Stock Up 40% in a Year, $706 Million in Quarterly Sales: Why Boot Barn’s Trimmed Stake Deserves a Look

Ranger Investment Management disclosed on February 13, 2026, that it sold 99,800 shares of Boot Barn Holdings (NYSE:BOOT), an estimated $18.62 million transaction based on quarterly average pricing.

What happened

According to a recent SEC filing, Ranger Investment Management, L.P. reduced its holding in Boot Barn Holdings (NYSE:BOOT) by 99,800 shares during the fourth quarter of 2025. The estimated value of this share sale is $18.62 million, based on the quarter’s average closing price. The fund’s quarter-end position value in Boot Barn Holdings decreased by $15.63 million, a figure that incorporates both trading and price movement effects.

What else to know

• Ranger Investment Management, L.P. executed a sell, leaving Boot Barn Holdings at 1.02% of 13F AUM post-transaction.
• Top holdings after this filing:
  • NASDAQ: PEGA: $54.40 million (3.7% of AUM)
  • NASDAQ: LGND: $51.05 million (3.5% of AUM)
  • NASDAQ: ADMA: $41.97 million (2.9% of AUM)
  • NYSE: AGX: $36.62 million (2.5% of AUM)
  • NYSE: EE: $34.24 million (2.3% of AUM)
• As of February 12, 2026, Boot Barn Holdings shares were priced at $186.00, up 41.1% over the past year and outperforming the S&P 500 by 28.16 percentage points.

Company overview

Company snapshot

• Boot Barn offers western and work-related footwear, apparel, and accessories, including boots, shirts, jackets, hats, belts, handbags, jewelry, and flame-resistant clothing.
• The company operates a specialty retail model with revenue generated through physical stores and e-commerce platforms focused on lifestyle and workwear products.
• It serves men, women, and children in the United States, targeting consumers seeking western, work, and outdoor apparel and accessories.

Boot Barn Holdings is a leading U.S. specialty retailer in the western and workwear apparel segment, operating over 500 stores across 49 states and multiple e-commerce platforms. The company leverages a differentiated product assortment and omni-channel strategy to capture demand from both rural and urban customers seeking durable, lifestyle-focused merchandise. Its scale and focused merchandising provide a competitive edge in the fragmented apparel retail market.

What this transaction means for investors

When a stock has outpaced the market by more than 28 percentage points in a year, trimming a position can look like discipline rather than doubt.

Boot Barn just delivered 16% quarterly revenue growth to $705.6 million, with same-store sales up 5.7% and e-commerce comps surging 19.6%. Net income rose to $85.8 million, or $2.79 per diluted share, and guidance now calls for up to $2.25 billion in full-year sales and as much as $7.35 in diluted EPS.

There’s reason to be bullish. Cash stands at about $200 million, with nothing drawn on the $250 million revolver, and the company plans on opening 70 stores this fiscal year as it continues to repurchase shares.

Post-sale, the position represents just 1% of 13F assets, modest compared with larger allocations to software and biotech names like Pegasystems and Ligand. In that context, this portfolio looks to lean toward growth-oriented, mid-cap operators.

At $186 per share and up 41% year over year, valuation risk is real with Boot Barn, but the operating engine remains strong. Long-term investors should focus on unit economics, exclusive brand penetration, and whether 500-plus stores is a midpoint, not a ceiling.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Adma Biologics. The Motley Fool recommends Boot Barn and Excelerate Energy. The Motley Fool has a disclosure policy.