Urban Outfitters (NASDAQ:URBN) Shares Gap Down - Here's Why

Urban Outfitters, Inc. (NASDAQ:URBN - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $61.34, but opened at $59.52. Urban Outfitters shares last traded at $59.81, with a volume of 385,096 shares.

Analyst Ratings Changes

URBN has been the topic of several research analyst reports. Citigroup lowered their target price on Urban Outfitters from $65.00 to $54.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. StockNews.com raised shares of Urban Outfitters from a "hold" rating to a "buy" rating in a research report on Tuesday. Telsey Advisory Group reiterated a "market perform" rating and issued a $59.00 target price on shares of Urban Outfitters in a research report on Friday, May 16th. Wells Fargo & Company decreased their target price on shares of Urban Outfitters from $65.00 to $55.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Urban Outfitters from $50.00 to $63.00 and gave the stock a "neutral" rating in a research note on Monday. One analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $55.27.

Urban Outfitters Price Performance

The company has a fifty day simple moving average of $51.66 and a two-hundred day simple moving average of $51.70. The company has a market capitalization of $5.64 billion, a P/E ratio of 17.42, a price-to-earnings-growth ratio of 1.02 and a beta of 1.33.

Urban Outfitters (NASDAQ:URBN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The apparel retailer reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.15. Urban Outfitters had a return on equity of 15.86% and a net margin of 6.11%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. Equities analysts anticipate that Urban Outfitters, Inc. will post 3.91 earnings per share for the current year.

Insider Activity

In other Urban Outfitters news, CEO Tricia D. Smith sold 10,000 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $53.94, for a total transaction of $539,400.00. Following the completion of the sale, the chief executive officer now directly owns 12,601 shares in the company, valued at $679,697.94. This represents a 44.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Azeez Hayne sold 11,676 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $54.75, for a total value of $639,261.00. The disclosure for this sale can be found here. Insiders have sold a total of 29,976 shares of company stock valued at $1,663,713 over the last 90 days. 31.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Urban Outfitters

Institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its holdings in Urban Outfitters by 1,016.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 131,606 shares of the apparel retailer's stock valued at $7,223,000 after buying an additional 119,820 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Urban Outfitters by 7.9% in the fourth quarter. Bank of New York Mellon Corp now owns 706,161 shares of the apparel retailer's stock valued at $38,754,000 after acquiring an additional 51,657 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Urban Outfitters by 5.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,174,966 shares of the apparel retailer's stock valued at $64,482,000 after acquiring an additional 60,697 shares during the period. Amundi grew its stake in shares of Urban Outfitters by 850.3% in the fourth quarter. Amundi now owns 34,191 shares of the apparel retailer's stock worth $1,952,000 after acquiring an additional 30,593 shares during the last quarter. Finally, Norges Bank bought a new position in Urban Outfitters during the fourth quarter worth $31,605,000. 77.61% of the stock is currently owned by institutional investors.

About Urban Outfitters

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.

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