Boot Barn (NYSE:BOOT) Sets New 1-Year High - Time to Buy?

Boot Barn Holdings, Inc. (NYSE:BOOT - Get Free Report) shares reached a new 52-week high on Thursday . The stock traded as high as $176.80 and last traded at $176.07, with a volume of 560763 shares trading hands. The stock had previously closed at $168.49.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BOOT. Robert W. Baird raised their price objective on Boot Barn from $140.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. boosted their price target on shares of Boot Barn from $196.00 to $207.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. UBS Group raised their price objective on shares of Boot Barn from $156.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Stephens began 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, 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 report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Boot Barn currently has an average rating of "Moderate Buy" and a consensus target price of $173.67.

Boot Barn Stock Down 1.4%

The business has a fifty day moving average of $154.84 and a 200 day moving average of $136.04. The firm has a market cap of $5.23 billion, a P/E ratio of 29.18, a P/E/G ratio of 2.04 and a beta of 1.69.

Boot Barn (NYSE:BOOT - Get Free Report) last announced its quarterly earnings results 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 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 period last year, the company earned $0.96 earnings per share. The business's revenue was up 16.8% compared to the same quarter last year. On average, sell-side analysts expect that Boot Barn Holdings, Inc. will post 5.82 EPS for the current fiscal year.

Boot Barn announced that its board has approved 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 generally an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Laurie Marie Grijalva sold 2,438 shares of the stock in a transaction that occurred 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 completion of the sale, the insider directly owned 14,593 shares of the company's stock, valued at approximately $2,344,657.31. This represents a 14.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael A. Love sold 4,154 shares of the stock in a transaction that occurred 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 approximately $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 owned by corporate insiders.

Hedge Funds Weigh In On Boot Barn

Several hedge funds have recently made changes to their positions in the business. Signaturefd LLC grew its stake in Boot Barn by 201.8% in the fourth quarter. Signaturefd LLC now owns 166 shares of the company's stock valued at $25,000 after purchasing an additional 111 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in Boot Barn during the first quarter worth $29,000. Golden State Wealth Management LLC increased its holdings in Boot Barn by 263.6% during the first quarter. Golden State Wealth Management LLC now owns 280 shares of the company's stock worth $30,000 after buying an additional 203 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of 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 purchasing an additional 215 shares during the last quarter. Finally, Assetmark Inc. increased its stake in shares of Boot Barn by 45.2% during the 4th quarter. Assetmark Inc. now owns 363 shares of the company's stock worth $55,000 after purchasing an additional 113 shares during 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.