Boot Barn (NYSE:BOOT) Trading Down 7% on Analyst Downgrade

Shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Get Free Report) were down 7% during trading on Monday after UBS Group lowered their price target on the stock from $210.00 to $200.00. UBS Group currently has a buy rating on the stock. Boot Barn traded as low as $149.30 and last traded at $149.58. Approximately 292,776 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 887,996 shares. The stock had previously closed at $160.85.

Several other research analysts have also recently weighed in on BOOT. Bank of America upped their price objective on shares of Boot Barn from $187.00 to $192.00 and gave the stock a "buy" rating in a research report on Wednesday, January 15th. KeyCorp raised Boot Barn from a "sector weight" rating to an "overweight" rating and set a $190.00 target price on the stock in a research note on Thursday, January 23rd. Citigroup dropped their price target on Boot Barn from $194.00 to $178.00 and set a "buy" rating for the company in a research note on Tuesday, October 29th. Robert W. Baird raised Boot Barn from a "neutral" rating to an "outperform" rating and set a $167.00 price objective on the stock in a report on Wednesday, October 30th. Finally, Baird R W raised Boot Barn from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $181.58.

Insider Activity

In related news, CEO John Hazen sold 6,311 shares of the business's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $152.98, for a total transaction of $965,456.78. Following the completion of the transaction, the chief executive officer now directly owns 3,937 shares of the company's stock, valued at $602,282.26. The trade was a 61.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Boot Barn

A number of large investors have recently made changes to their positions in BOOT. State Street Corp boosted its holdings in Boot Barn by 4.4% in the third quarter. State Street Corp now owns 1,208,345 shares of the company's stock worth $202,132,000 after purchasing an additional 51,356 shares during the period. Geode Capital Management LLC increased its position in shares of Boot Barn by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 676,277 shares of the company's stock valued at $113,150,000 after purchasing an additional 6,369 shares during the period. Thrivent Financial for Lutherans raised its position in Boot Barn by 0.4% in the third quarter. Thrivent Financial for Lutherans now owns 495,546 shares of the company's stock worth $82,895,000 after acquiring an additional 1,834 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Boot Barn by 1.0% during the 3rd quarter. Franklin Resources Inc. now owns 420,688 shares of the company's stock valued at $68,004,000 after purchasing an additional 4,226 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Boot Barn by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 352,698 shares of the company's stock valued at $58,999,000 after purchasing an additional 6,335 shares during the last quarter.

Boot Barn Price Performance

The stock's fifty day moving average is $153.52 and its two-hundred day moving average is $147.14. The stock has a market capitalization of $4.35 billion, a P/E ratio of 25.50, a PEG ratio of 1.45 and a beta of 2.10.

Boot Barn (NYSE:BOOT - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The company reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.38. Boot Barn had a net margin of 9.36% and a return on equity of 17.11%. Analysts expect that Boot Barn Holdings, Inc. will post 5.84 EPS for the current year.

Boot Barn Company 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.