Meridian Wealth Management LLC Takes Position in Lululemon Athletica Inc. (NASDAQ:LULU)

Meridian Wealth Management LLC bought a new position in shares of Lululemon Athletica Inc. (NASDAQ:LULU) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,915 shares of the apparel retailer’s stock, valued at approximately $791,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its position in shares of Lululemon Athletica by 61.5% in the 2nd quarter. Versant Capital Management Inc now owns 105 shares of the apparel retailer’s stock valued at $31,000 after purchasing an additional 40 shares during the last quarter. Rockline Wealth Management LLC increased its holdings in Lululemon Athletica by 1.3% in the second quarter. Rockline Wealth Management LLC now owns 3,314 shares of the apparel retailer’s stock valued at $990,000 after buying an additional 43 shares during the last quarter. Larson Financial Group LLC raised its stake in Lululemon Athletica by 78.2% in the second quarter. Larson Financial Group LLC now owns 98 shares of the apparel retailer’s stock valued at $29,000 after buying an additional 43 shares in the last quarter. Beacon Capital Management LLC lifted its holdings in Lululemon Athletica by 31.1% during the 1st quarter. Beacon Capital Management LLC now owns 194 shares of the apparel retailer’s stock worth $76,000 after buying an additional 46 shares during the last quarter. Finally, HHM Wealth Advisors LLC boosted its position in shares of Lululemon Athletica by 66.7% during the 2nd quarter. HHM Wealth Advisors LLC now owns 115 shares of the apparel retailer’s stock worth $34,000 after acquiring an additional 46 shares in the last quarter. Institutional investors and hedge funds own 85.20% of the company’s stock.

Lululemon Athletica Price Performance

Shares of NASDAQ:LULU opened at $317.11 on Friday. The firm has a market capitalization of $38.93 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 2.29 and a beta of 1.24. The business’s 50 day simple moving average is $291.83 and its 200-day simple moving average is $288.45. Lululemon Athletica Inc. has a 12 month low of $226.01 and a 12 month high of $516.39.

Lululemon Athletica (NASDAQ:LULU) last posted its earnings results on Thursday, August 29th. The apparel retailer reported $3.15 earnings per share for the quarter, beating the consensus estimate of $2.93 by $0.22. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.41 billion. Lululemon Athletica had a return on equity of 42.59% and a net margin of 16.34%. Lululemon Athletica’s revenue was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.68 earnings per share. On average, equities analysts anticipate that Lululemon Athletica Inc. will post 14.02 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Truist Financial boosted their target price on Lululemon Athletica from $310.00 to $360.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Robert W. Baird upped their target price on shares of Lululemon Athletica from $350.00 to $380.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Lululemon Athletica from $291.00 to $292.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Citigroup dropped their price objective on Lululemon Athletica from $300.00 to $270.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Finally, Piper Sandler boosted their target price on Lululemon Athletica from $250.00 to $260.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.13.

Insiders Place Their Bets

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

Lululemon Athletica 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.