Phocas Financial Corp. Sells 686 Shares of Boot Barn Holdings, Inc. (NYSE:BOOT)

Phocas Financial Corp. lowered its position in Boot Barn Holdings, Inc. (NYSE:BOOT) by 0.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 76,101 shares of the company’s stock after selling 686 shares during the quarter. Boot Barn accounts for 1.5% of Phocas Financial Corp.’s holdings, making the stock its 9th largest holding. Phocas Financial Corp.’s holdings in Boot Barn were worth $11,554,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stephens Investment Management Group LLC purchased a new stake in shares of Boot Barn during the fourth quarter worth about $46,699,000. Alberta Investment Management Corp bought a new stake in Boot Barn in the fourth quarter valued at about $2,842,000. Charles Schwab Investment Management Inc. boosted its stake in Boot Barn by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 358,579 shares of the company’s stock valued at $54,439,000 after acquiring an additional 5,881 shares during the period. Raymond James Financial Inc. acquired a new position in Boot Barn in the fourth quarter valued at approximately $42,440,000. Finally, TimesSquare Capital Management LLC boosted its position in shares of Boot Barn by 134.5% during the fourth quarter. TimesSquare Capital Management LLC now owns 289,641 shares of the company’s stock worth $43,973,000 after buying an additional 166,121 shares during the period.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BOOT shares. KeyCorp cut their target price on Boot Barn from $190.00 to $165.00 and set an “overweight” rating for the company in a research report on Tuesday, April 29th. Piper Sandler upped their price objective 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. Bank of America upped their price target on shares of Boot Barn from $160.00 to $173.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Wall Street Zen cut shares of Boot Barn from a “hold” rating to a “sell” rating in a research note on Monday, February 17th. Finally, Robert W. Baird raised their price target on shares of Boot Barn from $140.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday, May 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $170.62.

Insider Activity at Boot Barn

In other Boot Barn news, 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 now owns 14,593 shares in the company, valued at $2,344,657.31. This trade represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.00% of the stock is currently owned by insiders.

Boot Barn Stock Down 1.5%

Shares of NYSE BOOT opened at $157.26 on Tuesday. The company’s fifty day moving average is $113.81 and its 200-day moving average is $131.29. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of 28.08, a P/E/G ratio of 1.17 and a beta of 1.59. Boot Barn Holdings, Inc. has a twelve month low of $86.17 and a twelve month high of $176.64.

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 firm had revenue of $453.75 million for the quarter, compared to the consensus estimate of $458.56 million. Boot Barn had a return on equity of 17.11% and a net margin of 9.36%. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.96 earnings per share. On average, research analysts anticipate that Boot Barn Holdings, Inc. will post 5.82 EPS for the current fiscal year.

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