lululemon athletica (LULU) Given New $78.00 Price Target at Citigroup
lululemon athletica (NASDAQ:LULU) had its price objective boosted by investment analysts at Citigroup to $78.00 in a research report issued to clients and investors on Thursday, The Fly reports. The firm presently has a “buy” rating on the apparel retailer’s stock. Citigroup’s target price would suggest a potential upside of 8.32% from the company’s previous close.
A number of other research firms have also weighed in on LULU. Canaccord Genuity set a $41.00 price objective on lululemon athletica and gave the stock a “sell” rating in a research note on Tuesday, August 29th. Vetr raised lululemon athletica from a “buy” rating to a “strong-buy” rating and set a $66.00 price objective on the stock in a research note on Wednesday, August 30th. Cowen reissued a “buy” rating and set a $68.00 price objective on shares of lululemon athletica in a research note on Friday, November 3rd. Nomura reissued a “buy” rating and set a $67.00 price objective (up previously from $65.00) on shares of lululemon athletica in a research note on Friday, September 1st. Finally, Deutsche Bank reissued a “hold” rating and set a $59.00 price objective on shares of lululemon athletica in a research note on Friday, September 1st. Four research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. lululemon athletica presently has a consensus rating of “Hold” and a consensus target price of $69.65.
Shares of lululemon athletica (LULU) traded up $4.35 during trading hours on Thursday, hitting $72.01. The stock had a trading volume of 9,127,847 shares, compared to its average volume of 2,641,701. The firm has a market capitalization of $8,983.88, a price-to-earnings ratio of 30.44, a PEG ratio of 2.46 and a beta of 0.19. lululemon athletica has a 12-month low of $47.26 and a 12-month high of $73.84.
lululemon athletica declared that its Board of Directors has approved a stock buyback plan on Wednesday, December 6th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the apparel retailer to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
Hedge funds have recently bought and sold shares of the stock. Korea Investment CORP raised its holdings in shares of lululemon athletica by 12.5% in the 3rd quarter. Korea Investment CORP now owns 410,800 shares of the apparel retailer’s stock valued at $25,572,000 after buying an additional 45,600 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of lululemon athletica by 10.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 314,404 shares of the apparel retailer’s stock valued at $18,760,000 after buying an additional 29,880 shares during the period. Crystal Rock Capital Management purchased a new stake in shares of lululemon athletica in the 2nd quarter valued at $2,418,000. APG Asset Management N.V. increased its holdings in lululemon athletica by 6.2% during the 3rd quarter. APG Asset Management N.V. now owns 177,188 shares of the apparel retailer’s stock worth $11,030,000 after purchasing an additional 10,300 shares during the period. Finally, ETRADE Capital Management LLC purchased a new stake in lululemon athletica during the 3rd quarter worth about $252,000. Hedge funds and other institutional investors own 79.45% of the company’s stock.
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About lululemon athletica
lululemon athletica inc. is a designer, distributor and retailer of athletic apparel. The Company operates through two segments: Company-operated stores and Direct to consumer. It is also engaged in the sale from outlets, showrooms, sales from temporary locations, sales to wholesale accounts, warehouse sales, and license and supply arrangements.
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