Allspring Global Investments Holdings LLC Increases Stock Position in Urban Outfitters, Inc. $URBN

Key Points

• Allspring Global Investments increased its Urban Outfitters stake by 31.1% in the first quarter, buying 91,394 additional shares and bringing its holdings to 384,958 shares valued at about $24.5 million.
• Urban Outfitters posted solid quarterly results, with earnings of $1.30 per share beating estimates and revenue of $1.48 billion topping forecasts; revenue rose 11.4% year over year.
• Analysts remain cautiously positive, with multiple firms lifting targets or upgrading the stock and a consensus rating of “Moderate Buy” with an average price target of $87.91.

Allspring Global Investments Holdings LLC increased its holdings in shares of Urban Outfitters, Inc. (NASDAQ:URBN - Free Report) by 31.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 384,958 shares of the apparel retailer's stock after purchasing an additional 91,394 shares during the period. Allspring Global Investments Holdings LLC owned 0.45% of Urban Outfitters worth $24,530,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of URBN. Illinois Municipal Retirement Fund boosted its stake in shares of Urban Outfitters by 2.4% during the first quarter. Illinois Municipal Retirement Fund now owns 27,989 shares of the apparel retailer's stock worth $1,773,000 after buying an additional 654 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Urban Outfitters by 29.5% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 4,939 shares of the apparel retailer's stock valued at $313,000 after acquiring an additional 1,124 shares during the period. Principal Financial Group Inc. raised its stake in Urban Outfitters by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 392,287 shares of the apparel retailer's stock valued at $24,851,000 after acquiring an additional 2,706 shares during the last quarter. Fifth Third Bancorp raised its stake in Urban Outfitters by 10,765.5% during the 1st quarter. Fifth Third Bancorp now owns 53,241 shares of the apparel retailer's stock valued at $3,373,000 after acquiring an additional 52,751 shares during the last quarter. Finally, QRG Capital Management Inc. lifted its position in Urban Outfitters by 83.5% during the 1st quarter. QRG Capital Management Inc. now owns 10,957 shares of the apparel retailer's stock worth $694,000 after acquiring an additional 4,986 shares during the period. 77.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Urban Outfitters

In other Urban Outfitters news, insider Azeez Hayne sold 8,733 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $73.18, for a total transaction of $639,080.94. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Melanie Marein-Efron sold 5,036 shares of the firm's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $73.42, for a total value of $369,743.12. Following the sale, the chief financial officer owned 17,023 shares in the company, valued at $1,249,828.66. This trade represents a 22.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 32.10% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on URBN. Morgan Stanley reissued an "overweight" rating and issued a $89.00 target price on shares of Urban Outfitters in a report on Monday, July 6th. The Goldman Sachs Group raised Urban Outfitters from a "neutral" rating to a "buy" rating and increased their price target for the stock from $76.00 to $93.00 in a report on Monday. Barclays dropped their price objective on shares of Urban Outfitters from $102.00 to $100.00 and set an "overweight" rating on the stock in a research note on Friday, May 22nd. Jefferies Financial Group restated a "hold" rating and set a $72.00 price objective on shares of Urban Outfitters in a research report on Thursday, May 21st. Finally, Zacks Research upgraded shares of Urban Outfitters from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.91.

Urban Outfitters Stock Up 2.5%

NASDAQ:URBN opened at $74.83 on Tuesday. The firm's fifty day simple moving average is $72.12 and its 200-day simple moving average is $70.18. The stock has a market cap of $6.41 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.35 and a beta of 1.22. Urban Outfitters, Inc. has a fifty-two week low of $59.53 and a fifty-two week high of $84.35.

Urban Outfitters (NASDAQ:URBN - Get Free Report) last released its quarterly earnings data on Thursday, May 21st. The apparel retailer reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.18. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.46 billion. Urban Outfitters had a return on equity of 18.92% and a net margin of 7.48%.Urban Outfitters's quarterly revenue was up 11.4% on a year-over-year basis. During the same period last year, the business posted $1.16 EPS. Equities analysts anticipate that Urban Outfitters, Inc. will post 6.13 earnings per share for the current year.

Urban Outfitters Company Profile

Urban Outfitters, Inc is a global lifestyle retailer headquartered in Philadelphia, Pennsylvania. Established in 1970 by Richard Hayne, Scott Belair and Judy Wicks, the company began as a single store catering to college students in the city's historic Old City neighborhood. Over the decades, Urban Outfitters has expanded its reach and diversified its portfolio to include multiple retail concepts addressing distinct customer segments.

The company operates through several well-known brands, each offering a curated selection of apparel, footwear, accessories and home goods.

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