Envestnet Asset Management Inc. Sells 4,075 Shares of Boot Barn Holdings, Inc. (NYSE:BOOT)

Envestnet Asset Management Inc. lowered its stake in shares of Boot Barn Holdings, Inc. (NYSE:BOOT) by 4.7% in the first quarter, Holdings Channel reports. The firm owned 82,186 shares of the company’s stock after selling 4,075 shares during the period. Envestnet Asset Management Inc.’s holdings in Boot Barn were worth $8,829,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Signaturefd LLC raised its stake in shares of Boot Barn by 201.8% in the fourth quarter. Signaturefd LLC now owns 166 shares of the company’s stock valued at $25,000 after purchasing an additional 111 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in Boot Barn during the first quarter worth $29,000. Golden State Wealth Management LLC raised its stake in Boot Barn by 263.6% during the first quarter. Golden State Wealth Management LLC now owns 280 shares of the company’s stock worth $30,000 after acquiring an additional 203 shares in the last quarter. Versant Capital Management Inc raised its stake in Boot Barn by 210.8% during the first quarter. Versant Capital Management Inc now owns 317 shares of the company’s stock worth $34,000 after acquiring an additional 215 shares in the last quarter. Finally, Huntington National Bank raised its stake in Boot Barn by 54.5% during the fourth quarter. Huntington National Bank now owns 794 shares of the company’s stock worth $121,000 after acquiring an additional 280 shares in the last quarter.

Boot Barn Trading Up 2.0%

Shares of BOOT stock opened at $173.96 on Tuesday. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 2.00 and a beta of 1.69. The stock has a 50-day moving average of $160.21 and a 200-day moving average of $136.34. Boot Barn Holdings, Inc. has a 1-year low of $86.17 and a 1-year high of $177.10.

Boot Barn (NYSE:BOOT) last announced its quarterly earnings results 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). The firm had revenue of $453.75 million during the quarter, compared to the consensus estimate of $458.56 million. Boot Barn had a return on equity of 16.98% and a net margin of 9.47%. The firm’s revenue was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.96 EPS. Sell-side analysts forecast that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current year.

Boot Barn announced that its board has approved a share buyback program on Wednesday, May 14th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other Boot Barn news, insider Laurie Marie Grijalva sold 2,438 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $160.67, for a total transaction of $391,713.46. Following the completion of the transaction, the insider owned 14,593 shares of the company’s stock, valued at $2,344,657.31. This represents a 14.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael A. Love sold 4,154 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $155.34, for a total value of $645,282.36. Following the completion of the transaction, the insider owned 2,112 shares of the company’s stock, valued at approximately $328,078.08. The trade was a 66.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. UBS Group lifted their price objective on Boot Barn from $156.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Piper Sandler lifted their price objective on Boot Barn from $162.00 to $184.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Bank of America raised their target price on Boot Barn from $160.00 to $173.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. KeyCorp reduced their target price on Boot Barn from $190.00 to $165.00 and set an “overweight” rating on the stock in a report on Tuesday, April 29th. Finally, Craig Hallum upgraded Boot Barn from a “hold” rating to a “buy” rating and set a $130.00 target price on the stock in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Boot Barn has a consensus rating of “Moderate Buy” and an average target price of $173.67.

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.