Cetera Investment Advisers Buys 2,307 Shares of Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• Cetera Investment Advisers increased its stock position in Boot Barn Holdings, Inc. (NYSE:BOOT) by 28.2% during the first quarter, now holding 10,486 shares valued at approximately $1.1 million.
• Multiple institutional investors, including Golden State Wealth Management and Versant Capital Management, significantly increased their stakes in Boot Barn during the same period.
• Boot Barn announced a $200 million stock repurchase plan, indicating that management believes its shares are undervalued amid a recent upward trend in earnings and revenue.

Cetera Investment Advisers grew its stake in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 28.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,486 shares of the company's stock after acquiring an additional 2,307 shares during the quarter. Cetera Investment Advisers' holdings in Boot Barn were worth $1,127,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Opal Wealth Advisors LLC acquired a new position in Boot Barn during the first quarter worth approximately $29,000. Golden State Wealth Management LLC increased its position 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 purchasing an additional 203 shares during the last quarter. Versant Capital Management Inc increased its position in Boot Barn by 210.8% during the first 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. First Horizon Advisors Inc. increased its position in shares of Boot Barn by 20.6% in the first quarter. First Horizon Advisors Inc. now owns 1,321 shares of the company's stock worth $142,000 after acquiring an additional 226 shares in the last quarter. Finally, Coldstream Capital Management Inc. increased its position in shares of Boot Barn by 7.6% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,367 shares of the company's stock worth $208,000 after acquiring an additional 97 shares in the last quarter.

Boot Barn Stock Down 0.2%

Shares of BOOT stock traded down $0.26 during trading hours on Friday, reaching $162.21. 245,464 shares of the stock traded hands, compared to its average volume of 896,830. Boot Barn Holdings, Inc. has a 1-year low of $86.17 and a 1-year high of $183.60. The business has a fifty day moving average price of $165.93 and a 200 day moving average price of $138.14. The firm has a market capitalization of $4.96 billion, a PE ratio of 25.59, a PEG ratio of 1.71 and a beta of 1.76.

Boot Barn (NYSE:BOOT - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $1.74 EPS for the quarter, beating analysts' consensus estimates of $1.55 by $0.19. Boot Barn had a net margin of 9.81% and a return on equity of 17.73%. The firm had revenue of $504.07 million for the quarter, compared to the consensus estimate of $489.49 million. During the same period in the previous year, the firm posted $1.26 earnings per share. The firm's revenue was up 19.1% on a year-over-year basis. Research analysts expect that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current fiscal year.

Boot Barn announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 14th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Boot Barn

In other Boot Barn news, insider Michael A. Love sold 4,154 shares of the firm's 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 owned 2,112 shares of the company's stock, valued at $328,078.08. This trade represents a 66.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Laurie Marie Grijalva sold 2,438 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 14,593 shares in the company, valued at $2,344,657.31. This trade represents a 14.32% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.66% of the company's stock.

Analyst Ratings Changes

BOOT has been the subject of a number of recent analyst reports. Robert W. Baird raised their price target on shares of Boot Barn from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. BTIG Research raised their price target on shares of Boot Barn from $200.00 to $218.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Bank of America raised their price target on shares of Boot Barn from $160.00 to $173.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. lifted their price objective on shares of Boot Barn from $207.00 to $247.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Finally, Cowen restated a "buy" rating on shares of Boot Barn in a research report on Monday, July 28th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $182.54.

Boot Barn Company 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.