Jennison Associates LLC Has $47.86 Million Stake in Boot Barn Holdings, Inc. (NYSE:BOOT)

Jennison Associates LLC increased its stake in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 30.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 445,449 shares of the company's stock after acquiring an additional 104,899 shares during the period. Jennison Associates LLC owned 1.46% of Boot Barn worth $47,855,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Signaturefd LLC grew its holdings in Boot Barn by 201.8% in the 4th quarter. Signaturefd LLC now owns 166 shares of the company's stock valued at $25,000 after buying an additional 111 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of Boot Barn in the 1st quarter worth approximately $29,000. Golden State Wealth Management LLC lifted its position in shares of Boot Barn by 263.6% in the 1st quarter. Golden State Wealth Management LLC now owns 280 shares of the company's stock worth $30,000 after acquiring an additional 203 shares during the period. Versant Capital Management Inc lifted its position in shares of Boot Barn by 210.8% in the 1st quarter. Versant Capital Management Inc now owns 317 shares of the company's stock worth $34,000 after acquiring an additional 215 shares during the period. Finally, Huntington National Bank lifted its position in shares of Boot Barn by 54.5% in the 4th quarter. Huntington National Bank now owns 794 shares of the company's stock worth $121,000 after acquiring an additional 280 shares during the period.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Boot Barn from $196.00 to $207.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Piper Sandler raised their target price on Boot Barn from $162.00 to $184.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Craig Hallum upgraded Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 target price for the company in a research report on Wednesday, April 23rd. Robert W. Baird raised their target price on Boot Barn from $140.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Finally, Citigroup raised their target price on Boot Barn from $137.00 to $180.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $173.67.

Boot Barn Price Performance

Shares of Boot Barn stock opened at $170.80 on Friday. Boot Barn Holdings, Inc. has a 1 year low of $86.17 and a 1 year high of $177.10. The business has a 50-day moving average of $160.21 and a two-hundred day moving average of $136.45. The company has a market capitalization of $5.22 billion, a P/E ratio of 29.15, a price-to-earnings-growth ratio of 2.00 and a beta of 1.69.

Boot Barn (NYSE:BOOT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.02). The firm had revenue of $453.75 million for the quarter, compared to analyst estimates of $458.56 million. Boot Barn had a return on equity of 16.98% and a net margin of 9.47%. The firm's quarterly revenue was up 16.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.96 earnings per share. On average, equities analysts anticipate that Boot Barn Holdings, Inc. will post 5.82 EPS for the current fiscal year.

Boot Barn announced that its board has authorized a stock buyback 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 shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its stock is undervalued.

Insider Activity at Boot Barn

In other 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 completion of the sale, the insider directly owned 2,112 shares of the company's stock, valued at $328,078.08. This trade represents a 66.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Laurie Marie Grijalva sold 2,438 shares of Boot Barn stock in a transaction that occurred 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 transaction, the insider owned 14,593 shares of the company's stock, valued at $2,344,657.31. This represents a 14.32% 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.

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.

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