Cetera Investment Advisers Increases Stock Position in Boot Barn Holdings, Inc. (NYSE:BOOT)

Cetera Investment Advisers raised its holdings in Boot Barn Holdings, Inc. (NYSE:BOOT) by 28.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,486 shares of the company’s stock after purchasing an additional 2,307 shares during the quarter. Cetera Investment Advisers’ holdings in Boot Barn were worth $1,127,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new stake in shares of Boot Barn during the 1st quarter valued at approximately $29,000. Golden State Wealth Management LLC lifted its position in shares of Boot Barn by 263.6% during 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 during the period. Versant Capital Management Inc raised its position in shares of Boot Barn by 210.8% during the 1st quarter. Versant Capital Management Inc now owns 317 shares of the company’s stock worth $34,000 after purchasing an additional 215 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of Boot Barn by 20.6% during the 1st quarter. First Horizon Advisors Inc. now owns 1,321 shares of the company’s stock worth $142,000 after purchasing an additional 226 shares during the last quarter. Finally, KBC Group NV raised its position in shares of Boot Barn by 21.8% during the 1st quarter. KBC Group NV now owns 1,489 shares of the company’s stock worth $160,000 after purchasing an additional 267 shares during the last quarter.

Insiders Place Their Bets

In related news, insider Michael A. Love sold 4,154 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $155.34, for a total value of $645,282.36. Following the completion of the sale, the insider directly owned 2,112 shares in the company, valued at approximately $328,078.08. This represents a 66.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Laurie Marie Grijalva sold 2,438 shares of the stock in a transaction 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 completion of the sale, the insider 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. Corporate insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on BOOT shares. Bank of America lifted their price objective on Boot Barn from $160.00 to $173.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Robert W. Baird lifted their price objective on Boot Barn from $140.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, May 15th. BTIG Research lifted their price objective on Boot Barn from $200.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Piper Sandler lifted their price objective on Boot Barn from $184.00 to $185.00 and gave the stock an “overweight” rating in a research report on Monday, July 28th. Finally, KeyCorp lifted their price objective on Boot Barn from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Boot Barn currently has a consensus rating of “Moderate Buy” and a consensus price target of $182.54.

Boot Barn Stock Down 0.6%

BOOT stock opened at $165.12 on Tuesday. The company has a market cap of $5.05 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 1.69 and a beta of 1.76. The business has a fifty day simple moving average of $165.62 and a 200-day simple moving average of $137.72. Boot Barn Holdings, Inc. has a 52 week low of $86.17 and a 52 week high of $183.60.

Boot Barn (NYSE:BOOT) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.74 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.19. The business had revenue of $504.07 million during the quarter, compared to the consensus estimate of $489.49 million. Boot Barn had a return on equity of 17.73% and a net margin of 9.81%. The business’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.26 EPS. As a group, 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 initiated a stock repurchase plan on Wednesday, May 14th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

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.