Shares of Urban Outfitters, Inc. (NASDAQ:URBN) gapped down prior to trading 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 changing hands.

URBN has been the subject of a number of recent research reports. Deutsche Bank AG reissued a “hold” rating and issued a $18.00 price objective (down previously from $19.00) on shares of Urban Outfitters in a report on Friday, August 11th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Urban Outfitters in a report on Tuesday, August 15th. FBR & Co cut their price objective on shares of Urban Outfitters from $24.00 to $16.00 and set a “neutral” rating for the company in a report on Tuesday, August 15th. Royal Bank Of Canada boosted their price objective on shares of Urban Outfitters from $17.00 to $21.00 and gave the company a “sector perform” rating in a report on Wednesday, August 16th. Finally, BMO Capital Markets set a $20.00 price objective on shares of Urban Outfitters and gave the company a “hold” rating in a report on Tuesday, August 8th. Three analysts have rated the stock with a sell rating, twenty have given a hold rating and seven have given a buy rating to the stock. Urban Outfitters presently has an average rating of “Hold” and a consensus target price of $22.24.

The firm has a market capitalization of $2.74 billion, a PE ratio of 12.68 and a beta of 0.63. The firm has a 50 day moving average price of $22.01 and a 200 day moving average price of $20.64.

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

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

A number of institutional investors and hedge funds have recently modified their holdings of URBN. Comerica Bank lifted its position in Urban Outfitters by 67.6% in the first quarter. Comerica Bank now owns 69,521 shares of the apparel retailer’s stock worth $1,609,000 after buying an additional 28,051 shares during the last quarter. UBS Asset Management Americas Inc. lifted its position in Urban Outfitters by 7.2% in the first quarter. UBS Asset Management Americas Inc. now owns 70,628 shares of the apparel retailer’s stock worth $1,678,000 after buying an additional 4,725 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Urban Outfitters in the first quarter worth $307,000. Northwestern Mutual Investment Management Company LLC lifted its position in Urban Outfitters by 50.1% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 15,224 shares of the apparel retailer’s stock worth $362,000 after buying an additional 5,081 shares during the last quarter. Finally, Mason Street Advisors LLC lifted its position in Urban Outfitters by 245.3% in the first quarter. Mason Street Advisors LLC now owns 41,732 shares of the apparel retailer’s stock worth $992,000 after buying an additional 29,648 shares during the last quarter. 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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