Urban Outfitters (NASDAQ:URBN) Shares Gap Up on Earnings Beat

Urban Outfitters, Inc. (NASDAQ:URBN) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $40.14, but opened at $45.57. Urban Outfitters shares last traded at $45.52, with a volume of 1,374,887 shares.

The apparel retailer reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.28. Urban Outfitters had a return on equity of 15.49% and a net margin of 5.83%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the firm earned $0.88 earnings per share. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Citigroup raised Urban Outfitters from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $42.00 to $59.00 in a research report on Wednesday. Bank of America lifted their target price on Urban Outfitters from $46.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday. Robert W. Baird lifted their target price on Urban Outfitters from $47.00 to $49.00 and gave the stock a “neutral” rating in a research report on Wednesday. Morgan Stanley dropped their target price on Urban Outfitters from $40.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 22nd. Finally, Jefferies Financial Group lowered their price objective on Urban Outfitters from $35.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Urban Outfitters currently has an average rating of “Hold” and an average price target of $45.27.

Insider Buying and Selling at Urban Outfitters

In other news, CEO Tricia D. Smith sold 11,730 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $35.29, for a total transaction of $413,951.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Urban Outfitters

Hedge funds and other institutional investors have recently made changes to their positions in the company. Harbor Capital Advisors Inc. raised its holdings in shares of Urban Outfitters by 287.4% during the second quarter. Harbor Capital Advisors Inc. now owns 46,300 shares of the apparel retailer’s stock worth $1,901,000 after acquiring an additional 34,350 shares during the period. Wesbanco Bank Inc. acquired a new stake in shares of Urban Outfitters during the second quarter worth $582,000. Nisa Investment Advisors LLC raised its holdings in shares of Urban Outfitters by 5.6% during the second quarter. Nisa Investment Advisors LLC now owns 10,026 shares of the apparel retailer’s stock worth $412,000 after acquiring an additional 531 shares during the period. Aigen Investment Management LP acquired a new stake in shares of Urban Outfitters during the third quarter worth $2,143,000. Finally, Fisher Asset Management LLC raised its holdings in shares of Urban Outfitters by 3.1% during the third quarter. Fisher Asset Management LLC now owns 2,073,416 shares of the apparel retailer’s stock worth $79,433,000 after acquiring an additional 62,019 shares during the period. 77.61% of the stock is owned by institutional investors.

Urban Outfitters Stock Up 13.4 %

The business’s fifty day moving average is $37.18 and its 200 day moving average is $40.06. The firm has a market capitalization of $4.20 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 0.95 and a beta of 1.50.

Urban Outfitters Company Profile

Urban Outfitters, Inc engages in the retail and wholesale of general consumer products. The company operates through three segments: Retail, Wholesale, and Nuuly. It operates Urban Outfitters stores, which offer women's and men's fashion apparel, activewear, intimates, footwear, accessories, home goods, electronics, and beauty products for young adults aged 18 to 28; and Anthropologie stores that provide women's apparel, accessories, intimates, shoes, and home furnishings, as well as gifts, decorative items, and beauty and wellness products for women aged 28 to 45.