Sierra Summit Advisors LLC Has $7.62 Million Position in Lululemon Athletica Inc. (NASDAQ:LULU)

Sierra Summit Advisors LLC boosted its position in Lululemon Athletica Inc. (NASDAQ:LULU) by 43.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,498 shares of the apparel retailer’s stock after buying an additional 7,768 shares during the quarter. Lululemon Athletica makes up about 1.9% of Sierra Summit Advisors LLC’s portfolio, making the stock its 24th biggest position. Sierra Summit Advisors LLC’s holdings in Lululemon Athletica were worth $7,616,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Lululemon Athletica by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 9,847,954 shares of the apparel retailer’s stock worth $3,847,103,000 after buying an additional 154,985 shares in the last quarter. Value Star Asset Management Hong Kong Ltd raised its stake 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 worth $1,390,074,000 after purchasing an additional 4,630,466 shares in the last quarter. American Century Companies Inc. raised its position in Lululemon Athletica by 4.9% during the second quarter. American Century Companies Inc. now owns 1,769,096 shares of the apparel retailer’s stock worth $528,429,000 after acquiring an additional 82,731 shares in the last quarter. Capital World Investors grew its position in shares of Lululemon Athletica by 0.9% in the 4th quarter. Capital World Investors now owns 1,547,793 shares of the apparel retailer’s stock valued at $791,371,000 after acquiring an additional 14,112 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Lululemon Athletica by 1.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,139,812 shares of the apparel retailer’s stock worth $445,268,000 after purchasing an additional 18,924 shares during the last quarter. 85.20% of the stock is owned by institutional investors.

Lululemon Athletica Trading Up 2.5 %

Lululemon Athletica stock opened at $266.76 on Monday. Lululemon Athletica Inc. has a 1-year low of $226.01 and a 1-year high of $516.39. The firm has a 50 day simple moving average of $262.01 and a 200 day simple moving average of $324.07. The firm has a market capitalization of $33.35 billion, a price-to-earnings ratio of 21.39, a P/E/G ratio of 1.38 and a beta of 1.25.

Lululemon Athletica (NASDAQ:LULU) last announced its quarterly earnings results on Thursday, August 29th. The apparel retailer reported $3.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.93 by $0.22. Lululemon Athletica had a net margin of 16.34% and a return on equity of 42.59%. The firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.41 billion. During the same period in the prior year, the firm posted $2.68 earnings per share. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities research analysts forecast that Lululemon Athletica Inc. will post 14.03 EPS for the current year.

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

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. TD Cowen lowered their price target on Lululemon Athletica from $420.00 to $375.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Jefferies Financial Group reissued an “underperform” rating and set a $220.00 target price on shares of Lululemon Athletica in a report on Thursday, July 25th. Stifel Nicolaus cut their price target on Lululemon Athletica from $416.00 to $370.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Sanford C. Bernstein decreased their price objective on shares of Lululemon Athletica from $345.00 to $325.00 and set a “market perform” rating on the stock in a report on Friday, August 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Lululemon Athletica from $291.00 to $292.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $354.94.

Insider Buying and Selling

In other Lululemon Athletica news, CEO Calvin Mcdonald purchased 4,000 shares of Lululemon Athletica stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $260.00 per share, for a total transaction of $1,040,000.00. Following the completion of the transaction, the chief executive officer now directly owns 89,922 shares of the company’s stock, valued at $23,379,720. The purchase was disclosed in a filing with the SEC, which is available at this link. 0.48% of the stock is currently owned by corporate insiders.

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.