Lululemon Athletica (NASDAQ:LULU) Given New $355.00 Price Target at Bank of America

Lululemon Athletica (NASDAQ:LULU) had its target price lowered by stock analysts at Bank of America from $440.00 to $355.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the apparel retailer’s stock. Bank of America‘s price objective points to a potential upside of 37.06% from the stock’s previous close.

A number of other research analysts have also recently commented on the company. TD Cowen decreased their price objective on Lululemon Athletica from $420.00 to $375.00 and set a “buy” rating on the stock in a report on Tuesday. Barclays cut their price objective on Lululemon Athletica from $338.00 to $263.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Telsey Advisory Group decreased their target price on shares of Lululemon Athletica from $470.00 to $360.00 and set an “outperform” rating on the stock in a research report on Monday. Citigroup dropped their price target on shares of Lululemon Athletica from $300.00 to $270.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Finally, Robert W. Baird decreased their price objective on shares of Lululemon Athletica from $470.00 to $350.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $372.26.

Lululemon Athletica Stock Performance

Shares of Lululemon Athletica stock opened at $259.01 on Friday. The business’s 50 day moving average price is $273.65 and its 200 day moving average price is $341.85. The company has a market cap of $32.38 billion, a price-to-earnings ratio of 20.77, a PEG ratio of 1.25 and a beta of 1.26. Lululemon Athletica has a one year low of $226.01 and a one year high of $516.39.

Lululemon Athletica (NASDAQ:LULU) last announced its quarterly earnings data on Thursday, August 29th. The apparel retailer reported $3.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.96 by $0.19. Lululemon Athletica had a net margin of 16.09% and a return on equity of 42.64%. The firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.41 billion. During the same quarter in the prior year, the firm posted $2.68 earnings per share. Lululemon Athletica’s quarterly revenue was up 9.1% on a year-over-year basis. On average, analysts predict that Lululemon Athletica will post 14.22 EPS for the current fiscal year.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Lululemon Athletica in the fourth quarter worth approximately $1,114,000. Envestnet Portfolio Solutions Inc. raised its stake in Lululemon Athletica by 31.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 15,425 shares of the apparel retailer’s stock worth $4,607,000 after purchasing an additional 3,721 shares during the period. Brookstone Capital Management boosted its holdings in shares of Lululemon Athletica by 202.8% in the 1st quarter. Brookstone Capital Management now owns 1,714 shares of the apparel retailer’s stock valued at $670,000 after purchasing an additional 1,148 shares during the last quarter. Gateway Investment Advisers LLC grew its stake in shares of Lululemon Athletica by 9.7% during the 2nd quarter. Gateway Investment Advisers LLC now owns 34,709 shares of the apparel retailer’s stock valued at $10,368,000 after buying an additional 3,077 shares during the period. Finally, Advisory Services Network LLC increased its holdings in shares of 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. Institutional investors and hedge funds own 85.20% of the company’s stock.

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.