Urban Outfitters (NASDAQ:URBN) Shares Gap Up – Should You Buy?

Shares of Urban Outfitters, Inc. (NASDAQ:URBN) gapped up before the market opened on Wednesday . The stock had previously closed at $75.78, but opened at $78.90. Urban Outfitters shares last traded at $79.52, with a volume of 162,769 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on URBN. The Goldman Sachs Group upgraded Urban Outfitters from a “neutral” rating to a “buy” rating and lifted their target price for the company from $76.00 to $93.00 in a research report on Monday, July 20th. JPMorgan Chase & Co. raised their price target on shares of Urban Outfitters from $97.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. Jefferies Financial Group raised their price target on shares of Urban Outfitters from $72.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 12th. Bank of America lifted their price target on shares of Urban Outfitters from $85.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Finally, Weiss Ratings raised shares of Urban Outfitters from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $89.73.

Urban Outfitters Trading Up 4.8%

The company’s 50-day simple moving average is $73.69 and its 200-day simple moving average is $70.64. The stock has a market capitalization of $6.80 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 1.41 and a beta of 1.23.

Institutional Trading of Urban Outfitters

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Urban Outfitters in the 2nd quarter valued at about $615,160,000. California State Teachers Retirement System increased its stake in shares of Urban Outfitters by 6,498.9% in the second quarter. California State Teachers Retirement System now owns 4,540,851 shares of the apparel retailer’s stock valued at $321,765,000 after buying an additional 4,472,039 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Urban Outfitters by 8.5% during the first quarter. Dimensional Fund Advisors LP now owns 4,313,938 shares of the apparel retailer’s stock worth $273,274,000 after acquiring an additional 338,622 shares during the last quarter. Abrams Bison Investments LLC acquired a new position in shares of Urban Outfitters in the fourth quarter worth approximately $127,114,000. Finally, Geode Capital Management LLC lifted its stake in shares of Urban Outfitters by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 1,507,027 shares of the apparel retailer’s stock worth $113,434,000 after acquiring an additional 35,244 shares during the period. 77.61% of the stock is currently owned by institutional investors and hedge funds.

About Urban Outfitters

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.