Raymond James Financial Inc. Raises Holdings in Boot Barn Holdings, Inc. $BOOT

Key Points

• Raymond James Financial Inc. increased its stake in Boot Barn Holdings by 18.2% in the first quarter, owning approximately $35.5 million in shares.
• Boot Barn recently announced an increase in its earnings per share (EPS) to $1.74, exceeding analyst estimates and reflecting a 19.1% year-over-year revenue increase.
• Equity analysts have set a consensus price target of $182.54 for Boot Barn, with a majority rating it as a "Moderate Buy."

Raymond James Financial Inc. raised its stake in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 18.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 330,449 shares of the company's stock after buying an additional 50,907 shares during the period. Raymond James Financial Inc. owned approximately 1.08% of Boot Barn worth $35,500,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in BOOT. Artemis Investment Management LLP increased its holdings in 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 buying an additional 494,523 shares in the last quarter. Nuveen LLC purchased a new position in Boot Barn in the first quarter valued at about $38,387,000. Invesco Ltd. increased its holdings in Boot Barn by 24.8% in the first quarter. Invesco Ltd. now owns 903,453 shares of the company's stock valued at $97,058,000 after buying an additional 179,710 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in Boot Barn by 218.0% in the fourth quarter. Nuveen Asset Management LLC now owns 254,080 shares of the company's stock valued at $38,574,000 after buying an additional 174,188 shares in the last quarter. Finally, Stephens Investment Management Group LLC increased its holdings in Boot Barn by 51.4% in the first quarter. Stephens Investment Management Group LLC now owns 465,787 shares of the company's stock valued at $50,039,000 after buying an additional 158,195 shares in the last quarter.

Boot Barn Price Performance

BOOT stock traded up $0.68 during midday trading on Friday, hitting $177.15. The stock had a trading volume of 56,857 shares, compared to its average volume of 870,240. The firm has a market cap of $5.41 billion, a PE ratio of 27.96, a price-to-earnings-growth ratio of 1.80 and a beta of 1.76. Boot Barn Holdings, Inc. has a 12-month low of $86.17 and a 12-month high of $183.60. The company's 50-day moving average price is $167.43 and its 200 day moving average price is $139.32.

Boot Barn (NYSE:BOOT - Get Free Report) last released its 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. The firm had revenue of $504.07 million during the quarter, compared to analysts' expectations of $489.49 million. Boot Barn had a net margin of 9.81% and a return on equity of 17.73%. Boot Barn's revenue for the quarter was up 19.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.26 EPS. Boot Barn has set its Q2 2026 guidance at 1.190-1.270 EPS. FY 2026 guidance at 5.800-6.700 EPS. As a group, sell-side analysts anticipate that Boot Barn Holdings, Inc. will post 5.82 EPS for the current year.

Boot Barn announced that its board has approved a share repurchase program on Wednesday, May 14th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Cowen reissued a "buy" rating on shares of Boot Barn in a research note on Monday, July 28th. KeyCorp raised 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, August 1st. 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 research note on Thursday, May 15th. Piper Sandler raised 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, July 28th. Finally, BTIG Research raised their price objective on shares of Boot Barn from $200.00 to $218.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $182.54.

Boot Barn Profile

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.