Boot Barn (NYSE:BOOT) Price Target Raised to $207.00 at JPMorgan Chase & Co.

Boot Barn (NYSE:BOOT - Get Free Report) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $196.00 to $207.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 28.05% from the stock's current price.

BOOT has been the topic of a number of other reports. Bank of America boosted their target price 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. 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. Craig Hallum upgraded shares of Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 price target on the stock in a report on Wednesday, April 23rd. 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 target on the stock. Finally, Citigroup boosted their price target on shares of Boot Barn from $137.00 to $180.00 and gave the company a "buy" rating in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Boot Barn currently has a consensus rating of "Moderate Buy" and an average target price of $171.46.

Boot Barn Trading Down 0.2%

NYSE:BOOT traded down $0.26 during mid-day trading on Tuesday, hitting $161.66. The stock had a trading volume of 27,604 shares, compared to its average volume of 826,848. The stock has a market capitalization of $4.95 billion, a price-to-earnings ratio of 28.97, a P/E/G ratio of 1.17 and a beta of 1.59. The company has a 50 day simple moving average of $116.07 and a 200-day simple moving average of $131.73. Boot Barn has a 52 week low of $86.17 and a 52 week high of $176.64.

Boot Barn (NYSE:BOOT - Get Free Report) last released its 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). Boot Barn had a return on equity of 17.11% and a net margin of 9.36%. The firm had revenue of $453.75 million during the quarter, compared to analyst estimates of $458.56 million. During the same quarter last year, the company earned $0.96 earnings per share. The business's revenue for the quarter was up 16.8% on a year-over-year basis. As a group, equities research analysts anticipate that Boot Barn will post 5.82 earnings per share for the current year.

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

Insider Activity

In other Boot Barn news, insider Laurie Marie Grijalva sold 2,438 shares of the company's stock in a transaction 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 sale, the insider now directly owns 14,593 shares of the company's stock, valued at approximately $2,344,657.31. This represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michael A. Love sold 4,154 shares of the company's stock in a transaction 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 now directly owns 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. Corporate insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Boot Barn

Several large investors have recently modified their holdings of BOOT. FMR LLC raised its position in shares of Boot Barn by 47.3% in the fourth quarter. FMR LLC now owns 2,211,300 shares of the company's stock valued at $335,720,000 after purchasing an additional 709,903 shares during the period. Wellington Management Group LLP grew its stake in shares of Boot Barn by 48.6% in the fourth quarter. Wellington Management Group LLP now owns 2,161,052 shares of the company's stock valued at $328,091,000 after acquiring an additional 706,518 shares in the last quarter. Artemis Investment Management LLP grew its stake in shares of Boot Barn by 206.5% in the first quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock valued at $78,856,000 after acquiring an additional 494,523 shares in the last quarter. Nuveen LLC acquired a new position in shares of Boot Barn in the first quarter valued at about $38,387,000. Finally, Stephens Investment Management Group LLC acquired a new position in shares of Boot Barn in the fourth quarter valued at about $46,699,000.

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.