Norden Group LLC Buys Shares of 6,174 Lululemon Athletica Inc. (NASDAQ:LULU)

Norden Group LLC acquired a new position in Lululemon Athletica Inc. (NASDAQ:LULU) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,174 shares of the apparel retailer’s stock, valued at approximately $2,412,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sheaff Brock Investment Advisors LLC purchased a new stake in Lululemon Athletica during the 4th quarter worth about $1,114,000. Rockline Wealth Management LLC acquired a new position in shares of Lululemon Athletica in the fourth quarter valued at approximately $1,503,000. Brookstone Capital Management raised its stake in shares of 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 purchasing an additional 1,148 shares during the last quarter. Advisory Services Network LLC raised its position in Lululemon Athletica by 6.0% during the 4th quarter. Advisory Services Network LLC now owns 5,622 shares of the apparel retailer’s stock worth $2,874,000 after buying an additional 319 shares during the last quarter. Finally, HB Wealth Management LLC raised its holdings in Lululemon Athletica by 10.9% during the fourth quarter. HB Wealth Management LLC now owns 1,703 shares of the apparel retailer’s stock worth $871,000 after purchasing an additional 168 shares in the last quarter. 85.20% of the stock is currently owned by hedge funds and other institutional investors.

Lululemon Athletica Stock Down 0.4 %

NASDAQ:LULU opened at $300.32 on Friday. Lululemon Athletica Inc. has a fifty-two week low of $293.03 and a fifty-two week high of $516.39. The firm’s 50 day moving average is $323.33 and its two-hundred day moving average is $403.45. The company has a market cap of $37.54 billion, a P/E ratio of 24.08, a P/E/G ratio of 1.49 and a beta of 1.26.

Lululemon Athletica (NASDAQ:LULU) last announced its quarterly earnings results 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 return on equity of 42.64% and a net margin of 16.09%. The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same period in the prior year, the firm posted $2.28 earnings per share. The firm’s revenue was up 10.4% on a year-over-year basis. Research analysts forecast that Lululemon Athletica Inc. will post 14.29 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on LULU shares. Citigroup dropped their target price on Lululemon Athletica from $500.00 to $415.00 and set a “buy” rating on the stock in a research report on Wednesday, May 29th. Barclays dropped their price objective on Lululemon Athletica from $395.00 to $338.00 and set an “equal weight” rating on the stock in a report on Thursday, June 6th. Bank of America raised their target price on Lululemon Athletica from $430.00 to $440.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Jefferies Financial Group lowered their price target on shares of Lululemon Athletica from $300.00 to $240.00 and set an “underperform” rating on the stock in a research note on Thursday, April 4th. Finally, Telsey Advisory Group reduced their price objective on shares of Lululemon Athletica from $550.00 to $470.00 and set an “outperform” rating for the company in a research note on Thursday, June 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $431.94.

Lululemon Athletica Company Profile

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.