JPMorgan Chase & Co. Cuts Boot Barn (NYSE:BOOT) Price Target to $196.00

Boot Barn (NYSE:BOOT) had its price target reduced by JPMorgan Chase & Co. from $209.00 to $196.00 in a report published on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts also recently issued reports about the company. Stephens began coverage on Boot Barn in a research note on Wednesday, April 9th. They issued an “overweight” rating and a $100.00 target price on the stock. Piper Sandler set a $162.00 price target on Boot Barn in a report on Friday, April 25th. Robert W. Baird dropped their price objective on shares of Boot Barn from $133.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 23rd. KeyCorp cut their price objective on shares of Boot Barn from $190.00 to $165.00 and set an “overweight” rating for the company in a research report on Tuesday, April 29th. Finally, StockNews.com downgraded shares of Boot Barn from a “hold” rating to a “sell” rating in a report on Monday, February 17th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $170.62.

Boot Barn Trading Up 1.3%

Shares of BOOT opened at $156.99 on Thursday. The company’s 50 day simple moving average is $107.05 and its 200-day simple moving average is $130.04. The firm has a market cap of $4.80 billion, a PE ratio of 28.03, a price-to-earnings-growth ratio of 1.17 and a beta of 1.59. Boot Barn has a 12-month low of $86.17 and a 12-month high of $176.64.

Boot Barn (NYSE:BOOT) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.24 by ($0.02). Boot Barn had a return on equity of 17.11% and a net margin of 9.36%. The business had revenue of $453.75 million for the quarter, compared to analysts’ expectations of $458.56 million. As a group, equities research analysts forecast that Boot Barn will post 5.82 EPS for the current fiscal year.

Boot Barn declared that its Board of Directors has authorized a share buyback program on Wednesday, May 14th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to purchase up to 4.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Boot Barn

Large investors have recently bought and sold shares of the stock. United Services Automobile Association acquired a new stake in shares of Boot Barn during the first quarter valued at $209,000. Goldman Sachs Group Inc. boosted its stake in shares of Boot Barn by 23.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 323,664 shares of the company’s stock worth $34,771,000 after purchasing an additional 61,719 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its holdings in shares of Boot Barn by 170.8% during the first quarter. Dynamic Technology Lab Private Ltd now owns 33,445 shares of the company’s stock worth $3,593,000 after buying an additional 21,096 shares in the last quarter. Select Equity Group L.P. raised its position in shares of Boot Barn by 754.7% in the first quarter. Select Equity Group L.P. now owns 102,536 shares of the company’s stock valued at $11,015,000 after buying an additional 90,539 shares during the last quarter. Finally, Shellback Capital LP raised its position in shares of Boot Barn by 33.8% in the first quarter. Shellback Capital LP now owns 147,600 shares of the company’s stock valued at $15,857,000 after buying an additional 37,300 shares during the last quarter.

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.