Boot Barn (NYSE:BOOT) Sets New 52-Week High on Analyst Upgrade

Shares of Boot Barn Holdings, Inc. (NYSE:BOOT) hit a new 52-week high during trading on Monday after BTIG Research raised their price target on the stock from $100.00 to $127.00. BTIG Research currently has a buy rating on the stock. Boot Barn traded as high as $110.32 and last traded at $109.15, with a volume of 18468 shares trading hands. The stock had previously closed at $107.79.

Other analysts also recently issued reports about the company. KeyCorp assumed coverage on Boot Barn in a report on Wednesday, February 7th. They issued a “sector weight” rating for the company. Robert W. Baird raised their target price on Boot Barn from $70.00 to $90.00 and gave the company a “neutral” rating in a report on Thursday, March 21st. Piper Sandler boosted their price target on Boot Barn from $94.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. UBS Group raised shares of Boot Barn from a “neutral” rating to a “buy” rating and increased their price objective for the company from $75.00 to $108.00 in a research report on Friday, January 5th. Finally, B. Riley reduced their target price on shares of Boot Barn from $92.00 to $83.00 and set a “buy” rating on the stock in a research report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $109.11.

Insider Buying and Selling

In other news, Director Gene Eddie Burt sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $85.03, for a total value of $85,030.00. Following the completion of the sale, the director now owns 1,542 shares of the company’s stock, valued at approximately $131,116.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Boot Barn news, insider Laurie Marie Grijalva sold 5,861 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $90.31, for a total transaction of $529,306.91. Following the transaction, the insider now owns 5,861 shares of the company’s stock, valued at approximately $529,306.91. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Gene Eddie Burt sold 1,000 shares of Boot Barn stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $85.03, for a total value of $85,030.00. Following the completion of the transaction, the director now owns 1,542 shares of the company’s stock, valued at approximately $131,116.26. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,339 shares of company stock worth $2,413,715. Insiders own 2.20% of the company’s stock.

Institutional Trading of Boot Barn

A number of institutional investors and hedge funds have recently modified their holdings of BOOT. Wellington Management Group LLP grew its position in shares of Boot Barn by 186.6% during the 4th quarter. Wellington Management Group LLP now owns 2,573,306 shares of the company’s stock valued at $197,527,000 after buying an additional 1,675,410 shares during the last quarter. Wasatch Advisors LP boosted its stake in Boot Barn by 43.8% in the first quarter. Wasatch Advisors LP now owns 2,131,689 shares of the company’s stock valued at $202,830,000 after acquiring an additional 649,021 shares during the period. Westwood Holdings Group Inc. bought a new position in shares of Boot Barn during the fourth quarter valued at approximately $32,361,000. American Century Companies Inc. acquired a new stake in shares of Boot Barn during the 3rd quarter worth approximately $23,028,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Boot Barn by 35.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 700,007 shares of the company’s stock worth $53,733,000 after purchasing an additional 182,130 shares during the period.

Boot Barn Stock Performance

The firm has a market cap of $3.33 billion, a P/E ratio of 20.45 and a beta of 2.19. The firm has a fifty day moving average of $94.25 and a 200-day moving average of $82.23.

Boot Barn (NYSE:BOOT) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.01. The firm had revenue of $520.40 million for the quarter, compared to the consensus estimate of $520.34 million. Boot Barn had a net margin of 9.62% and a return on equity of 19.52%. Equities research analysts expect that Boot Barn Holdings, Inc. will post 4.73 earnings per share for the current year.

About Boot Barn

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.