Pivotal Research reiterated their hold rating on shares of Boot Barn (NYSE:BOOT) in a research note issued to investors on Thursday, AnalystRatings.com reports. Pivotal Research currently has a $35.00 target price on the stock, up from their prior target price of $31.00.
“We went into this print believing an upside surprise was probable, with SSS likely to exceed plan by 100bp+. As such, we weren’t surprised by a beat, but we are surprised by the magnitude of the beat. What really jumps out at us is that SSS (+9.4%) was stronger than last quarter (+8.7%), and this stands out because the oil patch was less of a tailwind for 1Q20 than 4Q19. On its call, BOOT downplayed the correlation between its performance and oil prices. This strikes us as a little misleading, as we would argue that, as it relates to the oil patch, BOOT comp is much more closely correlated to oil-gas employment than oil prices, and the former tends to lag the latter. Despite BOOT’s comments and strong 1Q results, we’re not yet abandoning our view of the relationship between BOOT comp and oil-gas employment.”,” the firm’s analyst wrote.
Several other research firms also recently weighed in on BOOT. Susquehanna Bancshares assumed coverage on shares of Boot Barn in a report on Friday, July 12th. They set a neutral rating and a $35.00 target price for the company. ValuEngine upgraded shares of Boot Barn from a hold rating to a buy rating in a report on Friday, June 7th. Zacks Investment Research upgraded shares of Boot Barn from a hold rating to a strong-buy rating and set a $38.00 target price for the company in a report on Wednesday, July 17th. Robert W. Baird cut shares of Boot Barn from an outperform rating to a neutral rating and set a $36.00 price target on the stock. in a research note on Monday, July 8th. Finally, DA Davidson initiated coverage on shares of Boot Barn in a research note on Wednesday, June 19th. They set a buy rating and a $41.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $35.10.
Boot Barn (NYSE:BOOT) last posted its earnings results on Wednesday, July 31st. The company reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.11. Boot Barn had a net margin of 5.24% and a return on equity of 15.99%. The firm had revenue of $185.77 million during the quarter, compared to the consensus estimate of $179.98 million. During the same period last year, the firm posted $0.15 EPS. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. Research analysts anticipate that Boot Barn will post 1.66 earnings per share for the current year.
In other Boot Barn news, CEO James Grant Conroy sold 81,224 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $33.00, for a total transaction of $2,680,392.00. Following the sale, the chief executive officer now directly owns 25,868 shares of the company’s stock, valued at approximately $853,644. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in BOOT. Jennison Associates LLC acquired a new stake in shares of Boot Barn during the 1st quarter worth about $14,318,000. Norges Bank acquired a new stake in shares of Boot Barn in the fourth quarter worth approximately $5,044,000. Columbus Circle Investors boosted its position in shares of Boot Barn by 109.1% in the first quarter. Columbus Circle Investors now owns 476,834 shares of the company’s stock worth $14,038,000 after acquiring an additional 248,764 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Boot Barn by 22.1% in the first quarter. Marshall Wace LLP now owns 1,094,563 shares of the company’s stock worth $32,223,000 after acquiring an additional 198,108 shares during the last quarter. Finally, Stormborn Capital Management LLC boosted its position in shares of Boot Barn by 219.9% in the first quarter. Stormborn Capital Management LLC now owns 260,393 shares of the company’s stock worth $7,666,000 after acquiring an additional 179,000 shares during 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.
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