Truist Financial Cuts Lululemon Athletica (NASDAQ:LULU) Price Target to $310.00

Lululemon Athletica (NASDAQ:LULU) had its price objective decreased by investment analysts at Truist Financial from $415.00 to $310.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the apparel retailer’s stock. Truist Financial’s price objective points to a potential upside of 25.34% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company decreased their target price on shares of Lululemon Athletica from $425.00 to $350.00 and set an “equal weight” rating on the stock in a report on Thursday, June 6th. JPMorgan Chase & Co. cut their target price on shares of Lululemon Athletica from $457.00 to $338.00 and set an “overweight” rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $357.00 target price on shares of Lululemon Athletica in a research report on Thursday, June 13th. BTIG Research began coverage on shares of Lululemon Athletica in a research note on Wednesday, May 8th. They issued a “buy” rating and a $425.00 price objective on the stock. Finally, BMO Capital Markets reduced their price objective on shares of Lululemon Athletica from $420.00 to $384.00 and set a “market perform” rating on the stock in a research note on Thursday, June 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $419.48.

Lululemon Athletica Price Performance

Shares of LULU opened at $247.32 on Friday. The firm has a market capitalization of $30.92 billion, a PE ratio of 19.83, a PEG ratio of 1.35 and a beta of 1.26. The company’s 50-day moving average is $301.81 and its 200-day moving average is $379.73. Lululemon Athletica has a fifty-two week low of $245.59 and a fifty-two week high of $516.39.

Lululemon Athletica (NASDAQ:LULU) last released its quarterly earnings results on Wednesday, June 5th. The apparel retailer reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.16. Lululemon Athletica had a net margin of 16.09% and a return on equity of 42.64%. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same period last year, the firm earned $2.28 earnings per share. Lululemon Athletica’s revenue for the quarter was up 10.4% compared to the same quarter last year. Analysts predict that Lululemon Athletica will post 14.29 earnings per share for the current fiscal year.

Lululemon Athletica announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the apparel retailer to buy up to 2.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Lululemon Athletica

Several institutional investors have recently added to or reduced their stakes in LULU. Pinnacle Financial Partners Inc lifted its holdings in Lululemon Athletica by 1.9% during the fourth quarter. Pinnacle Financial Partners Inc now owns 1,263 shares of the apparel retailer’s stock valued at $646,000 after purchasing an additional 23 shares during the last quarter. Moody National Bank Trust Division boosted its stake in Lululemon Athletica by 1.0% during the first quarter. Moody National Bank Trust Division now owns 2,846 shares of the apparel retailer’s stock valued at $1,112,000 after buying an additional 29 shares during the period. Congress Wealth Management LLC DE boosted its position in shares of Lululemon Athletica by 2.0% during the 4th quarter. Congress Wealth Management LLC DE now owns 1,519 shares of the apparel retailer’s stock valued at $777,000 after acquiring an additional 30 shares during the last quarter. Graypoint LLC grew its stake in Lululemon Athletica by 5.1% in the 1st quarter. Graypoint LLC now owns 699 shares of the apparel retailer’s stock worth $273,000 after buying an additional 34 shares in the last quarter. Finally, Quent Capital LLC grew its position in Lululemon Athletica by 2.8% in the fourth quarter. Quent Capital LLC now owns 1,275 shares of the apparel retailer’s stock worth $652,000 after acquiring an additional 35 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.