Westfield Capital Management Co. LP reduced its stake in shares of Lululemon Athletica inc. (NASDAQ:LULU) by 9.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 294,207 shares of the apparel retailer’s stock after selling 32,250 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Lululemon Athletica were worth $48,212,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc grew its stake in shares of Lululemon Athletica by 70.8% during the fourth quarter. AdvisorNet Financial Inc now owns 205 shares of the apparel retailer’s stock valued at $25,000 after purchasing an additional 85 shares during the last quarter. Semmax Financial Advisors Inc. bought a new stake in shares of Lululemon Athletica during the fourth quarter valued at approximately $25,000. Oregon Public Employees Retirement Fund grew its stake in shares of Lululemon Athletica by 11,283.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,059,463 shares of the apparel retailer’s stock valued at $33,000 after purchasing an additional 4,023,801 shares during the last quarter. Cullen Frost Bankers Inc. bought a new stake in shares of Lululemon Athletica during the first quarter valued at approximately $33,000. Finally, PRW Wealth Management LLC acquired a new position in Lululemon Athletica in the fourth quarter valued at approximately $34,000. 80.78% of the stock is currently owned by institutional investors and hedge funds.
LULU traded up $1.39 during mid-day trading on Friday, hitting $175.91. The stock had a trading volume of 148,364 shares, compared to its average volume of 1,887,475. The firm has a market cap of $22.38 billion, a PE ratio of 45.79, a price-to-earnings-growth ratio of 2.02 and a beta of 0.60. Lululemon Athletica inc. has a 1-year low of $110.71 and a 1-year high of $182.89.
Lululemon Athletica announced that its board has authorized a stock buyback program on Wednesday, March 27th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the apparel retailer to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
LULU has been the topic of several analyst reports. Stifel Nicolaus increased their price objective on shares of Lululemon Athletica from $152.00 to $187.00 and gave the company a “buy” rating in a report on Thursday, March 28th. MKM Partners increased their price objective on shares of Lululemon Athletica from $179.00 to $189.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Canaccord Genuity restated a “buy” rating and issued a $186.00 price objective (up from $163.00) on shares of Lululemon Athletica in a report on Thursday, March 28th. Argus increased their price objective on shares of Lululemon Athletica to $195.00 and gave the company a “buy” rating in a report on Friday, March 29th. Finally, Bank of America increased their price objective on shares of Lululemon Athletica from $185.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Eleven research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $187.33.
In other Lululemon Athletica news, COO Stuart Haselden sold 49,319 shares of the stock in a transaction on Friday, March 29th. The shares were sold at an average price of $164.62, for a total value of $8,118,893.78. Following the sale, the chief operating officer now directly owns 24,685 shares in the company, valued at $4,063,644.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michelle Sun Choe sold 6,170 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $170.92, for a total transaction of $1,054,576.40. Following the completion of the sale, the insider now owns 11,294 shares in the company, valued at $1,930,370.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 519,344 shares of company stock worth $79,873,942. Company insiders own 0.32% of the company’s stock.
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About Lululemon Athletica
lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women, men, and female youth. It operates through 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; and athletic wear for female youth.
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