Piper Sandler Raises Boot Barn (NYSE:BOOT) Price Target to $184.00

Boot Barn (NYSE:BOOT) had its target price increased by investment analysts at Piper Sandler from $162.00 to $184.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 17.20% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the stock. KeyCorp lowered their target price on shares of Boot Barn from $190.00 to $165.00 and set an “overweight” rating for the company in a report on Tuesday, April 29th. Stephens assumed coverage on shares of Boot Barn in a report on Wednesday, April 9th. They issued an “overweight” rating and a $100.00 target price for the company. JPMorgan Chase & Co. lowered their target price on shares of Boot Barn from $209.00 to $196.00 and set an “overweight” rating for the company in a report on Thursday. Craig Hallum upgraded shares of Boot Barn from a “hold” rating to a “buy” rating and set a $130.00 target price for the company in a report on Wednesday, April 23rd. Finally, Bank of America boosted their price objective on shares of Boot Barn from $160.00 to $173.00 and gave the stock a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $170.62.

Boot Barn Price Performance

Shares of NYSE BOOT opened at $156.99 on Thursday. The company has a market cap of $4.80 billion, a PE ratio of 28.03, a price-to-earnings-growth ratio of 1.17 and a beta of 1.59. Boot Barn has a 12 month low of $86.17 and a 12 month high of $176.64. The company has a 50-day simple moving average of $107.05 and a 200-day simple moving average of $130.02.

Boot Barn (NYSE:BOOT) last released its earnings results on Wednesday, May 14th. The company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.02). Boot Barn had a net margin of 9.36% and a return on equity of 17.11%. The company had revenue of $453.75 million during the quarter, compared to analysts’ expectations of $458.56 million. On average, analysts anticipate that Boot Barn will post 5.82 EPS for the current year.

Boot Barn announced that its board has initiated a stock repurchase plan on Wednesday, May 14th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Boot Barn

Several institutional investors have recently added to or reduced their stakes in BOOT. Miracle Mile Advisors LLC acquired a new stake in Boot Barn in the fourth quarter valued at $322,000. Park Avenue Securities LLC raised its holdings in Boot Barn by 26.7% in the fourth quarter. Park Avenue Securities LLC now owns 1,858 shares of the company’s stock valued at $282,000 after acquiring an additional 391 shares in the last quarter. Artemis Investment Management LLP acquired a new stake in Boot Barn in the fourth quarter valued at $36,361,000. Mitsubishi UFJ Asset Management UK Ltd. raised its holdings in Boot Barn by 85.7% in the fourth quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 13,000 shares of the company’s stock valued at $1,974,000 after acquiring an additional 6,000 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in Boot Barn by 1,430.0% in the fourth quarter. Blue Trust Inc. now owns 153 shares of the company’s stock valued at $26,000 after acquiring an additional 143 shares in the last quarter.

Boot Barn Company Profile

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.