Boot Barn Holdings, Inc. (NYSE:BOOT) Given Consensus Recommendation of "Buy" by Analysts

Shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Get Free Report) have received a consensus rating of "Buy" from the thirteen brokerages that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $173.67.

A number of brokerages have weighed in on BOOT. Robert W. Baird raised their price objective on Boot Barn from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Wall Street Zen lowered shares of Boot Barn from a "hold" rating to a "sell" rating in a report on Monday, February 17th. Piper Sandler boosted their price objective on shares of Boot Barn from $162.00 to $184.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Citigroup boosted their price target on shares of Boot Barn from $137.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Finally, Craig Hallum raised 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.

Insiders Place Their Bets

In other news, insider Laurie Marie Grijalva sold 2,438 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $160.67, for a total transaction of $391,713.46. Following the sale, the insider now directly owns 14,593 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available at this link. Also, insider Michael A. Love sold 4,154 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $155.34, for a total value of $645,282.36. Following the transaction, the insider now directly owns 2,112 shares in the company, valued at $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. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC boosted its stake in Boot Barn by 47.3% during the 4th quarter. FMR LLC now owns 2,211,300 shares of the company's stock valued at $335,720,000 after purchasing an additional 709,903 shares during the period. Wellington Management Group LLP raised its holdings in Boot Barn by 48.6% in the 4th quarter. Wellington Management Group LLP now owns 2,161,052 shares of the company's stock valued at $328,091,000 after acquiring an additional 706,518 shares in the last quarter. Artemis Investment Management LLP raised its holdings in Boot Barn by 206.5% in the 1st quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock valued at $78,856,000 after acquiring an additional 494,523 shares in the last quarter. Nuveen LLC acquired a new position in Boot Barn in the 1st quarter valued at approximately $38,387,000. Finally, Proficio Capital Partners LLC acquired a new position in Boot Barn in the 4th quarter valued at approximately $45,177,000.

Boot Barn Stock Performance

Boot Barn stock traded down $6.08 during midday trading on Wednesday, hitting $157.07. 660,117 shares of the company's stock were exchanged, compared to its average volume of 822,755. Boot Barn has a 12 month low of $86.17 and a 12 month high of $176.64. The firm has a 50-day moving average of $129.75 and a two-hundred day moving average of $133.90. The company has a market cap of $4.81 billion, a PE ratio of 28.05, a P/E/G ratio of 1.17 and a beta of 1.73.

Boot Barn (NYSE:BOOT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.24 by ($0.02). The company had revenue of $453.75 million during the quarter, compared to analysts' expectations of $458.56 million. Boot Barn had a net margin of 9.36% and a return on equity of 17.11%. The business's revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.96 earnings per share. As a group, equities analysts expect that Boot Barn will post 5.82 earnings per share for the current year.

Boot Barn declared that its board has initiated a share buyback plan on Wednesday, May 14th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

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.