Boot Barn (NYSE:BOOT) Given New $207.00 Price Target at JPMorgan Chase & Co.

Boot Barn (NYSE:BOOT) had its target price boosted by JPMorgan Chase & Co. from $196.00 to $207.00 in a report released on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

BOOT has been the topic of a number of other research reports. Citigroup lifted their target price on shares of Boot Barn from $137.00 to $180.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. Stephens assumed coverage on shares of Boot Barn in a report on Wednesday, April 9th. They issued an “overweight” rating and a $100.00 price target on the stock. Craig Hallum raised shares of Boot Barn from a “hold” rating to a “buy” rating and set a $130.00 price target on the stock in a report on Wednesday, April 23rd. KeyCorp cut their price target on shares of Boot Barn from $190.00 to $165.00 and set an “overweight” rating on the stock in a report on Tuesday, April 29th. Finally, UBS Group raised their price target on shares of Boot Barn from $156.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $171.46.

Boot Barn Stock Up 3.9%

Shares of NYSE:BOOT opened at $163.15 on Tuesday. The stock has a market cap of $4.99 billion, a PE ratio of 29.13, a PEG ratio of 1.17 and a beta of 1.59. The company’s fifty day moving average is $114.92 and its 200 day moving average is $131.52. Boot Barn has a 52 week low of $86.17 and a 52 week high of $176.64.

Boot Barn (NYSE:BOOT) last issued its earnings results on Wednesday, May 14th. The company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.02). The business had revenue of $453.75 million during the quarter, compared to analysts’ expectations of $458.56 million. Boot Barn had a return on equity of 17.11% and a net margin of 9.36%. Boot Barn’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.96 EPS. Sell-side analysts anticipate that Boot Barn will post 5.82 EPS for the current year.

Boot Barn announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 14th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, insider Laurie Marie Grijalva sold 2,438 shares of the business’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $160.67, for a total transaction of $391,713.46. Following the sale, the insider now owns 14,593 shares of the company’s stock, valued at $2,344,657.31. The trade was a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael A. Love sold 4,154 shares of the business’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $155.34, for a total transaction of $645,282.36. Following the sale, the insider now directly owns 2,112 shares in the company, valued at $328,078.08. The trade was a 66.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Boot Barn

Hedge funds have recently bought and sold shares of the business. Blue Trust Inc. boosted its stake in Boot Barn by 1,430.0% during the fourth quarter. Blue Trust Inc. now owns 153 shares of the company’s stock worth $26,000 after acquiring an additional 143 shares in the last quarter. Signaturefd LLC boosted its stake in Boot Barn by 201.8% during the fourth quarter. Signaturefd LLC now owns 166 shares of the company’s stock worth $25,000 after acquiring an additional 111 shares in the last quarter. Opal Wealth Advisors LLC bought a new stake in Boot Barn during the first quarter worth about $29,000. Golden State Wealth Management LLC boosted its stake in Boot Barn by 263.6% during the first quarter. Golden State Wealth Management LLC now owns 280 shares of the company’s stock worth $30,000 after acquiring an additional 203 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in Boot Barn by 210.8% during the first quarter. Versant Capital Management Inc now owns 317 shares of the company’s stock worth $34,000 after acquiring an additional 215 shares in the last quarter.

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.