Boot Barn (NYSE:BOOT) Lowered to “Neutral” at UBS Group

Boot Barn (NYSE:BOOT) was downgraded by equities research analysts at UBS Group from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have a $125.00 target price on the stock, down from their previous target price of $140.00. UBS Group’s price target would suggest a potential upside of 2.30% from the stock’s previous close.

A number of other research firms have also weighed in on BOOT. BTIG Research raised their price objective on shares of Boot Barn from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, June 5th. JPMorgan Chase & Co. lifted their price objective on shares of Boot Barn from $125.00 to $146.00 and gave the stock an “overweight” rating in a report on Monday. Craig Hallum increased their price target on Boot Barn from $120.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, June 5th. Citigroup lifted their price objective on shares of Boot Barn from $122.00 to $154.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Finally, Benchmark increased their price objective on Boot Barn from $110.00 to $140.00 and gave the company a “buy” rating in a report on Monday, June 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $132.09.

Boot Barn Stock Up 3.3 %

Shares of BOOT opened at $122.19 on Wednesday. The business has a 50-day simple moving average of $124.25 and a two-hundred day simple moving average of $102.31. Boot Barn has a 12-month low of $66.73 and a 12-month high of $134.61. The stock has a market cap of $3.73 billion, a PE ratio of 25.46 and a beta of 2.09.

Boot Barn (NYSE:BOOT) last released its quarterly earnings results on Tuesday, May 14th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.12. Boot Barn had a net margin of 8.82% and a return on equity of 16.84%. The firm had revenue of $388.46 million during the quarter, compared to analyst estimates of $383.67 million. On average, equities research analysts expect that Boot Barn will post 4.82 EPS for the current year.

Insider Transactions at Boot Barn

In other news, insider Michael A. Love sold 1,079 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $110.21, for a total value of $118,916.59. Following the completion of the sale, the insider now directly owns 2,112 shares of the company’s stock, valued at approximately $232,763.52. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Boot Barn news, insider Michael A. Love sold 5,653 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $113.61, for a total value of $642,237.33. Following the sale, the insider now owns 2,327 shares in the company, valued at $264,370.47. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael A. Love sold 1,079 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $110.21, for a total value of $118,916.59. Following the completion of the sale, the insider now directly owns 2,112 shares in the company, valued at $232,763.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,795 shares of company stock worth $1,329,686. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Boot Barn

Several institutional investors and hedge funds have recently modified their holdings of BOOT. Vanguard Group Inc. increased its stake in Boot Barn by 1.3% during 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 lifted its position in 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 acquiring an additional 1,675,410 shares in the last quarter. Wasatch Advisors LP boosted its stake in Boot Barn by 43.8% during the 1st quarter. Wasatch Advisors LP now owns 2,131,689 shares of the company’s stock valued at $202,830,000 after purchasing an additional 649,021 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings 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 worth $83,425,000 after purchasing an additional 16,308 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Boot Barn by 35.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 700,007 shares of the company’s stock valued at $53,733,000 after buying an additional 182,130 shares during the last quarter.

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.