Summit Global Investments Buys New Position in Lululemon Athletica Inc. (NASDAQ:LULU)

Summit Global Investments bought a new stake in shares of Lululemon Athletica Inc. (NASDAQ:LULU) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,779 shares of the apparel retailer’s stock, valued at approximately $1,129,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Tidemark LLC bought a new position in Lululemon Athletica in the fourth quarter worth approximately $26,000. Scarborough Advisors LLC bought a new position in Lululemon Athletica in the fourth quarter worth approximately $26,000. Benjamin Edwards Inc. boosted its holdings in Lululemon Athletica by 176.0% in the first quarter. Benjamin Edwards Inc. now owns 69 shares of the apparel retailer’s stock worth $27,000 after acquiring an additional 44 shares in the last quarter. Riverview Trust Co bought a new position in Lululemon Athletica in the first quarter worth approximately $29,000. Finally, True Wealth Design LLC boosted its holdings in Lululemon Athletica by 2,950.0% in the fourth quarter. True Wealth Design LLC now owns 61 shares of the apparel retailer’s stock worth $31,000 after acquiring an additional 59 shares in the last quarter. Institutional investors own 85.20% of the company’s stock.

Lululemon Athletica Price Performance

Shares of Lululemon Athletica stock traded up $5.19 during trading hours on Wednesday, reaching $265.79. The company had a trading volume of 1,144,059 shares, compared to its average volume of 2,083,038. Lululemon Athletica Inc. has a one year low of $226.01 and a one year high of $516.39. The business has a fifty day simple moving average of $278.91 and a 200 day simple moving average of $349.29. The firm has a market cap of $33.22 billion, a PE ratio of 20.90, a price-to-earnings-growth ratio of 1.25 and a beta of 1.26.

Lululemon Athletica (NASDAQ:LULU) last posted its quarterly earnings results on Wednesday, June 5th. The apparel retailer reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.16. Lululemon Athletica had a return on equity of 42.64% and a net margin of 16.09%. The firm had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same period last year, the company earned $2.28 earnings per share. The business’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, research analysts forecast that Lululemon Athletica Inc. will post 14.22 EPS for the current year.

Lululemon Athletica declared that its board has approved a share buyback 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have issued reports on LULU shares. Bank of America increased their price target on Lululemon Athletica from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. BTIG Research started coverage on Lululemon Athletica in a research note on Wednesday, May 8th. They issued a “buy” rating and a $425.00 price objective for the company. Jefferies Financial Group reissued an “underperform” rating and issued a $220.00 price objective on shares of Lululemon Athletica in a research note on Thursday, July 25th. Telsey Advisory Group lowered their price objective on Lululemon Athletica from $550.00 to $470.00 and set an “outperform” rating for the company in a research note on Thursday, June 6th. Finally, TD Cowen lowered their price objective on Lululemon Athletica from $447.00 to $420.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $402.00.

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.