Granahan Investment Management LLC Purchases 48,215 Shares of Boot Barn Holdings, Inc. (NYSE:BOOT)

Granahan Investment Management LLC raised its stake in Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) by 137.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 83,236 shares of the company's stock after purchasing an additional 48,215 shares during the period. Granahan Investment Management LLC owned approximately 0.27% of Boot Barn worth $12,637,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bank of Montreal Can increased its stake 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 acquiring an additional 82 shares during the period. Cetera Investment Advisers raised its stake in shares of Boot Barn by 1.0% in the 4th quarter. Cetera Investment Advisers now owns 8,179 shares of the company's stock valued at $1,242,000 after buying an additional 83 shares in the last quarter. Coldstream Capital Management Inc. grew its holdings in shares of Boot Barn by 7.6% in the 4th quarter. Coldstream Capital Management Inc. now owns 1,367 shares of the company's stock worth $208,000 after purchasing an additional 97 shares during the last quarter. Summit Investment Advisors Inc. raised its position in Boot Barn by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,096 shares of the company's stock worth $470,000 after purchasing an additional 98 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in Boot Barn by 0.7% in the 4th quarter. Louisiana State Employees Retirement System now owns 14,800 shares of the company's stock valued at $2,247,000 after buying an additional 100 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BOOT. UBS Group raised their target price on shares of Boot Barn from $156.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday. JPMorgan Chase & Co. decreased their price target on shares of Boot Barn from $209.00 to $196.00 and set an "overweight" rating for the company in a report on Thursday. Piper Sandler boosted their target price on Boot Barn from $162.00 to $184.00 and gave the company an "overweight" rating in a research note on Thursday. Stephens initiated coverage on Boot Barn in a report on Wednesday, April 9th. They set an "overweight" rating and a $100.00 price objective on the stock. Finally, Robert W. Baird raised their price objective on shares of Boot Barn from $140.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday. One research analyst has rated the stock with a sell rating, one has given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $170.46.

Boot Barn Stock Performance

Shares of NYSE:BOOT traded up $21.29 during mid-day trading on Thursday, reaching $154.13. 2,166,134 shares of the company's stock were exchanged, compared to its average volume of 825,513. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of 27.55, a PEG ratio of 1.17 and a beta of 1.59. Boot Barn Holdings, Inc. has a twelve month low of $86.17 and a twelve month high of $176.64. The business's fifty day moving average price is $104.90 and its 200-day moving average price is $129.88.

Boot Barn (NYSE:BOOT - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.24 by ($0.02). The company had revenue of $453.75 million during the quarter, compared to the consensus estimate of $458.56 million. Boot Barn had a net margin of 9.36% and a return on equity of 17.11%. Analysts predict that Boot Barn Holdings, Inc. will post 5.82 EPS for the current fiscal year.

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

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.