Robert W. Baird Lowers Lululemon Athletica (NASDAQ:LULU) Price Target to $350.00

Lululemon Athletica (NASDAQ:LULU) had its price objective trimmed by Robert W. Baird from $470.00 to $350.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an outperform rating on the apparel retailer’s stock.

Other analysts have also recently issued research reports about the company. Telsey Advisory Group dropped their price objective on Lululemon Athletica from $550.00 to $470.00 and set an outperform rating on the stock in a report on Thursday, June 6th. HSBC raised Lululemon Athletica from a hold rating to a buy rating and increased their price objective for the stock from $405.00 to $425.00 in a report on Thursday, June 6th. Wedbush increased their price objective on Lululemon Athletica from $397.00 to $400.00 and gave the stock an outperform rating in a report on Thursday, June 6th. 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. Finally, TD Cowen lowered their price target on Lululemon Athletica from $447.00 to $420.00 and set a buy rating on the stock in a report on Thursday, July 25th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $406.68.

Lululemon Athletica Stock Performance

LULU stock opened at $236.00 on Wednesday. The company has a market capitalization of $29.50 billion, a price-to-earnings ratio of 18.93, a PEG ratio of 1.25 and a beta of 1.26. Lululemon Athletica has a fifty-two week low of $234.69 and a fifty-two week high of $516.39. The stock has a fifty day moving average of $294.31 and a 200-day moving average of $369.34.

Lululemon Athletica (NASDAQ:LULU) last posted its quarterly earnings results on Wednesday, June 5th. The apparel retailer reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.16. The company 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 firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.28 EPS. Equities analysts predict that Lululemon Athletica will post 14.22 EPS for the current year.

Lululemon Athletica announced that its Board of Directors has approved a share repurchase program on Wednesday, June 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the apparel retailer to repurchase up to 2.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Lululemon Athletica

Large investors have recently made changes to their positions in the stock. Ritholtz Wealth Management purchased a new position in shares of Lululemon Athletica in the fourth quarter worth approximately $221,000. Blue Trust Inc. boosted its holdings in shares of Lululemon Athletica by 170.5% in the fourth quarter. Blue Trust Inc. now owns 165 shares of the apparel retailer’s stock worth $84,000 after buying an additional 104 shares during the last quarter. AdvisorNet Financial Inc boosted its holdings in shares of Lululemon Athletica by 67.0% in the fourth quarter. AdvisorNet Financial Inc now owns 147 shares of the apparel retailer’s stock worth $75,000 after buying an additional 59 shares during the last quarter. Miracle Mile Advisors LLC boosted its holdings in shares of Lululemon Athletica by 30.1% in the fourth quarter. Miracle Mile Advisors LLC now owns 1,021 shares of the apparel retailer’s stock worth $522,000 after buying an additional 236 shares during the last quarter. Finally, Pinnacle Financial Partners Inc boosted its holdings in shares of Lululemon Athletica by 1.9% in the fourth quarter. Pinnacle Financial Partners Inc now owns 1,263 shares of the apparel retailer’s stock worth $646,000 after buying an additional 23 shares during the last quarter. 85.20% of the stock is currently owned by institutional investors.

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.