SummitTX Capital L.P. acquired a new stake in Urban Outfitters, Inc. (NASDAQ:URBN – Free Report) during the first quarter, HoldingsChannel reports. The firm acquired 44,548 shares of the apparel retailer’s stock, valued at approximately $2,822,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Lazard Asset Management LLC boosted its stake in shares of Urban Outfitters by 36.3% during the first quarter. Lazard Asset Management LLC now owns 403,880 shares of the apparel retailer’s stock worth $25,586,000 after buying an additional 107,563 shares during the period. Lombard Odier Asset Management USA Corp acquired a new position in Urban Outfitters in the 1st quarter valued at about $249,000. Cannell & Spears LLC increased its position in Urban Outfitters by 89.5% in the 1st quarter. Cannell & Spears LLC now owns 71,039 shares of the apparel retailer’s stock valued at $4,411,000 after acquiring an additional 33,549 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Urban Outfitters by 23.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 981,130 shares of the apparel retailer’s stock valued at $62,155,000 after acquiring an additional 189,454 shares during the last quarter. Finally, Inceptionr LLC raised its stake in Urban Outfitters by 136.6% during the 1st quarter. Inceptionr LLC now owns 9,720 shares of the apparel retailer’s stock valued at $616,000 after acquiring an additional 5,611 shares during the last quarter. 77.61% of the stock is owned by hedge funds and other institutional investors.
Urban Outfitters Trading Up 3.6%
Shares of URBN stock opened at $75.20 on Wednesday. The stock has a 50 day simple moving average of $72.63 and a 200-day simple moving average of $69.98. The company has a market cap of $6.44 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 1.34 and a beta of 1.22. Urban Outfitters, Inc. has a 12-month low of $59.53 and a 12-month high of $84.35.
Insider Buying and Selling at Urban Outfitters
In other Urban Outfitters news, 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 completion of the sale, the chief financial officer owned 17,023 shares of the company’s stock, valued at approximately $1,249,828.66. This trade represents a 22.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Azeez Hayne sold 8,733 shares of the business’s 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 SEC filing for this sale provides additional information. Corporate insiders own 32.10% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on URBN. JPMorgan Chase & Co. lifted their target price on Urban Outfitters from $94.00 to $97.00 and gave the company an “overweight” rating in a research note on Thursday, May 21st. Wall Street Zen upgraded Urban Outfitters from a “hold” rating to a “buy” rating in a research note on Saturday, July 4th. Bank of America increased their price target on Urban Outfitters from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Morgan Stanley reissued an “overweight” rating and issued a $89.00 price objective on shares of Urban Outfitters in a research note on Monday, July 6th. Finally, Barclays reduced their target price on shares of Urban Outfitters from $102.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.91.
Check Out Our Latest Analysis on URBN
Urban Outfitters 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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