Boot Barn (NYSE:BOOT) Rating Increased to Outperform at Robert W. Baird

Boot Barn (NYSE:BOOT – Get Rating) was upgraded by stock analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a research note issued to investors on Friday, The Fly reports. The firm presently has a $115.00 price objective on the stock. Robert W. Baird’s price objective would suggest a potential upside of 47.02% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the stock. StockNews.com initiated coverage on shares of Boot Barn in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Zacks Investment Research upgraded shares of Boot Barn from a “hold” rating to a “buy” rating and set a $101.00 target price on the stock in a research note on Monday, May 16th. Piper Sandler upgraded shares of Boot Barn from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $109.00 to $121.00 in a research note on Friday, May 6th. Finally, Craig Hallum dropped their target price on shares of Boot Barn from $162.00 to $145.00 in a research note on Wednesday, May 11th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $121.67.

BOOT opened at $78.22 on Friday. Boot Barn has a one year low of $65.79 and a one year high of $134.50. The firm has a market capitalization of $2.33 billion, a P/E ratio of 12.34, a price-to-earnings-growth ratio of 0.59 and a beta of 2.78. The company has a fifty day moving average price of $91.58 and a 200-day moving average price of $100.84.

Boot Barn (NYSE:BOOT – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.15. Boot Barn had a net margin of 12.93% and a return on equity of 36.19%. The firm had revenue of $383.31 million for the quarter, compared to analysts’ expectations of $354.02 million. During the same quarter in the previous year, the company earned $0.75 earnings per share. The company’s revenue for the quarter was up 48.1% compared to the same quarter last year. Research analysts forecast that Boot Barn will post 6.43 earnings per share for the current year.

In other news, insider John Hazen sold 1,087 shares of the stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $66.69, for a total value of $72,492.03. Following the completion of the sale, the insider now directly owns 15,319 shares of the company’s stock, valued at $1,021,624.11. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders sold 24,180 shares of company stock valued at $2,152,991. Corporate insiders own 0.86% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in BOOT. FMR LLC lifted its position in Boot Barn by 15.9% during the first quarter. FMR LLC now owns 1,099,719 shares of the company’s stock valued at $32,376,000 after purchasing an additional 150,763 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Boot Barn by 2.2% in the 1st quarter. First Trust Advisors LP now owns 89,108 shares of the company’s stock worth $2,623,000 after acquiring an additional 1,926 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Boot Barn by 25.7% in the 2nd quarter. Morgan Stanley now owns 219,259 shares of the company’s stock worth $18,428,000 after acquiring an additional 44,800 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Boot Barn by 23.6% in the 3rd quarter. Teacher Retirement System of Texas now owns 4,671 shares of the company’s stock worth $415,000 after acquiring an additional 892 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Boot Barn by 20.1% in the 3rd quarter. American Century Companies Inc. now owns 4,986 shares of the company’s stock worth $443,000 after acquiring an additional 835 shares during the last quarter.

Boot Barn Company Profile (Get Rating)

Boot Barn Holdings, Inc, a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing.

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