Boot Barn (NYSE:BOOT) Price Target Raised to $218.00 at BTIG Research

Key Points

• BTIG Research has raised Boot Barn's price target from $200.00 to $218.00, indicating a potential upside of 25.92% from the current price.
• Boot Barn reported a quarterly EPS of $1.74, exceeding analysts' expectations of $1.55, with a revenue of $504.07 million, up 19.1% year over year.
• The company is engaging in a stock buyback plan of $200 million, reflecting the board's belief that its shares are currently undervalued.

Boot Barn (NYSE:BOOT - Get Free Report) had its price objective lifted by analysts at BTIG Research from $200.00 to $218.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. BTIG Research's target price would indicate a potential upside of 25.92% from the stock's current price.

BOOT has been the topic of several other research reports. Robert W. Baird increased their price target on shares of Boot Barn from $140.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Piper Sandler increased their price objective on shares of Boot Barn from $184.00 to $185.00 and gave the stock an "overweight" rating in a research note on Monday. Craig Hallum upgraded 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. Stephens assumed coverage on shares of Boot Barn in a research note on Wednesday, April 9th. They set an "overweight" rating and a $100.00 price objective on the stock. Finally, KeyCorp increased their price objective on shares of Boot Barn from $195.00 to $210.00 and gave the stock an "overweight" rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Boot Barn has a consensus rating of "Moderate Buy" and a consensus target price of $182.54.

Boot Barn Stock Performance

Shares of BOOT stock traded up $1.23 during trading hours on Friday, hitting $173.13. 1,277,940 shares of the company were exchanged, compared to its average volume of 914,671. Boot Barn has a one year low of $86.17 and a one year high of $183.60. The business's 50-day simple moving average is $164.40 and its two-hundred day simple moving average is $137.61. The stock has a market capitalization of $5.29 billion, a price-to-earnings ratio of 29.54, a P/E/G ratio of 2.07 and a beta of 1.69.

Boot Barn (NYSE:BOOT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $1.74 EPS for the quarter, topping the consensus estimate of $1.55 by $0.19. Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. The business had revenue of $504.07 million for the quarter, compared to analysts' expectations of $489.49 million. During the same quarter last year, the company posted $1.26 earnings per share. The company's quarterly revenue was up 19.1% compared to the same quarter last year. As a group, analysts anticipate that Boot Barn will post 5.82 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, insider Laurie Marie Grijalva sold 2,438 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $160.67, for a total transaction of $391,713.46. Following the transaction, the insider owned 14,593 shares in the company, valued at $2,344,657.31. This trade represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael A. Love sold 4,154 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $155.34, for a total transaction of $645,282.36. Following the sale, the insider owned 2,112 shares of the company's stock, 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. 0.66% of the stock is owned by company insiders.

Institutional Trading of Boot Barn

Large investors have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. boosted its holdings in Boot Barn by 29.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 14,731 shares of the company's stock worth $1,583,000 after buying an additional 3,341 shares in the last quarter. SG Americas Securities LLC bought a new stake in Boot Barn during the first quarter worth approximately $916,000. KBC Group NV boosted its holdings in Boot Barn by 21.8% during the first quarter. KBC Group NV now owns 1,489 shares of the company's stock worth $160,000 after buying an additional 267 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Boot Barn by 8,368.8% during the first quarter. GAMMA Investing LLC now owns 42,005 shares of the company's stock worth $4,513,000 after buying an additional 41,509 shares in the last quarter. Finally, Artemis Investment Management LLP boosted its holdings in Boot Barn by 206.5% during the first quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock worth $78,856,000 after buying an additional 494,523 shares in the last quarter.

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.

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