Boot Barn (NYSE:BOOT) Sets New 52-Week High Following Analyst Upgrade

Boot Barn Holdings, Inc. (NYSE:BOOT - Get Free Report) reached a new 52-week high on Tuesday after KeyCorp raised their price target on the stock from $180.00 to $195.00. KeyCorp currently has an overweight rating on the stock. Boot Barn traded as high as $178.92 and last traded at $176.87, with a volume of 95310 shares. The stock had previously closed at $173.86.

BOOT has been the topic of several other reports. Citigroup increased their price objective on Boot Barn from $137.00 to $180.00 and gave the company a "buy" rating in a research note 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 note on Wednesday, April 23rd. JPMorgan Chase & Co. upped their price target on shares of Boot Barn from $196.00 to $207.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. Stephens started coverage on shares of Boot Barn in a report on Wednesday, April 9th. They issued an "overweight" rating and a $100.00 target price for the company. Finally, Bank of America upped their price objective on Boot Barn from $160.00 to $173.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $176.08.

Insider Buying and Selling

In other news, insider Laurie Marie Grijalva sold 2,438 shares of Boot Barn stock in a transaction that occurred on 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 owned 14,593 shares in the company, valued at approximately $2,344,657.31. This trade represents a 14.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael A. Love sold 4,154 shares of the firm's 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 transaction, the insider owned 2,112 shares in the company, valued at $328,078.08. This trade represents 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 owned by company insiders.

Institutional Trading of Boot Barn

A number of large investors have recently modified their holdings of the company. Bank of Montreal Can increased its stake in shares of Boot Barn by 1.4% in the fourth quarter. Bank of Montreal Can now owns 5,936 shares of the company's stock valued at $901,000 after purchasing an additional 82 shares during the period. Cetera Investment Advisers increased its position in Boot Barn by 1.0% in the 4th quarter. Cetera Investment Advisers now owns 8,179 shares of the company's stock valued at $1,242,000 after acquiring an additional 83 shares during the period. Coldstream Capital Management Inc. raised its stake in Boot Barn by 7.6% during the 4th quarter. Coldstream Capital Management Inc. now owns 1,367 shares of the company's stock valued at $208,000 after acquiring an additional 97 shares in the last quarter. Summit Investment Advisors Inc. boosted its position in Boot Barn by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,096 shares of the company's stock worth $470,000 after acquiring an additional 98 shares during the period. Finally, Park Avenue Securities LLC grew its stake in shares of Boot Barn by 5.7% in the first quarter. Park Avenue Securities LLC now owns 1,963 shares of the company's stock worth $211,000 after purchasing an additional 105 shares in the last quarter.

Boot Barn Price Performance

The business has a fifty day moving average price of $162.57 and a 200 day moving average price of $136.97. The company has a market capitalization of $5.28 billion, a price-to-earnings ratio of 29.48, a price-to-earnings-growth ratio of 2.03 and a beta of 1.69.

Boot Barn (NYSE:BOOT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.24 by ($0.02). Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. The company had revenue of $453.75 million during the quarter, compared to the consensus estimate of $458.56 million. During the same quarter last year, the business earned $0.96 earnings per share. The company's revenue was up 16.8% on a year-over-year basis. Research analysts anticipate that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current year.

Boot Barn announced that its board has approved a share buyback program on Wednesday, May 14th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are 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.