Lululemon Athletica inc. (LULU) Shares Bought by ETF Managers Group LLC
ETF Managers Group LLC increased its position in Lululemon Athletica inc. (NASDAQ:LULU) by 8.4% during the 1st quarter, HoldingsChannel reports. The firm owned 1,604 shares of the apparel retailer’s stock after acquiring an additional 124 shares during the quarter. ETF Managers Group LLC’s holdings in Lululemon Athletica were worth $263,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in LULU. Redwood Investments LLC purchased a new stake in Lululemon Athletica during the first quarter worth $2,669,000. Mid Atlantic Financial Management Inc. ADV purchased a new stake in Lululemon Athletica during the first quarter worth $754,000. Trustcore Financial Services LLC purchased a new stake in Lululemon Athletica during the first quarter worth $115,000. Stratos Wealth Partners LTD. purchased a new stake in Lululemon Athletica during the first quarter worth $521,000. Finally, Sumitomo Mitsui Asset Management Company LTD lifted its holdings in Lululemon Athletica by 2.0% during the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 6,097 shares of the apparel retailer’s stock worth $999,000 after buying an additional 121 shares during the period. 81.28% of the stock is currently owned by institutional investors.
NASDAQ LULU opened at $175.72 on Thursday. Lululemon Athletica inc. has a 1 year low of $102.02 and a 1 year high of $179.49. The firm has a market capitalization of $23.12 billion, a P/E ratio of 45.73, a PEG ratio of 2.06 and a beta of 0.53.
Lululemon Athletica declared that its board has initiated a stock repurchase plan on Wednesday, March 27th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the apparel retailer to purchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, insider Michelle Sun Choe sold 6,170 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $170.92, for a total value of $1,054,576.40. Following the transaction, the insider now directly owns 11,294 shares of the company’s stock, valued at approximately $1,930,370.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Celeste Burgoyne sold 19,199 shares of the company’s stock in a transaction on Friday, March 29th. The shares were sold at an average price of $166.54, for a total value of $3,197,401.46. Following the completion of the transaction, the executive vice president now directly owns 18,019 shares in the company, valued at $3,000,884.26. The disclosure for this sale can be found here. Over the last three months, insiders sold 519,344 shares of company stock worth $79,873,942. 0.32% of the stock is owned by insiders.
LULU has been the subject of a number of analyst reports. Cowen upped their target price on Lululemon Athletica from $190.00 to $192.00 and gave the stock an “outperform” rating in a report on Thursday, March 28th. Canaccord Genuity set a $186.00 price objective on Lululemon Athletica and gave the company a “buy” rating in a report on Tuesday, April 23rd. B. Riley increased their price objective on Lululemon Athletica from $160.00 to $165.00 and gave the company a “neutral” rating in a report on Friday, May 17th. Wedbush lowered Lululemon Athletica from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $176.00 to $155.00 in a report on Friday, March 22nd. Finally, MKM Partners increased their price objective on Lululemon Athletica from $179.00 to $189.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Eleven analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $175.23.
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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