Boot Barn (NYSE:BOOT) Upgraded by UBS Group to Buy Rating

UBS Group upgraded shares of Boot Barn (NYSE:BOOT) from a neutral rating to a buy rating in a research note issued to investors on Friday, Marketbeat reports. UBS Group currently has $210.00 price target on the stock, up from their previous price target of $155.00.

A number of other research analysts have also issued reports on the company. Baird R W upgraded Boot Barn from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. BTIG Research lifted their price objective on shares of Boot Barn from $165.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Bank of America began coverage on shares of Boot Barn in a research report on Tuesday. They issued a “buy” rating and a $187.00 target price for the company. Robert W. Baird raised Boot Barn from a “neutral” rating to an “outperform” rating and set a $167.00 price target on the stock in a report on Wednesday, October 30th. Finally, Piper Sandler reissued an “overweight” rating and issued a $179.00 price objective on shares of Boot Barn in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $170.75.

Boot Barn Trading Down 2.7 %

BOOT stock opened at $155.95 on Friday. The stock’s 50 day simple moving average is $143.92 and its 200 day simple moving average is $142.67. Boot Barn has a 12-month low of $69.35 and a 12-month high of $169.83. The firm has a market cap of $4.76 billion, a P/E ratio of 31.32 and a beta of 2.10.

Boot Barn (NYSE:BOOT) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.93 by $0.02. The business had revenue of $425.80 million during the quarter, compared to analyst estimates of $424.42 million. Boot Barn had a net margin of 8.73% and a return on equity of 15.89%. The company’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 EPS. On average, research analysts forecast that Boot Barn will post 5.48 EPS for the current fiscal year.

Insider Transactions at Boot Barn

In other Boot Barn news, CEO John Hazen sold 6,311 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $152.98, for a total value of $965,456.78. Following the completion of the transaction, the chief executive officer now directly owns 3,937 shares in the company, valued at $602,282.26. This trade represents a 61.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Boot Barn

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GHP Investment Advisors Inc. acquired a new stake in Boot Barn during the 3rd quarter valued at $25,000. Canada Pension Plan Investment Board purchased a new position in Boot Barn during the second quarter valued at approximately $64,000. GAMMA Investing LLC increased its stake in Boot Barn by 100.8% in the 3rd quarter. GAMMA Investing LLC now owns 534 shares of the company’s stock valued at $89,000 after buying an additional 268 shares during the period. USA Financial Formulas purchased a new stake in Boot Barn in the 3rd quarter worth approximately $92,000. Finally, KBC Group NV boosted its stake in shares of Boot Barn by 23.3% during the 3rd quarter. KBC Group NV now owns 951 shares of the company’s stock valued at $159,000 after buying an additional 180 shares during the period.

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.