Wells Fargo & Co set a $210.00 price target on Lululemon Athletica (NASDAQ:LULU) in a research note issued to investors on Thursday morning, The Fly reports. The brokerage currently has an outperform rating on the apparel retailer’s stock.
Several other brokerages also recently issued reports on LULU. Cowen boosted their target price on shares of Lululemon Athletica from $190.00 to $192.00 and gave the company an outperform rating in a research note on Thursday, March 28th. Canaccord Genuity set a $186.00 target price on shares of Lululemon Athletica and gave the company a buy rating in a research note on Tuesday, April 23rd. B. Riley boosted their target price on shares of Lululemon Athletica from $160.00 to $165.00 and gave the company a neutral rating in a research note on Friday, May 17th. Wedbush downgraded shares of Lululemon Athletica from an outperform rating to a neutral rating and cut their target price for the company from $176.00 to $155.00 in a research note on Friday, March 22nd. Finally, MKM Partners boosted their target price on shares of Lululemon Athletica from $179.00 to $189.00 and gave the company a buy rating in a research note on Thursday, March 28th. Eleven investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $187.33.
NASDAQ:LULU traded up $1.07 during trading hours on Thursday, hitting $175.59. 41,123 shares of the stock traded hands, compared to its average volume of 1,887,475. Lululemon Athletica has a fifty-two week low of $110.71 and a fifty-two week high of $182.89. The company has a market cap of $22.38 billion, a P/E ratio of 46.03, a price-to-earnings-growth ratio of 2.02 and a beta of 0.60.
Lululemon Athletica announced that its Board of Directors has initiated a share buyback program on Wednesday, March 27th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the apparel retailer to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
In other Lululemon Athletica news, insider Michelle Sun Choe sold 6,170 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $170.92, for a total transaction of $1,054,576.40. Following the completion of the sale, the insider now directly owns 11,294 shares in the company, valued at $1,930,370.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Stuart Haselden sold 49,319 shares of the company’s stock in a transaction dated Friday, March 29th. The shares were sold at an average price of $164.62, for a total transaction of $8,118,893.78. Following the sale, the chief operating officer now owns 24,685 shares of the company’s stock, valued at $4,063,644.70. The disclosure for this sale can be found here. Insiders sold 519,344 shares of company stock valued at $79,873,942 over the last quarter. 0.32% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. AdvisorNet Financial Inc boosted its stake in Lululemon Athletica by 70.8% during the fourth quarter. AdvisorNet Financial Inc now owns 205 shares of the apparel retailer’s stock worth $25,000 after buying an additional 85 shares during the last quarter. Semmax Financial Advisors Inc. acquired a new position in Lululemon Athletica during the fourth quarter worth $25,000. Meridian Wealth Management LLC acquired a new position in shares of Lululemon Athletica in the 1st quarter valued at $25,000. Oregon Public Employees Retirement Fund lifted its stake in shares of Lululemon Athletica by 11,283.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,059,463 shares of the apparel retailer’s stock valued at $33,000 after purchasing an additional 4,023,801 shares during the last quarter. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Lululemon Athletica in the 1st quarter valued at $33,000. Institutional investors own 80.78% of the company’s stock.
About Lululemon Athletica
lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women, men, and female youth. It operates through 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; and athletic wear for female youth.
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