Nicholas Investment Partners LP Grows Stock Position in Boot Barn Holdings, Inc. (NYSE:BOOT)

Nicholas Investment Partners LP lifted its stake in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 81.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 81,093 shares of the company's stock after purchasing an additional 36,505 shares during the period. Boot Barn comprises about 1.1% of Nicholas Investment Partners LP's investment portfolio, making the stock its 21st largest position. Nicholas Investment Partners LP owned 0.27% of Boot Barn worth $12,312,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Dale Q Rice Investment Management Ltd purchased a new position in shares of Boot Barn in the 4th quarter valued at approximately $1,544,000. Stephens Investment Management Group LLC purchased a new position in shares of Boot Barn in the 4th quarter valued at approximately $46,699,000. Alberta Investment Management Corp purchased a new position in shares of Boot Barn in the 4th quarter valued at approximately $2,842,000. Charles Schwab Investment Management Inc. raised its position in shares of Boot Barn by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 358,579 shares of the company's stock valued at $54,439,000 after purchasing an additional 5,881 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Boot Barn in the 4th quarter valued at approximately $42,440,000.

Boot Barn Price Performance

Shares of Boot Barn stock traded up $4.05 on Monday, reaching $160.76. 281,771 shares of the company were exchanged, compared to its average volume of 822,042. Boot Barn Holdings, Inc. has a 1-year low of $86.17 and a 1-year high of $176.64. The company has a market cap of $4.92 billion, a P/E ratio of 28.72, a price-to-earnings-growth ratio of 1.17 and a beta of 1.59. The stock's 50 day moving average price is $107.05 and its 200-day moving average price is $130.08.

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 analysts' consensus estimates of $1.24 by ($0.02). Boot Barn had a return on equity of 17.11% and a net margin of 9.36%. The company had revenue of $453.75 million for the quarter, compared to analyst estimates of $458.56 million. During the same period in the prior year, the firm posted $0.96 earnings per share. The business's quarterly revenue was up 16.8% compared to the same quarter last year. On average, research analysts predict 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 authorized a share buyback plan on Wednesday, May 14th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BOOT shares. KeyCorp cut their price target on shares of Boot Barn from $190.00 to $165.00 and set an "overweight" rating on the stock in a report on Tuesday, April 29th. Citigroup increased their price target on shares of Boot Barn from $137.00 to $180.00 and gave the stock a "buy" rating in a report on Friday. JPMorgan Chase & Co. dropped their price objective on shares of Boot Barn from $209.00 to $196.00 and set an "overweight" rating on the stock in a research note on Thursday. Craig Hallum raised shares of Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 price objective on the stock in a research note on Wednesday, April 23rd. Finally, Bank of America raised their price objective on shares of Boot Barn from $160.00 to $173.00 and gave the stock a "buy" rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $170.62.

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.