Boot Barn Holdings, Inc. (NYSE:BOOT) Shares Sold by Phocas Financial Corp.

Key Points

• Phocas Financial Corp. reduced its stake in Boot Barn Holdings by 28.6%, now holding 54,301 shares valued at about $5.83 million.
• Boot Barn's Board of Directors approved a $200 million share repurchase plan, indicating confidence in the company's stock value.
• The company reported a quarterly earnings per share of $1.74, surpassing expectations, with a revenue growth of 19.1% year-over-year.

Phocas Financial Corp. cut its stake in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 28.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 54,301 shares of the company's stock after selling 21,800 shares during the quarter. Phocas Financial Corp. owned approximately 0.18% of Boot Barn worth $5,834,000 at the end of the most recent reporting period.

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

Boot Barn Price Performance

Shares of NYSE:BOOT traded down $0.76 during mid-day trading on Wednesday, reaching $166.30. 89,208 shares of the company were exchanged, compared to its average volume of 912,494. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of 26.23, a P/E/G ratio of 1.75 and a beta of 1.76. The firm's 50-day simple moving average is $165.07 and its 200 day simple moving average is $137.84. Boot Barn Holdings, Inc. has a 1 year low of $86.17 and a 1 year high of $183.60.

Boot Barn (NYSE:BOOT - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.74 earnings per share for the quarter, topping analysts' consensus estimates 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%. The firm's quarterly revenue was up 19.1% on a year-over-year basis. During the same quarter last year, the company posted $1.26 EPS. On average, research analysts forecast that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current fiscal year.

Boot Barn declared that its board has approved a share buyback plan on Wednesday, May 14th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

BOOT has been the subject of a number of research reports. Jefferies Financial Group downgraded shares of Boot Barn from a "buy" rating to a "hold" rating and decreased their target price for the company from $187.00 to $175.00 in a research report on Wednesday, July 23rd. Cowen reiterated a "buy" rating on shares of Boot Barn in a research report on Monday, July 28th. UBS Group upped their price objective on shares of Boot Barn from $156.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Stephens started coverage on shares of Boot Barn in a research report on Wednesday, April 9th. They issued an "overweight" rating and a $100.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Boot Barn from $207.00 to $247.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Boot Barn currently has a consensus rating of "Moderate Buy" and a consensus price target of $182.54.

Insider Buying and Selling

In other news, insider Laurie Marie Grijalva sold 2,438 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $160.67, for a total value of $391,713.46. Following the sale, the insider directly 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 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 firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $155.34, for a total transaction of $645,282.36. Following the completion of the sale, the insider owned 2,112 shares in the company, valued at $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. 0.66% of the stock is owned by corporate insiders.

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.