Boot Barn Holdings, Inc. (NYSE:BOOT) Shares Acquired by Cynosure Group LLC

Cynosure Group LLC grew its stake in Boot Barn Holdings, Inc. (NYSE:BOOT) by 44.1% during the 1st quarter, Holdings Channel reports. The firm owned 3,024 shares of the company’s stock after purchasing an additional 925 shares during the quarter. Cynosure Group LLC’s holdings in Boot Barn were worth $325,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Bank of Montreal Can lifted its stake in shares of Boot Barn by 1.4% in the fourth quarter. Bank of Montreal Can now owns 5,936 shares of the company’s stock worth $901,000 after buying an additional 82 shares in the last quarter. Cetera Investment Advisers lifted its stake in shares of Boot Barn by 1.0% in the fourth quarter. Cetera Investment Advisers now owns 8,179 shares of the company’s stock worth $1,242,000 after buying an additional 83 shares in the last quarter. Coldstream Capital Management Inc. lifted its stake in shares of Boot Barn by 7.6% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,367 shares of the company’s stock worth $208,000 after buying an additional 97 shares in the last quarter. Summit Investment Advisors Inc. lifted its stake in shares of Boot Barn by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,096 shares of the company’s stock worth $470,000 after buying an additional 98 shares in the last quarter. Finally, Park Avenue Securities LLC lifted its stake in shares of Boot Barn by 5.7% in the first quarter. Park Avenue Securities LLC now owns 1,963 shares of the company’s stock worth $211,000 after buying an additional 105 shares in the last quarter.

Boot Barn Price Performance

Shares of BOOT opened at $165.84 on Monday. Boot Barn Holdings, Inc. has a 1-year low of $86.17 and a 1-year high of $183.60. The stock has a market cap of $5.07 billion, a PE ratio of 26.16, a P/E/G ratio of 1.69 and a beta of 1.76. The firm has a 50-day simple moving average of $165.47 and a two-hundred day simple moving average of $137.75.

Boot Barn (NYSE:BOOT) last announced its quarterly earnings data on Thursday, July 31st. The company reported $1.74 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.19. The firm had revenue of $504.07 million during the quarter, compared to analysts’ expectations of $489.49 million. Boot Barn had a net margin of 9.81% and a return on equity of 17.73%. The business’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.26 earnings per share. As a group, sell-side analysts expect that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current fiscal year.

Boot Barn declared that its board has approved a stock repurchase program on Wednesday, May 14th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Michael A. Love sold 4,154 shares of Boot Barn 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 in the company, valued at approximately $328,078.08. The trade was a 66.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Laurie Marie Grijalva sold 2,438 shares of Boot Barn stock in a transaction that occurred on Thursday, May 22nd. The shares were 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 trade represents a 14.32% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BOOT shares. Piper Sandler raised their price target on shares of Boot Barn from $184.00 to $185.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Cowen reissued a “buy” rating on shares of Boot Barn in a research note on Monday, July 28th. Craig Hallum raised shares of Boot Barn from a “hold” rating to a “buy” rating and set a $130.00 target price on the stock in a research note on Wednesday, April 23rd. Bank of America lifted their target price on shares of Boot Barn from $160.00 to $173.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Boot Barn from $207.00 to $247.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $182.54.

Boot Barn 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.