Boot Barn (NYSE:BOOT) Price Target Raised to $185.00 at Piper Sandler

Key Points

• Piper Sandler has raised Boot Barn's price target from $184.00 to $185.00, suggesting a potential upside of 3.75% based on the stock's current price.
• UBS Group significantly increased its price target on Boot Barn to $210.00, while other analysts also raised their targets, indicating a strong consensus on the company's potential for growth.
• Boot Barn reported a 9.47% net margin and a 16.8% year-over-year revenue growth despite missing earnings per share estimates in its last quarterly report.

Boot Barn (NYSE:BOOT - Get Free Report) had its price objective increased by investment analysts at Piper Sandler from $184.00 to $185.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Piper Sandler's price objective would indicate a potential upside of 3.75% from the stock's current price.

A number of other research firms have also weighed in on BOOT. UBS Group raised their price target on shares of Boot Barn from $156.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Robert W. Baird upped their price target on shares of Boot Barn from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. raised their price objective on shares of Boot Barn from $207.00 to $247.00 and gave the stock an "overweight" rating in a report on Monday. Stephens started coverage on shares of Boot Barn in a report on Wednesday, April 9th. They set an "overweight" rating and a $100.00 price objective for the company. Finally, Cowen reissued a "buy" rating on shares of Boot Barn in a report on Monday. One equities research analyst has rated the stock with a sell rating, two have issued 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, Boot Barn has a consensus rating of "Moderate Buy" and an average price target of $179.23.

Boot Barn Price Performance

BOOT traded up $3.80 during trading hours on Monday, reaching $178.31. 173,792 shares of the stock traded hands, compared to its average volume of 908,437. The firm's fifty day simple moving average is $163.17 and its two-hundred day simple moving average is $136.81. The company has a market cap of $5.45 billion, a price-to-earnings ratio of 30.51, a PEG ratio of 2.05 and a beta of 1.69. Boot Barn has a fifty-two week low of $86.17 and a fifty-two week high of $179.77.

Boot Barn (NYSE:BOOT - Get Free Report) last released 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 analyst estimates of $458.56 million. Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. Boot Barn's revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 earnings per share. On average, research analysts predict that Boot Barn will post 5.82 earnings per share for the current year.

Boot Barn declared that its board has approved a share repurchase program on Wednesday, May 14th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Boot Barn news, insider Michael A. Love sold 4,154 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $155.34, for a total value of $645,282.36. Following the sale, the insider directly owned 2,112 shares of the company's stock, valued at $328,078.08. This trade represents a 66.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Laurie Marie Grijalva sold 2,438 shares of Boot Barn stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $160.67, for a total transaction of $391,713.46. Following the completion of the sale, the insider owned 14,593 shares in the company, valued at approximately $2,344,657.31. This represents a 14.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

Institutional Trading of Boot Barn

Hedge funds have recently bought and sold shares of the company. Maseco LLP bought a new stake in Boot Barn in the 2nd quarter valued at about $40,000. Opal Wealth Advisors LLC acquired a new position in Boot Barn during the 1st quarter worth $29,000. Golden State Wealth Management LLC boosted its position in Boot Barn by 263.6% during the 1st quarter. Golden State Wealth Management LLC now owns 280 shares of the company's stock worth $30,000 after acquiring an additional 203 shares during the period. Versant Capital Management Inc boosted its position in Boot Barn by 210.8% during the 1st quarter. Versant Capital Management Inc now owns 317 shares of the company's stock worth $34,000 after acquiring an additional 215 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Boot Barn during the 1st quarter worth $44,000.

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.

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