Boot Barn (NYSE:BOOT) Reaches New 12-Month High on Analyst Upgrade

Boot Barn Holdings, Inc. (NYSE:BOOT) shares hit a new 52-week high on Tuesday after KeyCorp raised their price target on the stock from $180.00 to $195.00. KeyCorp currently has an overweight rating on the stock. Boot Barn traded as high as $178.92 and last traded at $176.87, with a volume of 95310 shares traded. The stock had previously closed at $173.86.

Several other analysts also recently weighed in on BOOT. JPMorgan Chase & Co. lifted their price objective on Boot Barn from $196.00 to $207.00 and gave the company an “overweight” rating in a report on Tuesday, May 27th. Piper Sandler boosted their target price on shares of Boot Barn from $162.00 to $184.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. UBS Group boosted their target price 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. Bank of America boosted their target price on shares of Boot Barn from $160.00 to $173.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Finally, Robert W. Baird boosted their target price on shares of Boot Barn from $140.00 to $180.00 and gave the stock an “outperform” rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Boot Barn presently has a consensus rating of “Moderate Buy” and an average target price of $176.17.

Insider Activity

In other news, insider Michael A. Love sold 4,154 shares of the firm’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 owned 2,112 shares of the company’s stock, valued at approximately $328,078.08. This trade represents a 66.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Laurie Marie Grijalva sold 2,438 shares of the firm’s stock in a transaction dated 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 in the company, valued at $2,344,657.31. This trade represents a 14.32% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can boosted its position in 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 in the last quarter. Cetera Investment Advisers increased its stake in Boot Barn by 1.0% in the fourth quarter. Cetera Investment Advisers now owns 8,179 shares of the company’s stock valued at $1,242,000 after purchasing an additional 83 shares during the last quarter. Coldstream Capital Management Inc. increased its stake in Boot Barn by 7.6% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,367 shares of the company’s stock valued at $208,000 after purchasing an additional 97 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in 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 purchasing an additional 98 shares during the last quarter. Finally, Park Avenue Securities LLC increased its stake in Boot Barn by 5.7% during the first quarter. Park Avenue Securities LLC now owns 1,963 shares of the company’s stock worth $211,000 after acquiring an additional 105 shares during the last quarter.

Boot Barn Stock Up 1.3%

The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of 30.05, a price-to-earnings-growth ratio of 2.04 and a beta of 1.69. The company has a 50 day simple moving average of $161.84 and a 200 day simple moving average of $136.72.

Boot Barn (NYSE:BOOT) last issued its quarterly 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). Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. The business had revenue of $453.75 million during the quarter, compared to analysts’ expectations of $458.56 million. During the same period in the prior year, the company posted $0.96 EPS. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. On average, research analysts forecast that Boot Barn Holdings, Inc. will post 5.82 EPS for the current fiscal year.

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