Boot Barn (NYSE:BOOT) Given New $185.00 Price Target at Piper Sandler

Boot Barn (NYSE:BOOT) had its target price hoisted by Piper Sandler from $184.00 to $185.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other brokerages have also recently commented on BOOT. UBS Group raised their target price on Boot Barn from $156.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. JPMorgan Chase & Co. raised their target price on Boot Barn from $207.00 to $247.00 and gave the stock an “overweight” rating in a report on Monday. Robert W. Baird raised their target price on Boot Barn from $140.00 to $180.00 and gave the stock an “outperform” rating in a report on Thursday, May 15th. Stephens assumed coverage on Boot Barn in a report on Wednesday, April 9th. They issued an “overweight” rating and a $100.00 target price on the stock. Finally, Jefferies Financial Group cut Boot Barn from a “buy” rating to a “hold” rating and decreased their price target for the company from $187.00 to $175.00 in a report on Wednesday, July 23rd. 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 given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $179.23.

Boot Barn Price Performance

NYSE BOOT opened at $176.93 on Monday. The business’s fifty day moving average price is $164.16 and its 200-day moving average price is $137.51. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 30.19, a PEG ratio of 2.05 and a beta of 1.69. Boot Barn has a 1-year low of $86.17 and a 1-year high of $179.89.

Boot Barn (NYSE:BOOT) last announced its 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 return on equity of 16.98% and a net margin of 9.47%. The company had revenue of $453.75 million during the quarter, compared to the consensus estimate of $458.56 million. During the same period in the prior year, the business posted $0.96 earnings per share. Boot Barn’s revenue for the quarter was up 16.8% compared to the same quarter last year. Equities research analysts anticipate that Boot Barn will post 5.82 EPS for the current year.

Boot Barn announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 14th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, insider Laurie Marie Grijalva sold 2,438 shares of Boot Barn 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 of the company’s stock, valued at approximately $2,344,657.31. The trade was a 14.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael A. Love sold 4,154 shares of Boot Barn 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 completion of the sale, the insider directly owned 2,112 shares in the company, valued at $328,078.08. This trade represents a 66.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

Institutional Investors Weigh In On Boot Barn

Several large investors have recently made changes to their positions in BOOT. Vanguard Group Inc. grew its position in Boot Barn by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 3,409,865 shares of the company’s stock worth $517,686,000 after acquiring an additional 73,089 shares in the last quarter. FMR LLC grew its position in Boot Barn by 47.3% in the fourth quarter. FMR LLC now owns 2,211,300 shares of the company’s stock worth $335,720,000 after acquiring an additional 709,903 shares in the last quarter. Wellington Management Group LLP grew its position in Boot Barn by 48.6% in the fourth quarter. Wellington Management Group LLP now owns 2,161,052 shares of the company’s stock worth $328,091,000 after acquiring an additional 706,518 shares in the last quarter. Capital Research Global Investors grew its position in Boot Barn by 32.6% in the fourth quarter. Capital Research Global Investors now owns 1,141,821 shares of the company’s stock worth $173,351,000 after acquiring an additional 280,892 shares in the last quarter. Finally, Invesco Ltd. grew its position in Boot Barn by 24.8% in the first quarter. Invesco Ltd. now owns 903,453 shares of the company’s stock worth $97,058,000 after acquiring an additional 179,710 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.