Lululemon Athletica (NASDAQ:LULU) Shares Gap Down Following Analyst Downgrade

Lululemon Athletica Inc. (NASDAQ:LULU) shares gapped down before the market opened on Friday after Wells Fargo & Company lowered their price target on the stock from $375.00 to $315.00. The stock had previously closed at $341.53, but opened at $301.05. Wells Fargo & Company currently has an equal weight rating on the stock. Lululemon Athletica shares last traded at $287.81, with a volume of 4,253,418 shares changing hands.

LULU has been the topic of several other research reports. Truist Financial increased their price target on shares of Lululemon Athletica from $420.00 to $460.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Oppenheimer raised their target price on Lululemon Athletica from $380.00 to $500.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Robert W. Baird raised their price objective on shares of Lululemon Athletica from $380.00 to $440.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Jefferies Financial Group reaffirmed an “underperform” rating and set a $220.00 target price on shares of Lululemon Athletica in a report on Monday, December 2nd. Finally, TD Cowen raised their price target on shares of Lululemon Athletica from $382.00 to $383.00 in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $387.86.

Hedge Funds Weigh In On Lululemon Athletica

Several institutional investors and hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. increased its stake in Lululemon Athletica by 51.6% during the third quarter. Advisors Asset Management Inc. now owns 1,677 shares of the apparel retailer’s stock worth $455,000 after acquiring an additional 571 shares during the last quarter. Independent Advisor Alliance increased its position in shares of Lululemon Athletica by 11.8% during the third quarter. Independent Advisor Alliance now owns 2,977 shares of the apparel retailer’s stock valued at $808,000 after acquiring an additional 315 shares during the last quarter. Qsemble Capital Management LP purchased a new stake in shares of Lululemon Athletica in the 3rd quarter valued at approximately $210,000. D.A. Davidson & CO. lifted its holdings in shares of Lululemon Athletica by 13.1% in the 3rd quarter. D.A. Davidson & CO. now owns 3,074 shares of the apparel retailer’s stock worth $834,000 after acquiring an additional 356 shares during the last quarter. Finally, Avestar Capital LLC purchased a new position in shares of Lululemon Athletica during the 3rd quarter worth approximately $285,000. 85.20% of the stock is currently owned by institutional investors and hedge funds.

Lululemon Athletica Trading Down 15.1 %

The stock has a market cap of $35.32 billion, a price-to-earnings ratio of 20.95, a P/E/G ratio of 2.22 and a beta of 1.21. The company’s fifty day moving average is $366.25 and its two-hundred day moving average is $338.67.

Lululemon Athletica (NASDAQ:LULU) last posted its quarterly earnings data on Thursday, March 27th. The apparel retailer reported $6.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.85 by $0.29. Lululemon Athletica had a return on equity of 42.16% and a net margin of 17.05%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the business earned $5.29 EPS. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. Analysts predict that Lululemon Athletica Inc. will post 14.36 EPS for the current year.

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.