JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Boot Barn (NYSE:BOOT) Stock

Boot Barn (NYSE:BOOT - Get Free Report) had its price target lifted by JPMorgan Chase & Co. from $196.00 to $207.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 29.12% from the company's current price.

A number of other equities research analysts have also issued reports on the company. Piper Sandler raised their price target on Boot Barn from $162.00 to $184.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Stephens assumed coverage on Boot Barn in a research note on Wednesday, April 9th. They set an "overweight" rating and a $100.00 price target for the company. KeyCorp decreased their price target on Boot Barn from $190.00 to $165.00 and set an "overweight" rating for the company in a research note on Tuesday, April 29th. Bank of America lifted their target price on Boot Barn from $160.00 to $173.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, UBS Group lifted their target price on Boot Barn from $156.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $171.46.

Boot Barn Trading Up 0.7%

Shares of BOOT stock traded up $1.09 on Tuesday, reaching $160.32. 690,185 shares of the company's stock were exchanged, compared to its average volume of 831,613. Boot Barn has a 52 week low of $86.17 and a 52 week high of $176.64. The stock has a market capitalization of $4.90 billion, a PE ratio of 28.63, a P/E/G ratio of 1.17 and a beta of 1.59. The company's fifty day simple moving average is $118.01 and its 200 day simple moving average is $132.06.

Boot Barn (NYSE:BOOT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $1.22 earnings per share (EPS) 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 business had revenue of $453.75 million for the quarter, compared to the consensus estimate of $458.56 million. During the same period in the prior year, the business posted $0.96 earnings per share. Boot Barn's revenue was up 16.8% on a year-over-year basis. As a group, sell-side analysts predict that Boot Barn will post 5.82 earnings per share for the current fiscal year.

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

Insider Transactions at Boot Barn

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its position in Boot Barn by 1,430.0% during the 4th quarter. Blue Trust Inc. now owns 153 shares of the company's stock valued at $26,000 after buying an additional 143 shares in the last quarter. Signaturefd LLC grew its stake in Boot Barn by 201.8% during the 4th quarter. Signaturefd LLC now owns 166 shares of the company's stock valued at $25,000 after purchasing an additional 111 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in Boot Barn during the 1st quarter valued at about $29,000. Golden State Wealth Management LLC grew its stake in Boot Barn by 263.6% during the 1st quarter. Golden State Wealth Management LLC now owns 280 shares of the company's stock valued at $30,000 after purchasing an additional 203 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in Boot Barn by 210.8% during the 1st quarter. Versant Capital Management Inc now owns 317 shares of the company's stock valued at $34,000 after purchasing an additional 215 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.