JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Boot Barn (NYSE:BOOT) Stock

Boot Barn (NYSE:BOOT) had its price target increased by equities research analysts at JPMorgan Chase & Co. from $181.00 to $188.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 17.51% from the company’s current price.

A number of other analysts have also recently issued reports on BOOT. UBS Group upped their target price on Boot Barn from $127.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Baird R W raised Boot Barn from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Bank of America initiated coverage on shares of Boot Barn in a report on Tuesday. They issued a “buy” rating and a $187.00 target price on the stock. Robert W. Baird upgraded shares of Boot Barn from a “neutral” rating to an “outperform” rating and set a $167.00 price target for the company in a research note on Wednesday, October 30th. Finally, Piper Sandler restated an “overweight” rating and issued a $179.00 price objective on shares of Boot Barn in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $167.00.

Boot Barn Trading Down 0.3 %

Shares of NYSE:BOOT opened at $159.99 on Wednesday. The firm has a 50 day simple moving average of $143.92 and a 200-day simple moving average of $142.67. Boot Barn has a twelve month low of $69.35 and a twelve month high of $169.83. The company has a market capitalization of $4.88 billion, a PE ratio of 32.13 and a beta of 2.10.

Boot Barn (NYSE:BOOT) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.02. Boot Barn had a net margin of 8.73% and a return on equity of 15.89%. The firm had revenue of $425.80 million during the quarter, compared to analysts’ expectations of $424.42 million. During the same period in the previous year, the company earned $0.91 earnings per share. Boot Barn’s quarterly revenue was up 13.7% compared to the same quarter last year. As a group, equities research analysts predict that Boot Barn will post 5.48 EPS for the current fiscal year.

Insider Buying and Selling at Boot Barn

In related 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 sale, the chief executive officer now 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 document filed with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BOOT. Rhumbline Advisers grew its holdings in shares of Boot Barn by 0.6% in the 2nd quarter. Rhumbline Advisers now owns 84,556 shares of the company’s stock worth $10,902,000 after acquiring an additional 543 shares during the period. Arizona State Retirement System boosted its position in Boot Barn by 1.9% during the second quarter. Arizona State Retirement System now owns 8,483 shares of the company’s stock worth $1,094,000 after purchasing an additional 160 shares in the last quarter. Choreo LLC acquired a new stake in Boot Barn in the second quarter valued at $213,000. Texas Permanent School Fund Corp increased its position in shares of Boot Barn by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 26,677 shares of the company’s stock valued at $3,439,000 after buying an additional 158 shares in the last quarter. Finally, Thoroughbred Financial Services LLC acquired a new position in shares of Boot Barn during the 2nd quarter worth $263,000.

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.