Edgewood Management LLC Sells 36,624 Shares of Lululemon Athletica Inc. (NASDAQ:LULU)

Edgewood Management LLC trimmed its position in Lululemon Athletica Inc. (NASDAQ:LULU) by 1.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 3,196,119 shares of the apparel retailer’s stock after selling 36,624 shares during the period. Lululemon Athletica comprises 2.3% of Edgewood Management LLC’s investment portfolio, making the stock its 21st biggest position. Edgewood Management LLC owned approximately 2.60% of Lululemon Athletica worth $867,267,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC raised its position in Lululemon Athletica by 78.2% in the second quarter. Larson Financial Group LLC now owns 98 shares of the apparel retailer’s stock worth $29,000 after acquiring an additional 43 shares during the period. Paladin Wealth LLC purchased a new position in shares of Lululemon Athletica during the 3rd quarter valued at $29,000. Versant Capital Management Inc increased its holdings in Lululemon Athletica by 61.5% in the 2nd quarter. Versant Capital Management Inc now owns 105 shares of the apparel retailer’s stock worth $31,000 after acquiring an additional 40 shares during the last quarter. JFS Wealth Advisors LLC raised its stake in Lululemon Athletica by 127.5% in the 3rd quarter. JFS Wealth Advisors LLC now owns 116 shares of the apparel retailer’s stock valued at $31,000 after acquiring an additional 65 shares during the period. Finally, Ridgewood Investments LLC bought a new position in Lululemon Athletica during the second quarter worth about $33,000. Hedge funds and other institutional investors own 85.20% of the company’s stock.

Lululemon Athletica Stock Performance

NASDAQ:LULU opened at $315.09 on Friday. The firm has a 50-day simple moving average of $290.83 and a two-hundred day simple moving average of $289.10. The firm has a market cap of $38.69 billion, a P/E ratio of 24.35, a P/E/G ratio of 2.20 and a beta of 1.24. Lululemon Athletica Inc. has a fifty-two week low of $226.01 and a fifty-two week high of $516.39.

Lululemon Athletica (NASDAQ:LULU) last announced its quarterly earnings results on Thursday, August 29th. The apparel retailer reported $3.15 EPS for the quarter, topping analysts’ consensus estimates of $2.93 by $0.22. Lululemon Athletica had a net margin of 16.34% and a return on equity of 42.59%. The firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.41 billion. During the same period in the previous year, the business posted $2.68 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities research analysts predict that Lululemon Athletica Inc. will post 14.02 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Guggenheim dropped their target price on Lululemon Athletica from $525.00 to $350.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Telsey Advisory Group cut their price target on shares of Lululemon Athletica from $470.00 to $360.00 and set an “outperform” rating for the company in a report on Monday, August 26th. TD Cowen reduced their price target on shares of Lululemon Athletica from $420.00 to $375.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Wells Fargo & Company lowered their price objective on Lululemon Athletica from $350.00 to $285.00 and set an “equal weight” rating on the stock in a research report on Friday, August 23rd. Finally, JPMorgan Chase & Co. reduced their target price on Lululemon Athletica from $457.00 to $338.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $357.13.

Insider Activity at Lululemon Athletica

In other Lululemon Athletica news, CEO Calvin Mcdonald bought 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $260.00 per share, with a total value of $1,040,000.00. Following the completion of the acquisition, the chief executive officer now owns 89,922 shares in the company, valued at $23,379,720. This trade represents a 4.66 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicole Neuburger sold 486 shares of the stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $269.59, for a total transaction of $131,020.74. Following the transaction, the insider now owns 6,198 shares of the company’s stock, valued at $1,670,918.82. This trade represents a 7.27 % decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

Lululemon Athletica Company Profile

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.