Why Urban Outfitters, Pure Storage, and Adamas Pharmaceuticals Jumped Today
The week ended quietly for the major benchmarks. While stocks were generally mixed, there was little overall movement from where the session began. Investors watched the progress of a hurricane making its way toward the U.S. Gulf Coast, but found little news to move the indexes one way or the other. Amid the market calm, good news from several companies sent their share prices substantially higher. Urban Outfitters, Inc. (NASDAQ: URBN), Pure Storage, Inc. (NYSE: PSTG), and Adamas Pharmaceuticals, Inc. (NASDAQ: ADMS) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Urban Outfitters saw its shares gain 8.1% in the wake of several announcements that had investors applauding. The specialty retailer and lifestyle company revealed that Sukhinder Singh Cassidy would join an expanded board of directors. Cassidy has a strong background in e-commerce operations, having served as President of Asia Pacific and Latin America for Google, a division of Alphabet, and as an early business development executive at Amazon.com. This move signaled to shareholders that the company is increasingly serious about its online sales aspirations.
Urban Outfitters also announced that its board had authorized the repurchase of an additional 20 million shares, with nearly 1 million shares remaining on the previous buyback. If the company were to purchase all 21 million shares, it would reduce its existing share count by 19%, resulting in a greater earnings allocated to each shareholder. This will provide an additional boost as the company seeks to get its comparable-store sales back on track.
Source: Fool.com
Urban Outfitters Stock
We see a rather positive sentiment for Urban Outfitters with 14 Buy predictions and 2 Sell predictions.
On the other hand, the target price of 39 € is below the current price of 40.6 € for Urban Outfitters, so the potential is actually -3.94%.
