Allspring Global Investments Holdings LLC Cuts Stock Holdings in Lululemon Athletica Inc. (NASDAQ:LULU)

Allspring Global Investments Holdings LLC cut its position in shares of Lululemon Athletica Inc. (NASDAQ:LULU) by 56.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 103,237 shares of the apparel retailer’s stock after selling 134,395 shares during the period. Allspring Global Investments Holdings LLC owned 0.08% of Lululemon Athletica worth $40,329,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sheaff Brock Investment Advisors LLC acquired a new position in shares of Lululemon Athletica during the 4th quarter worth approximately $1,114,000. Rockline Wealth Management LLC acquired a new position in Lululemon Athletica during the fourth quarter worth $1,503,000. Brookstone Capital Management raised its position in Lululemon Athletica by 202.8% during the first quarter. Brookstone Capital Management now owns 1,714 shares of the apparel retailer’s stock worth $670,000 after acquiring an additional 1,148 shares during the period. Advisory Services Network LLC lifted its holdings in Lululemon Athletica by 6.0% during the fourth quarter. Advisory Services Network LLC now owns 5,622 shares of the apparel retailer’s stock valued at $2,874,000 after purchasing an additional 319 shares in the last quarter. Finally, HB Wealth Management LLC grew its position in shares of Lululemon Athletica by 10.9% in the fourth quarter. HB Wealth Management LLC now owns 1,703 shares of the apparel retailer’s stock valued at $871,000 after purchasing an additional 168 shares during the period. Institutional investors and hedge funds own 85.20% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group decreased their price target 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. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $357.00 price target on shares of Lululemon Athletica in a research note on Thursday, June 13th. Citigroup reduced their price objective on Lululemon Athletica from $500.00 to $415.00 and set a “buy” rating for the company in a research note on Wednesday, May 29th. Evercore ISI lowered their target price on shares of Lululemon Athletica from $515.00 to $400.00 in a research note on Wednesday, June 5th. Finally, Truist Financial reduced their target price on shares of Lululemon Athletica from $498.00 to $415.00 and set a “buy” rating for the company in a research report on Monday, June 3rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $431.94.

Lululemon Athletica Trading Down 0.4 %

Shares of NASDAQ LULU opened at $300.32 on Friday. The stock has a market capitalization of $37.54 billion, a PE ratio of 24.08, a PEG ratio of 1.50 and a beta of 1.26. Lululemon Athletica Inc. has a twelve month low of $293.03 and a twelve month high of $516.39. The stock has a fifty day simple moving average of $323.33 and a 200-day simple moving average of $403.45.

Lululemon Athletica (NASDAQ:LULU) last announced its earnings results on Wednesday, June 5th. The apparel retailer reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.16. The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Lululemon Athletica had a return on equity of 42.64% and a net margin of 16.09%. Lululemon Athletica’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period last year, the business posted $2.28 EPS. On average, equities analysts predict that Lululemon Athletica Inc. will post 14.29 earnings per share for the current year.

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

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.