Urban Outfitters, Inc. (NASDAQ:URBN) shares gapped down before the market opened on Wednesday . The stock had previously closed at $23.23, but opened at $23.11. Urban Outfitters shares last traded at $23.03, with a volume of 2,225,346 shares.

Several research analysts have recently issued reports on URBN shares. Jefferies Group LLC reiterated a “buy” rating and set a $23.00 price target on shares of Urban Outfitters in a report on Friday, June 9th. Robert W. Baird set a $22.00 price target on shares of Urban Outfitters and gave the stock a “buy” rating in a report on Wednesday, August 16th. KeyCorp set a $26.00 price target on shares of Urban Outfitters and gave the stock a “buy” rating in a report on Wednesday, August 16th. Bank of America Corporation set a $24.00 price target on shares of Urban Outfitters and gave the stock a “buy” rating in a report on Wednesday, August 16th. Finally, SunTrust Banks, Inc. reiterated a “buy” rating on shares of Urban Outfitters in a report on Wednesday, August 16th. Three analysts have rated the stock with a sell rating, twenty have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $22.24.

The stock has a market capitalization of $2.68 billion, a PE ratio of 12.38 and a beta of 0.63. The company’s 50 day moving average is $21.73 and its 200-day moving average is $20.60.

Urban Outfitters (NASDAQ:URBN) last issued its earnings results on Tuesday, August 15th. The apparel retailer reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.07. The firm had revenue of $873.00 million for the quarter, compared to the consensus estimate of $860.80 million. Urban Outfitters had a net margin of 4.92% and a return on equity of 13.61%. The business’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.66 earnings per share. Equities research analysts forecast that Urban Outfitters, Inc. will post $1.41 earnings per share for the current year.

Urban Outfitters declared that its Board of Directors has authorized a share buyback plan on Thursday, August 24th that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the apparel retailer to buy up to 0.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

A number of institutional investors have recently modified their holdings of URBN. Comerica Bank lifted its position in Urban Outfitters by 67.6% during the first quarter. Comerica Bank now owns 69,521 shares of the apparel retailer’s stock valued at $1,609,000 after purchasing an additional 28,051 shares during the period. UBS Asset Management Americas Inc. lifted its position in Urban Outfitters by 7.2% during the first quarter. UBS Asset Management Americas Inc. now owns 70,628 shares of the apparel retailer’s stock valued at $1,678,000 after purchasing an additional 4,725 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Urban Outfitters during the first quarter valued at approximately $307,000. Mutual of America Capital Management LLC lifted its position in Urban Outfitters by 790.5% during the first quarter. Mutual of America Capital Management LLC now owns 67,533 shares of the apparel retailer’s stock valued at $1,605,000 after purchasing an additional 59,949 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC lifted its position in Urban Outfitters by 50.1% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 15,224 shares of the apparel retailer’s stock valued at $362,000 after purchasing an additional 5,081 shares during the period. Institutional investors own 87.58% of the company’s stock.

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About Urban Outfitters

Urban Outfitters, Inc is a lifestyle specialty retail company. The Company operates through two segments: Retail and Wholesale. The Company’s Retail segment consists of its Urban Outfitters, Anthropologie, Free People, Terrain and Bhldn brands, whose merchandise is sold to its customers through retail stores, Websites, mobile applications, catalogs and customer contact centers.

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