Granahan Investment Management LLC Lowers Stock Holdings in Boot Barn Holdings, Inc. $BOOT

Key Points

• Granahan Investment Management LLC reduced its position in Boot Barn by 61.1% in Q1 2023, owning 32,402 shares worth approximately $3.48 million.
• Boot Barn's stock performance showed a 52-week range from a low of $86.17 to a high of $191.31, with a market capitalization of $5.59 billion and a recent PE ratio of 28.86.
• The company reported better-than-expected quarterly earnings of $1.74 EPS, exceeding estimates, and set guidance for Q2 2026 at $1.190-1.270 EPS.

Granahan Investment Management LLC reduced its holdings in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 61.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,402 shares of the company's stock after selling 50,834 shares during the quarter. Granahan Investment Management LLC owned approximately 0.11% of Boot Barn worth $3,481,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Jump Financial LLC acquired a new position in shares of Boot Barn during the first quarter worth $5,363,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of Boot Barn by 29.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 14,731 shares of the company's stock worth $1,583,000 after buying an additional 3,341 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Boot Barn during the first quarter worth approximately $916,000. KBC Group NV lifted its stake in Boot Barn by 21.8% in the first quarter. KBC Group NV now owns 1,489 shares of the company's stock valued at $160,000 after acquiring an additional 267 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Boot Barn by 8,368.8% in the first quarter. GAMMA Investing LLC now owns 42,005 shares of the company's stock worth $4,513,000 after buying an additional 41,509 shares during the last quarter.

Boot Barn Trading Up 2.3%

NYSE BOOT traded up $4.31 during mid-day trading on Thursday, hitting $187.91. The company's stock had a trading volume of 237,675 shares, compared to its average volume of 852,437. The firm has a market capitalization of $5.74 billion, a price-to-earnings ratio of 29.64, a PEG ratio of 1.87 and a beta of 1.62. The company's 50 day simple moving average is $172.28 and its 200 day simple moving average is $142.38. Boot Barn Holdings, Inc. has a twelve month low of $86.17 and a twelve month high of $191.31.

Boot Barn (NYSE:BOOT - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $504.07 million for the quarter, compared to the consensus estimate 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 period in the previous year, the firm 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, research analysts forecast that Boot Barn Holdings, Inc. will post 5.82 EPS for the current year.

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of Boot Barn from $207.00 to $247.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Cowen reiterated a "buy" rating on shares of Boot Barn in a research report on Monday, July 28th. UBS Group raised their target price on shares of Boot Barn from $156.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Citigroup lifted their price objective 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. Finally, Piper Sandler boosted their target price on shares of Boot Barn from $184.00 to $185.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. One equities research 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 company. According to data from MarketBeat.com, Boot Barn has an average rating of "Moderate Buy" and an average price target of $182.54.

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.