Fred Alger Management LLC Has $8.09 Million Stake in Lululemon Athletica Inc. (NASDAQ:LULU)

Fred Alger Management LLC lifted its position in shares of Lululemon Athletica Inc. (NASDAQ:LULU) by 2,895.4% during the second quarter, Holdings Channel.com reports. The firm owned 27,078 shares of the apparel retailer’s stock after buying an additional 26,174 shares during the quarter. Fred Alger Management LLC’s holdings in Lululemon Athletica were worth $8,088,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in LULU. Assetmark Inc. lifted its holdings in shares of Lululemon Athletica by 51.8% during the fourth quarter. Assetmark Inc. now owns 944 shares of the apparel retailer’s stock worth $483,000 after buying an additional 322 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Lululemon Athletica by 17.6% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 12,520 shares of the apparel retailer’s stock worth $6,401,000 after purchasing an additional 1,870 shares in the last quarter. Orion Portfolio Solutions LLC boosted its holdings in Lululemon Athletica by 11.8% in the 4th quarter. Orion Portfolio Solutions LLC now owns 4,564 shares of the apparel retailer’s stock valued at $2,243,000 after purchasing an additional 480 shares during the period. Parallel Advisors LLC grew its position in shares of Lululemon Athletica by 15.8% during the 4th quarter. Parallel Advisors LLC now owns 2,538 shares of the apparel retailer’s stock worth $1,298,000 after purchasing an additional 347 shares in the last quarter. Finally, Stifel Financial Corp increased its holdings in shares of Lululemon Athletica by 21.0% during the fourth quarter. Stifel Financial Corp now owns 85,294 shares of the apparel retailer’s stock worth $43,610,000 after purchasing an additional 14,798 shares during the period. 85.20% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Lululemon Athletica

In other news, CEO Calvin Mcdonald purchased 4,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of $260.00 per share, for a total transaction of $1,040,000.00. Following the acquisition, the chief executive officer now owns 89,922 shares in the company, valued at $23,379,720. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.48% of the stock is currently owned by company insiders.

Lululemon Athletica Price Performance

NASDAQ:LULU opened at $259.74 on Thursday. The company has a market cap of $31.89 billion, a PE ratio of 20.83, a P/E/G ratio of 1.40 and a beta of 1.25. The firm’s 50 day simple moving average is $258.67 and its 200 day simple moving average is $314.72. Lululemon Athletica Inc. has a one year low of $226.01 and a one year high of $516.39.

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

Lululemon Athletica announced that its Board of Directors has authorized a share buyback program on Wednesday, June 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the apparel retailer to purchase up to 2.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on LULU shares. The Goldman Sachs Group downgraded Lululemon Athletica from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $463.00 to $286.00 in a research report on Friday, August 2nd. KeyCorp reduced their target price on Lululemon Athletica from $415.00 to $350.00 and set an “overweight” rating on the stock in a report on Friday, August 30th. Sanford C. Bernstein dropped their price target on Lululemon Athletica from $345.00 to $325.00 and set a “market perform” rating for the company in a research note on Friday, August 30th. JPMorgan Chase & Co. reduced their price objective on shares of Lululemon Athletica from $457.00 to $338.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Finally, Truist Financial reissued a “buy” rating and issued a $310.00 target price on shares of Lululemon Athletica in a report on Wednesday, August 28th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $354.94.

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.