Lululemon Athletica (NASDAQ:LULU) Given New $420.00 Price Target at TD Cowen

Lululemon Athletica (NASDAQ:LULU) had its price objective reduced by TD Cowen from $447.00 to $420.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a buy rating on the apparel retailer’s stock.

Several other equities research analysts also recently commented on LULU. The Goldman Sachs Group decreased their price objective on Lululemon Athletica from $521.00 to $463.00 and set a buy rating for the company in a report on Friday, May 24th. Stifel Nicolaus boosted their price objective on Lululemon Athletica from $410.00 to $416.00 and gave the company a buy rating in a report on Thursday, June 6th. Morgan Stanley decreased their price objective on Lululemon Athletica from $490.00 to $404.00 and set an overweight rating for the company in a report on Wednesday, May 29th. Citigroup downgraded Lululemon Athletica from a buy rating to a neutral rating and decreased their price target for the stock from $415.00 to $300.00 in a report on Thursday. Finally, Robert W. Baird reiterated an outperform rating and set a $470.00 price target on shares of Lululemon Athletica in a report on Thursday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $416.26.

Lululemon Athletica Stock Performance

Shares of LULU stock opened at $253.50 on Thursday. The company has a market cap of $31.69 billion, a P/E ratio of 20.33, a PEG ratio of 1.26 and a beta of 1.26. The stock has a 50 day simple moving average of $300.18 and a two-hundred day simple moving average of $376.57. Lululemon Athletica has a fifty-two week low of $245.59 and a fifty-two week high of $516.39.

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

Lululemon Athletica declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the apparel retailer to reacquire up to 2.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Pinnacle Financial Partners Inc lifted its holdings in Lululemon Athletica by 1.9% during the 4th quarter. Pinnacle Financial Partners Inc now owns 1,263 shares of the apparel retailer’s stock worth $646,000 after purchasing an additional 23 shares in the last quarter. Moody National Bank Trust Division lifted its holdings in Lululemon Athletica by 1.0% during the 1st quarter. Moody National Bank Trust Division now owns 2,846 shares of the apparel retailer’s stock worth $1,112,000 after purchasing an additional 29 shares in the last quarter. Congress Wealth Management LLC DE lifted its holdings in Lululemon Athletica by 2.0% during the 4th quarter. Congress Wealth Management LLC DE now owns 1,519 shares of the apparel retailer’s stock worth $777,000 after purchasing an additional 30 shares in the last quarter. Graypoint LLC lifted its holdings in Lululemon Athletica by 5.1% during the 1st quarter. Graypoint LLC now owns 699 shares of the apparel retailer’s stock worth $273,000 after purchasing an additional 34 shares in the last quarter. Finally, Quent Capital LLC lifted its holdings in Lululemon Athletica by 2.8% during the 4th quarter. Quent Capital LLC now owns 1,275 shares of the apparel retailer’s stock worth $652,000 after purchasing an additional 35 shares in the last quarter. Hedge funds and other institutional investors own 85.20% of the company’s stock.

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.