Zacks Investment Research upgraded shares of Boot Barn (NYSE:BOOT) from a hold rating to a strong-buy rating in a report published on Wednesday morning, Zacks.com reports. The firm currently has $38.00 price objective on the stock.

According to Zacks, “Boot Barn Holdings, Inc. operates as a lifestyle retail chain devoted to western and work-related footwear, apparel and accessories. The company’s products include boots, denim, western shirts, cowboy hats, belts and belt buckles, and western-style jewellery and accessories; and rugged footwear, outerwear, overalls, denims, and shirts, as well as safety-toe boots, and flame-resistant and high-visibility clothing. It sells its products through bootbarn.com, an e-commerce Website. Boot Barn Holdings, Inc. is headquartered in Irvine, California. “

Several other research analysts have also weighed in on the company. Susquehanna Bancshares began coverage on Boot Barn in a research report on Friday, July 12th. They issued a neutral rating and a $35.00 price objective for the company. Wells Fargo & Co set a $9.00 price objective on Bausch Health Companies and gave the stock a sell rating in a research report on Friday, May 17th. Pivotal Research lowered Boot Barn from a buy rating to a hold rating and increased their price objective for the stock from $28.00 to $30.00 in a research report on Monday, May 13th. DA Davidson began coverage on Nomad Foods in a research report on Wednesday, June 19th. They issued a buy rating and a $26.00 price objective for the company. Finally, Citigroup set a $12.00 price objective on Controladora Vuela Co Avcn SA CV and gave the stock a buy rating in a research report on Monday, July 15th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Boot Barn currently has an average rating of Buy and an average price target of $34.10.

BOOT stock opened at $33.02 on Wednesday. The company has a quick ratio of 0.24, a current ratio of 1.83 and a debt-to-equity ratio of 0.69. The firm has a 50 day moving average of $32.70. The stock has a market capitalization of $931.50 million, a price-to-earnings ratio of 26.63, a PEG ratio of 1.27 and a beta of 2.38. Boot Barn has a 1 year low of $15.01 and a 1 year high of $37.15.

Boot Barn (NYSE:BOOT) last posted its quarterly earnings results on Wednesday, May 15th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $192.76 million during the quarter, compared to analyst estimates of $189.29 million. Boot Barn had a return on equity of 14.65% and a net margin of 5.02%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.24 earnings per share. Equities research analysts forecast that Boot Barn will post 1.52 earnings per share for the current fiscal year.

In other news, CEO James Grant Conroy sold 81,224 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $33.00, for a total value of $2,680,392.00. Following the sale, the chief executive officer now directly owns 25,868 shares in the company, valued at $853,644. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc raised its stake in shares of Boot Barn by 7.8% in the fourth quarter. Legal & General Group Plc now owns 5,058 shares of the company’s stock valued at $86,000 after acquiring an additional 368 shares in the last quarter. Globeflex Capital L P raised its stake in Boot Barn by 15.1% in the first quarter. Globeflex Capital L P now owns 6,159 shares of the company’s stock valued at $181,000 after buying an additional 810 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in Boot Barn by 10.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 11,400 shares of the company’s stock valued at $336,000 after buying an additional 1,090 shares in the last quarter. Summit Creek Advisors LLC raised its stake in Boot Barn by 0.3% in the second quarter. Summit Creek Advisors LLC now owns 479,380 shares of the company’s stock valued at $17,085,000 after buying an additional 1,340 shares in the last quarter. Finally, United Services Automobile Association raised its stake in Boot Barn by 16.3% in the fourth quarter. United Services Automobile Association now owns 10,055 shares of the company’s stock valued at $171,000 after buying an additional 1,412 shares in 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.

Recommended Story: Market Capitalization in the Stock Market

Get a free copy of the Zacks research report on Boot Barn (BOOT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Boot Barn (NYSE:BOOT)

Receive News & Ratings for Boot Barn Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Boot Barn and related companies with MarketBeat.com's FREE daily email newsletter.