Park Avenue Securities LLC Increases Stake in Boot Barn Holdings, Inc. (NYSE:BOOT)

Park Avenue Securities LLC lifted its stake in shares of Boot Barn Holdings, Inc. (NYSE:BOOT) by 5.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,963 shares of the company’s stock after buying an additional 105 shares during the quarter. Park Avenue Securities LLC’s holdings in Boot Barn were worth $211,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Congress Asset Management Co. lifted its position in Boot Barn by 5.5% during the first quarter. Congress Asset Management Co. now owns 457,675 shares of the company’s stock valued at $49,168,000 after purchasing an additional 23,880 shares during the period. NBC Securities Inc. increased its holdings in Boot Barn by 152,125.0% during the first quarter. NBC Securities Inc. now owns 6,089 shares of the company’s stock valued at $654,000 after buying an additional 6,085 shares during the last quarter. Rhumbline Advisers increased its holdings in Boot Barn by 1.4% during the first quarter. Rhumbline Advisers now owns 81,154 shares of the company’s stock valued at $8,718,000 after buying an additional 1,124 shares during the last quarter. GAMMA Investing LLC increased its holdings in Boot Barn by 8,368.8% during the first quarter. GAMMA Investing LLC now owns 42,005 shares of the company’s stock valued at $4,513,000 after buying an additional 41,509 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in Boot Barn by 210.8% during the first quarter. Versant Capital Management Inc now owns 317 shares of the company’s stock valued at $34,000 after buying an additional 215 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BOOT shares. JPMorgan Chase & Co. raised their price objective on shares of Boot Barn from $196.00 to $207.00 and gave the company an “overweight” rating in a research report on Tuesday, May 27th. Robert W. Baird raised their price objective on shares of Boot Barn from $140.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, May 15th. KeyCorp decreased their price objective on shares of Boot Barn from $190.00 to $165.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 29th. Piper Sandler raised their price objective on shares of Boot Barn from $162.00 to $184.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Finally, Citigroup raised their target price on shares of Boot Barn from $137.00 to $180.00 and gave the company a “buy” rating in a research note on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $173.67.

Insider Transactions at Boot Barn

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

Boot Barn Stock Performance

Shares of BOOT opened at $163.98 on Tuesday. The stock has a market capitalization of $5.02 billion, a P/E ratio of 29.28, a P/E/G ratio of 1.17 and a beta of 1.73. The company’s fifty day moving average is $131.20 and its two-hundred day moving average is $134.05. Boot Barn Holdings, Inc. has a 1 year low of $86.17 and a 1 year high of $176.64.

Boot Barn (NYSE:BOOT) last released its quarterly earnings data on Wednesday, May 14th. The company reported $1.22 EPS for the quarter, missing the consensus estimate 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 quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.96 earnings per share. Sell-side analysts predict that Boot Barn Holdings, Inc. will post 5.82 EPS for the current year.

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

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.