Boot Barn (NYSE:BOOT) Hits New 52-Week High Following Analyst Upgrade

Shares of Boot Barn Holdings, Inc. (NYSE:BOOT) hit a new 52-week high during trading on Thursday after UBS Group raised their price target on the stock from $127.00 to $165.00. UBS Group currently has a neutral rating on the stock. Boot Barn traded as high as $169.83 and last traded at $169.61, with a volume of 161586 shares trading hands. The stock had previously closed at $167.10.

A number of other equities research analysts have also recently weighed in on the company. Citigroup lifted their price target on Boot Barn from $122.00 to $154.00 and gave the company a “buy” rating in a report on Friday, July 19th. JPMorgan Chase & Co. lifted their price target on Boot Barn from $146.00 to $160.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Piper Sandler lifted their price target on Boot Barn from $147.00 to $179.00 and gave the company an “overweight” rating in a report on Monday. Benchmark lifted their price target on Boot Barn from $140.00 to $192.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, BTIG Research lifted their price target on Boot Barn from $150.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $156.00.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. UniSuper Management Pty Ltd bought a new position in shares of Boot Barn in the first quarter valued at $695,000. Sei Investments Co. increased its holdings in shares of Boot Barn by 52.5% in the first quarter. Sei Investments Co. now owns 73,884 shares of the company’s stock valued at $7,030,000 after buying an additional 25,434 shares in the last quarter. Capital Research Global Investors bought a new position in shares of Boot Barn in the first quarter valued at $32,779,000. Jennison Associates LLC increased its holdings in shares of Boot Barn by 19.6% in the first quarter. Jennison Associates LLC now owns 530,882 shares of the company’s stock valued at $50,513,000 after buying an additional 86,969 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Boot Barn by 12.8% in the first quarter. Russell Investments Group Ltd. now owns 131,658 shares of the company’s stock valued at $12,527,000 after buying an additional 14,980 shares in the last quarter.

Boot Barn Price Performance

The company has a market cap of $5.06 billion, a P/E ratio of 34.66 and a beta of 2.12. The company has a fifty day simple moving average of $151.00 and a 200-day simple moving average of $128.66.

Boot Barn (NYSE:BOOT) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.18. Boot Barn had a net margin of 8.89% and a return on equity of 16.44%. The firm had revenue of $423.40 million for the quarter, compared to analysts’ expectations of $415.04 million. During the same period in the previous year, the company posted $1.11 EPS. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, analysts anticipate that Boot Barn Holdings, Inc. will post 5.29 EPS 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.