Boot Barn (NYSE:BOOT) Trading 3.6% Higher Following Analyst Upgrade

Shares of Boot Barn Holdings, Inc. (NYSE:BOOT) were up 3.6% during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $94.00 to $110.00. Piper Sandler currently has an overweight rating on the stock. Boot Barn traded as high as $101.72 and last traded at $101.65. Approximately 150,101 shares traded hands during trading, a decline of 82% from the average daily volume of 824,698 shares. The stock had previously closed at $98.15.

A number of other brokerages have also weighed in on BOOT. Williams Trading reissued a “hold” rating on shares of Boot Barn in a report on Tuesday, January 16th. B. Riley decreased their target price on shares of Boot Barn from $92.00 to $83.00 and set a “buy” rating for the company in a research report on Thursday, February 1st. Robert W. Baird upped their price objective on shares of Boot Barn from $70.00 to $90.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. UBS Group upgraded shares of Boot Barn from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $75.00 to $108.00 in a research report on Friday, January 5th. Finally, StockNews.com downgraded shares of Boot Barn from a “hold” rating to a “sell” rating in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Boot Barn presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.56.

Insider Activity

In other news, insider Laurie Marie Grijalva sold 5,861 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $90.31, for a total value of $529,306.91. Following the transaction, the insider now directly owns 5,861 shares in the company, valued at approximately $529,306.91. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Boot Barn news, insider Laurie Marie Grijalva sold 5,861 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $90.31, for a total transaction of $529,306.91. Following the sale, the insider now directly owns 5,861 shares in the company, valued at approximately $529,306.91. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Gene Eddie Burt sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $85.03, for a total transaction of $85,030.00. Following the sale, the director now owns 1,542 shares in the company, valued at $131,116.26. The disclosure for this sale can be found here. Insiders sold a total of 26,339 shares of company stock valued at $2,413,715 in the last 90 days. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Boot Barn

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Boot Barn by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 2,744,105 shares of the company’s stock valued at $210,638,000 after purchasing an additional 35,925 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Boot Barn by 186.6% in the 4th quarter. Wellington Management Group LLP now owns 2,573,306 shares of the company’s stock valued at $197,527,000 after buying an additional 1,675,410 shares during the last quarter. State Street Corp grew its position in shares of Boot Barn by 3.1% in the 2nd quarter. State Street Corp now owns 1,128,031 shares of the company’s stock valued at $95,533,000 after buying an additional 33,688 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Boot Barn by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,086,810 shares of the company’s stock valued at $83,425,000 after buying an additional 16,308 shares during the last quarter.

Boot Barn Stock Performance

The stock’s 50-day moving average is $90.93 and its 200 day moving average is $80.53. The stock has a market capitalization of $3.08 billion, a PE ratio of 18.28 and a beta of 2.19.

Boot Barn (NYSE:BOOT) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.01. Boot Barn had a net margin of 9.62% and a return on equity of 19.52%. The company had revenue of $520.40 million for the quarter, compared to the consensus estimate of $520.34 million. Analysts expect that Boot Barn Holdings, Inc. will post 4.72 earnings per share for the current year.

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.