Ranger Investment Management disclosed on February 13, 2026, that it sold 99,800 shares of Boot Barn Holdings (BOOT 1.40%), 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 (BOOT 1.40%) 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
| Metric | Value |
|---|---|
| Price (as of market close February 12, 2026) | $186.00 |
| Market Capitalization | $5.72 billion |
| Revenue (TTM) | $2.17 billion |
| Net Income (TTM) | $218.98 million |
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.
