Lululemon Athletica (NASDAQ:LULU) Upgraded to Overweight by Morgan Stanley

Lululemon Athletica (NASDAQ:LULUGet Rating) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Thursday, The Fly reports.

LULU has been the subject of several other reports. Zacks Investment Research reaffirmed a “hold” rating on shares of Lululemon Athletica in a report on Thursday, March 17th. Barclays lifted their target price on shares of Lululemon Athletica from $410.00 to $441.00 and gave the company an “overweight” rating in a report on Thursday, March 31st. Robert W. Baird lifted their target price on shares of Lululemon Athletica from $425.00 to $450.00 in a report on Wednesday, March 30th. Truist Financial raised shares of Lululemon Athletica from a “hold” rating to a “buy” rating and lifted their target price for the company from $390.00 to $495.00 in a report on Tuesday, April 19th. Finally, Credit Suisse Group cut their target price on shares of Lululemon Athletica from $465.00 to $450.00 and set an “outperform” rating for the company in a report on Wednesday, March 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, Lululemon Athletica currently has an average rating of “Buy” and a consensus price target of $442.88.

Shares of NASDAQ LULU opened at $260.66 on Thursday. Lululemon Athletica has a 12 month low of $251.51 and a 12 month high of $485.83. The company has a 50 day simple moving average of $339.14 and a two-hundred day simple moving average of $358.80. The stock has a market cap of $33.34 billion, a price-to-earnings ratio of 34.75, a PEG ratio of 1.45 and a beta of 1.29.

Lululemon Athletica (NASDAQ:LULUGet Rating) last announced its quarterly earnings data on Tuesday, March 29th. The apparel retailer reported $3.37 EPS for the quarter, beating the consensus estimate of $3.27 by $0.10. Lululemon Athletica had a net margin of 15.59% and a return on equity of 37.92%. The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same period in the previous year, the business posted $2.58 EPS. The business’s quarterly revenue was up 23.1% compared to the same quarter last year. Sell-side analysts forecast that Lululemon Athletica will post 9.34 earnings per share for the current fiscal year.

Lululemon Athletica declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the apparel retailer to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Several hedge funds have recently made changes to their positions in the company. Capital World Investors lifted its position in Lululemon Athletica by 8.1% in the third quarter. Capital World Investors now owns 1,681,814 shares of the apparel retailer’s stock valued at $680,630,000 after buying an additional 126,403 shares during the last quarter. Logan Capital Management Inc. lifted its position in Lululemon Athletica by 168.1% in the third quarter. Logan Capital Management Inc. now owns 39,436 shares of the apparel retailer’s stock valued at $15,960,000 after buying an additional 24,727 shares during the last quarter. Vienna Asset Management LLC acquired a new position in Lululemon Athletica in the fourth quarter valued at about $117,000. FIL Ltd lifted its position in Lululemon Athletica by 4.5% in the third quarter. FIL Ltd now owns 123,752 shares of the apparel retailer’s stock valued at $50,082,000 after buying an additional 5,369 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its position in Lululemon Athletica by 8.4% in the third quarter. Neuberger Berman Group LLC now owns 13,848 shares of the apparel retailer’s stock valued at $5,506,000 after buying an additional 1,078 shares during the last quarter. 85.48% of the stock is currently owned by hedge funds and other institutional investors.

Lululemon Athletica Company Profile (Get Rating)

lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women and men. It operates in two segments, Company-Operated Stores and Direct to Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle and athletic activities, such as yoga, running, and training, as well as other sweaty pursuits.

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