Boot Barn (NYSE:BOOT) Price Target Raised to $210.00

Boot Barn (NYSE:BOOT) had its target price upped by KeyCorp from $195.00 to $210.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts also recently issued reports on BOOT. Craig Hallum upgraded shares of Boot Barn from a “hold” rating to a “buy” rating and set a $130.00 price target for the company in a report on Wednesday, April 23rd. Robert W. Baird upped their price target 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. UBS Group upped 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. Citigroup upped their price target on shares of Boot Barn from $137.00 to $180.00 and gave the stock a “buy” rating in a report on Friday, May 16th. Finally, Piper Sandler upped their price target on shares of Boot Barn from $184.00 to $185.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $182.54.

Boot Barn Price Performance

NYSE BOOT opened at $170.92 on Friday. The business has a fifty day moving average price of $164.67 and a two-hundred day moving average price of $137.55. Boot Barn has a fifty-two week low of $86.17 and a fifty-two week high of $183.60. The stock has a market capitalization of $5.23 billion, a PE ratio of 26.96, a PEG ratio of 1.96 and a beta of 1.76.

Boot Barn (NYSE:BOOT) last released its earnings results on Thursday, July 31st. The company reported $1.74 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.19. The firm had revenue of $504.07 million during the quarter, compared to analysts’ expectations of $489.49 million. Boot Barn had a return on equity of 17.73% and a net margin of 9.81%. The company’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.26 earnings per share. As a group, sell-side analysts expect that Boot Barn will post 5.82 earnings per share for the current year.

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

Insider Transactions at Boot Barn

In other Boot Barn news, insider Laurie Marie Grijalva sold 2,438 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $160.67, for a total transaction of $391,713.46. Following the completion of the sale, the insider directly owned 14,593 shares in the company, valued at approximately $2,344,657.31. This trade represents a 14.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael A. Love sold 4,154 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $155.34, for a total value of $645,282.36. Following the sale, 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 disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Boot Barn

A number of institutional investors and hedge funds have recently made changes to their positions in BOOT. Bessemer Group Inc. lifted its position in Boot Barn by 134.2% in the 2nd quarter. Bessemer Group Inc. now owns 185 shares of the company’s stock valued at $28,000 after acquiring an additional 106 shares in the last quarter. Maseco LLP bought a new position in Boot Barn in the 2nd quarter valued at about $40,000. Opal Wealth Advisors LLC bought a new position in Boot Barn in the 1st quarter valued at about $29,000. Golden State Wealth Management LLC lifted its position in Boot Barn by 263.6% in the 1st quarter. Golden State Wealth Management LLC now owns 280 shares of the company’s stock valued at $30,000 after acquiring an additional 203 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in Boot Barn by 210.8% in the 1st quarter. Versant Capital Management Inc now owns 317 shares of the company’s stock valued at $34,000 after acquiring an additional 215 shares in the last quarter.

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.