Envestnet Asset Management Inc. Cuts Stake in Boot Barn Holdings, Inc. (NYSE:BOOT)

Envestnet Asset Management Inc. lowered its stake in shares of Boot Barn Holdings, Inc. (NYSE:BOOT) by 4.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,186 shares of the company’s stock after selling 4,075 shares during the period. Envestnet Asset Management Inc. owned about 0.27% of Boot Barn worth $8,829,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Oppenheimer Asset Management Inc. boosted its position in Boot Barn by 29.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 14,731 shares of the company’s stock worth $1,583,000 after acquiring an additional 3,341 shares during the last quarter. SG Americas Securities LLC acquired a new position in Boot Barn in the 1st quarter valued at about $916,000. KBC Group NV boosted its holdings in Boot Barn by 21.8% in the 1st quarter. KBC Group NV now owns 1,489 shares of the company’s stock valued at $160,000 after purchasing an additional 267 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Boot Barn by 8,368.8% in the 1st quarter. GAMMA Investing LLC now owns 42,005 shares of the company’s stock valued at $4,513,000 after purchasing an additional 41,509 shares during the last quarter. Finally, Artemis Investment Management LLP boosted its holdings in Boot Barn by 206.5% in the 1st quarter. Artemis Investment Management LLP now owns 734,023 shares of the company’s stock valued at $78,856,000 after purchasing an additional 494,523 shares during the last quarter.

Boot Barn Stock Performance

BOOT opened at $173.96 on Tuesday. The company’s 50 day simple moving average is $160.21 and its 200 day simple moving average is $136.34. Boot Barn Holdings, Inc. has a 1 year low of $86.17 and a 1 year high of $177.10. The stock has a market capitalization of $5.32 billion, a PE ratio of 29.69, a P/E/G ratio of 2.00 and a beta of 1.69.

Boot Barn (NYSE:BOOT) last announced its quarterly earnings results on Wednesday, May 14th. The company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.02). The business had revenue of $453.75 million for the quarter, compared to analyst estimates of $458.56 million. Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. The company’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period last year, the firm earned $0.96 earnings per share. As a group, sell-side analysts expect that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current fiscal year.

Boot Barn announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 14th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

BOOT has been the topic of a number of research analyst reports. KeyCorp reduced their price target on shares of Boot Barn from $190.00 to $165.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 29th. JPMorgan Chase & Co. upped their target price on shares of Boot Barn from $196.00 to $207.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 27th. Robert W. Baird increased 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. Piper Sandler increased 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, Stephens initiated 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Boot Barn has an average rating of “Moderate Buy” and an average target price of $173.67.

Boot Barn 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.