. The business had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.19 billion. Lululemon Athletica had a return on equity of 44.41% and a net margin of 16.11%. The business’s revenue was up 15.6% on a year-over-year basis. During the same quarter last year, the business posted $4.40 EPS. As a group, equities analysts forecast that Lululemon Athletica will post 14.15 earnings per share for the current fiscal year.

Lululemon Athletica declared that its board has authorized a stock repurchase program on Thursday, December 7th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the apparel retailer to reacquire up to 1.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Martha A. M. Morfitt purchased 700 shares of the stock in a transaction that occurred on Tuesday, March 26th. The shares were purchased at an average cost of $389.29 per share, for a total transaction of $272,503.00. Following the completion of the purchase, the director now directly owns 500 shares of the company’s stock, valued at approximately $194,645. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.54% of the stock is owned by insiders.

Institutional Trading of Lululemon Athletica

Institutional investors have recently bought and sold shares of the stock. MetLife Investment Management LLC acquired a new position in Lululemon Athletica in the first quarter worth $2,696,000. Panagora Asset Management Inc. raised its position in shares of Lululemon Athletica by 48.4% during the first quarter. Panagora Asset Management Inc. now owns 1,647 shares of the apparel retailer’s stock worth $602,000 after acquiring an additional 537 shares during the last quarter. Yousif Capital Management LLC raised its position in shares of Lululemon Athletica by 2.5% during the first quarter. Yousif Capital Management LLC now owns 4,022 shares of the apparel retailer’s stock worth $1,469,000 after acquiring an additional 100 shares during the last quarter. Raymond James Trust N.A. raised its position in shares of Lululemon Athletica by 6.5% during the first quarter. Raymond James Trust N.A. now owns 1,251 shares of the apparel retailer’s stock worth $457,000 after acquiring an additional 76 shares during the last quarter. Finally, Prudential PLC bought a new stake in shares of Lululemon Athletica during the first quarter worth $774,000. Institutional investors and hedge funds 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 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.