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

Lululemon Athletica (NASDAQ:LULU) had its target price reduced by Robert W. Baird from $470.00 to $350.00 in a research report released on Wednesday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the apparel retailer’s stock.

Several other brokerages also recently commented on LULU. Telsey Advisory Group reduced their target price 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. TD Cowen reduced their target price 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. BTIG Research started coverage on Lululemon Athletica in a research note on Wednesday, May 8th. They issued a buy rating and a $425.00 target price for the company. Jefferies Financial Group restated an underperform rating and issued a $220.00 target price on shares of Lululemon Athletica in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. cut their price target on Lululemon Athletica from $457.00 to $338.00 and set an overweight rating for the company in a research note on Thursday, July 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $406.68.

Lululemon Athletica Trading Down 5.2 %

LULU stock opened at $236.00 on Wednesday. The stock has a 50-day moving average price of $294.31 and a 200-day moving average price of $370.05. Lululemon Athletica has a 1-year low of $234.69 and a 1-year high of $516.39. The firm has a market cap of $29.50 billion, a PE ratio of 18.93, a price-to-earnings-growth ratio of 1.25 and a beta of 1.26.

Lululemon Athletica (NASDAQ:LULU) last posted its quarterly earnings data 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. 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 posted $2.28 EPS. The business’s quarterly revenue was up 10.4% on a year-over-year basis. On average, analysts forecast that Lululemon Athletica will post 14.22 earnings per share for the current year.

Lululemon Athletica declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the apparel retailer to buy up to 2.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Kornitzer Capital Management Inc. KS raised its position in shares of Lululemon Athletica by 140.7% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 38,723 shares of the apparel retailer’s stock worth $11,567,000 after acquiring an additional 22,637 shares in the last quarter. First Business Financial Services Inc. purchased a new stake in shares of Lululemon Athletica in the 2nd quarter worth approximately $1,084,000. TD Asset Management Inc grew its stake in shares of Lululemon Athletica by 67.1% in the 2nd quarter. TD Asset Management Inc now owns 138,225 shares of the apparel retailer’s stock worth $41,288,000 after buying an additional 55,482 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Lululemon Athletica by 78.2% in the 2nd quarter. Larson Financial Group LLC now owns 98 shares of the apparel retailer’s stock worth $29,000 after buying an additional 43 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its stake in Lululemon Athletica by 20.7% during the 2nd quarter. Foundations Investment Advisors LLC now owns 1,025 shares of the apparel retailer’s stock valued at $306,000 after purchasing an additional 176 shares during the last quarter. 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.