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

Envestnet Asset Management Inc. trimmed its position in shares of Boot Barn Holdings, Inc. (NYSE:BOOT) by 4.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 82,186 shares of the company’s stock after selling 4,075 shares during the quarter. Envestnet Asset Management Inc. owned about 0.27% of Boot Barn worth $8,829,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of BOOT. Bank of Montreal Can lifted its position in shares of Boot Barn by 1.4% during the fourth quarter. Bank of Montreal Can now owns 5,936 shares of the company’s stock worth $901,000 after purchasing an additional 82 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Boot Barn by 1.0% during the fourth quarter. Cetera Investment Advisers now owns 8,179 shares of the company’s stock worth $1,242,000 after purchasing an additional 83 shares during the last quarter. Coldstream Capital Management Inc. lifted its position in shares of Boot Barn by 7.6% during the fourth quarter. Coldstream Capital Management Inc. now owns 1,367 shares of the company’s stock worth $208,000 after purchasing an additional 97 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Boot Barn by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,096 shares of the company’s stock valued at $470,000 after acquiring an additional 98 shares in the last quarter. Finally, Park Avenue Securities LLC raised its holdings in shares of Boot Barn by 5.7% in the first quarter. Park Avenue Securities LLC now owns 1,963 shares of the company’s stock valued at $211,000 after acquiring an additional 105 shares in the last quarter.

Insider Buying and Selling

In other news, insider Michael A. Love sold 4,154 shares of Boot Barn stock in a transaction 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 transaction, the insider directly owned 2,112 shares in the company, valued at approximately $328,078.08. This trade represents a 66.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Laurie Marie Grijalva sold 2,438 shares of the firm’s stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $160.67, for a total value of $391,713.46. Following the sale, the insider directly owned 14,593 shares of the company’s stock, valued at approximately $2,344,657.31. This represents a 14.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

BOOT has been the topic of a number of research analyst reports. Stephens initiated coverage on Boot Barn in a research note on Wednesday, April 9th. They set an “overweight” rating and a $100.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on Boot Barn from $196.00 to $207.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 27th. Piper Sandler upped their target price on Boot Barn from $162.00 to $184.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. KeyCorp decreased their price target on Boot Barn from $190.00 to $165.00 and set an “overweight” rating for the company in a report on Tuesday, April 29th. Finally, UBS Group upped their target price on Boot Barn from $156.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $173.67.

Boot Barn Stock Up 2.0%

NYSE BOOT opened at $173.96 on Tuesday. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of 29.69, a price-to-earnings-growth ratio of 2.00 and a beta of 1.69. The business has a fifty day moving average of $160.21 and a 200-day moving average of $136.34. Boot Barn Holdings, Inc. has a fifty-two week low of $86.17 and a fifty-two week high of $177.10.

Boot Barn (NYSE:BOOT) last issued its earnings results on Wednesday, May 14th. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.02). The company 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 16.98% and a net margin of 9.47%. Boot Barn’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.96 EPS. As a group, analysts anticipate that Boot Barn Holdings, Inc. will post 5.82 EPS for the current year.

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

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.