JPMorgan Chase & Co. Lowers Lululemon Athletica (NASDAQ:LULU) Price Target to $338.00

Lululemon Athletica (NASDAQ:LULU) had its price target cut by JPMorgan Chase & Co. from $457.00 to $338.00 in a report issued on Thursday, Marketbeat Ratings reports. They currently have an overweight rating on the apparel retailer’s stock.

Other equities research analysts have also issued research reports about the stock. The Goldman Sachs Group dropped their price objective on shares of Lululemon Athletica from $521.00 to $463.00 and set a buy rating on the stock in a research note on Friday, May 24th. Robert W. Baird cut their price target on shares of Lululemon Athletica from $505.00 to $470.00 and set an outperform rating on the stock in a report on Wednesday, July 3rd. BTIG Research assumed coverage on shares of Lululemon Athletica in a report on Wednesday, May 8th. They set a buy rating and a $425.00 price target on the stock. Morgan Stanley cut their price target on shares of Lululemon Athletica from $490.00 to $404.00 and set an overweight rating on the stock in a report on Wednesday, May 29th. Finally, UBS Group cut their price target on shares of Lululemon Athletica from $475.00 to $385.00 and set a neutral rating on the stock in a report on Wednesday, May 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $416.26.

Lululemon Athletica Price Performance

Shares of NASDAQ LULU opened at $253.50 on Thursday. Lululemon Athletica has a 1 year low of $245.59 and a 1 year high of $516.39. The company’s 50-day moving average is $300.18 and its 200 day moving average is $376.57. The stock has a market capitalization of $31.69 billion, a P/E ratio of 20.33, a P/E/G ratio of 1.26 and a beta of 1.26.

Lululemon Athletica (NASDAQ:LULU) last posted its quarterly earnings data on Wednesday, June 5th. The apparel retailer reported $2.54 EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the firm posted $2.28 earnings per share. Lululemon Athletica’s quarterly revenue was up 10.4% on a year-over-year basis. Research analysts anticipate that Lululemon Athletica will post 14.29 earnings per share for the current year.

Lululemon Athletica declared that its board has authorized a stock buyback program on Wednesday, June 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the apparel retailer to purchase up to 2.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Lululemon Athletica

Several institutional investors and hedge funds have recently modified their holdings of LULU. Value Star Asset Management Hong Kong Ltd raised its position in shares of Lululemon Athletica by 19,890.3% during the 2nd quarter. Value Star Asset Management Hong Kong Ltd now owns 4,653,746 shares of the apparel retailer’s stock valued at $1,390,074,000 after purchasing an additional 4,630,466 shares during the period. Vanguard Group Inc. raised its position in shares of Lululemon Athletica by 32.3% during the 4th quarter. Vanguard Group Inc. now owns 9,692,969 shares of the apparel retailer’s stock valued at $4,955,918,000 after purchasing an additional 2,369,119 shares during the period. International Assets Investment Management LLC increased its holdings in Lululemon Athletica by 51,219.6% in the 4th quarter. International Assets Investment Management LLC now owns 688,196 shares of the apparel retailer’s stock valued at $351,868,000 after acquiring an additional 686,855 shares during the last quarter. Norges Bank bought a new stake in Lululemon Athletica in the 4th quarter valued at $236,378,000. Finally, Northern Trust Corp increased its holdings in Lululemon Athletica by 32.7% in the 4th quarter. Northern Trust Corp now owns 1,046,011 shares of the apparel retailer’s stock valued at $534,815,000 after acquiring an additional 257,944 shares during the last quarter. 85.20% of the stock is currently owned by institutional investors.

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.