Abercrombie & Fitch (NYSE:ANF) Shares Gap Up – Here’s Why

Abercrombie & Fitch Co. (NYSE:ANF) gapped up prior to trading on Friday . The stock had previously closed at $141.57, but opened at $148.96. Abercrombie & Fitch shares last traded at $149.59, with a volume of 721,470 shares.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Telsey Advisory Group reissued an “outperform” rating and set a $190.00 target price on shares of Abercrombie & Fitch in a report on Wednesday, September 11th. Jefferies Financial Group raised their target price on shares of Abercrombie & Fitch from $215.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Citigroup raised shares of Abercrombie & Fitch from a “neutral” rating to a “buy” rating and set a $190.00 target price for the company in a report on Friday, August 30th. JPMorgan Chase & Co. raised their target price on shares of Abercrombie & Fitch from $194.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Finally, Morgan Stanley reduced their target price on shares of Abercrombie & Fitch from $155.00 to $147.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $177.43.

Abercrombie & Fitch Stock Up 7.4 %

The company has a market cap of $7.76 billion, a price-to-earnings ratio of 16.10 and a beta of 1.50. The company’s 50-day moving average is $142.72 and its 200 day moving average is $153.13.

Abercrombie & Fitch (NYSE:ANF) last released its quarterly earnings results on Wednesday, August 28th. The apparel retailer reported $2.50 EPS for the quarter, beating the consensus estimate of $2.14 by $0.36. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.09 billion. Abercrombie & Fitch had a net margin of 10.76% and a return on equity of 47.35%. Analysts predict that Abercrombie & Fitch Co. will post 10.35 EPS for the current fiscal year.

Insider Activity at Abercrombie & Fitch

In other news, EVP Samir Desai sold 19,041 shares of Abercrombie & Fitch stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $131.36, for a total value of $2,501,225.76. Following the sale, the executive vice president now owns 27,985 shares in the company, valued at $3,676,109.60. This trade represents a 40.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Scott D. Lipesky sold 9,000 shares of Abercrombie & Fitch stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $146.80, for a total transaction of $1,321,200.00. Following the completion of the sale, the chief financial officer now owns 106,455 shares in the company, valued at approximately $15,627,594. This trade represents a 7.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,541 shares of company stock worth $4,310,256. 2.58% of the stock is owned by company insiders.

Institutional Trading of Abercrombie & Fitch

Several institutional investors have recently modified their holdings of the stock. Matrix Trust Co acquired a new position in Abercrombie & Fitch during the second quarter worth about $35,000. Farther Finance Advisors LLC boosted its position in Abercrombie & Fitch by 81.5% during the third quarter. Farther Finance Advisors LLC now owns 274 shares of the apparel retailer’s stock worth $38,000 after acquiring an additional 123 shares during the last quarter. Private Trust Co. NA boosted its position in Abercrombie & Fitch by 604.4% during the third quarter. Private Trust Co. NA now owns 317 shares of the apparel retailer’s stock worth $44,000 after acquiring an additional 272 shares during the last quarter. Quarry LP boosted its position in Abercrombie & Fitch by 156.0% during the second quarter. Quarry LP now owns 279 shares of the apparel retailer’s stock worth $50,000 after acquiring an additional 170 shares during the last quarter. Finally, CWM LLC boosted its position in Abercrombie & Fitch by 242.6% during the second quarter. CWM LLC now owns 531 shares of the apparel retailer’s stock worth $94,000 after acquiring an additional 376 shares during the last quarter.

About Abercrombie & Fitch

Abercrombie & Fitch Co, through its subsidiaries, operates as an omnichannel retailer in the United States, Europe, the Middle East, Asia, the Asia-Pacific, Canada, and internationally. The company offers an assortment of apparel, personal care products, and accessories for men, women, and kids under the Abercrombie & Fitch, abercrombie kids, Hollister, and Gilly Hicks brands.