Boot Barn Holdings, Inc. (NYSE:BOOT) Receives $173.67 Consensus Target Price from Brokerages

Boot Barn Holdings, Inc. (NYSE:BOOT - Get Free Report) has been given a consensus recommendation of "Buy" by the thirteen analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $173.67.

A number of research analysts recently weighed in on BOOT shares. Citigroup boosted their target price on Boot Barn from $137.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Craig Hallum upgraded Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 price objective for the company in a research report on Wednesday, April 23rd. UBS Group upped their price objective on Boot Barn from $156.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Piper Sandler upped their price objective on Boot Barn from $162.00 to $184.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Finally, Stephens began coverage on Boot Barn in a research report on Wednesday, April 9th. They set an "overweight" rating and a $100.00 price objective for the company.

Boot Barn Stock Up 3.0%

BOOT stock traded up $4.74 during midday trading on Friday, reaching $164.93. The stock had a trading volume of 386,374 shares, compared to its average volume of 819,346. Boot Barn has a twelve month low of $86.17 and a twelve month high of $176.64. The firm has a market cap of $5.05 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 1.94 and a beta of 1.69. The business has a fifty day simple moving average of $148.67 and a two-hundred day simple moving average of $135.24.

Boot Barn (NYSE:BOOT - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported $1.22 earnings per share (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 for the quarter, compared to the consensus estimate of $458.56 million. During the same quarter last year, the business posted $0.96 EPS. Boot Barn's quarterly revenue was up 16.8% on a year-over-year basis. On average, equities analysts predict that Boot Barn will post 5.82 earnings per share for the current fiscal year.

Boot Barn declared that its board has approved a stock repurchase plan on Wednesday, May 14th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Insider Activity

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 value of $391,713.46. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael A. Love sold 4,154 shares of the stock in a transaction dated Friday, May 23rd. The shares were 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 of the company's stock, valued at approximately $328,078.08. The trade was a 66.29% decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Boot Barn

Several large investors have recently added to or reduced their stakes in BOOT. FMR LLC grew its stake in Boot Barn by 47.3% during the fourth quarter. FMR LLC now owns 2,211,300 shares of the company's stock worth $335,720,000 after purchasing an additional 709,903 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Boot Barn by 48.6% in the fourth quarter. Wellington Management Group LLP now owns 2,161,052 shares of the company's stock valued at $328,091,000 after purchasing an additional 706,518 shares in the last quarter. Artemis Investment Management LLP lifted its holdings in shares of Boot Barn by 206.5% in the first quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock valued at $78,856,000 after purchasing an additional 494,523 shares in the last quarter. Nuveen LLC bought a new stake in Boot Barn during the first quarter worth $38,387,000. Finally, Capital Research Global Investors lifted its holdings in Boot Barn by 32.6% during 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 during the period.

About Boot Barn

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.