Morgan Stanley Cuts Ross Stores (NASDAQ:ROST) Price Target to $159.00

Ross Stores (NASDAQ:ROST) had its target price decreased by Morgan Stanley from $161.00 to $159.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the apparel retailer’s stock. Morgan Stanley’s target price would indicate a potential upside of 20.57% from the company’s current price.

A number of other research firms also recently commented on ROST. Robert W. Baird increased their price objective on shares of Ross Stores from $145.00 to $162.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 6th. UBS Group raised their price target on Ross Stores from $142.00 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, March 6th. Telsey Advisory Group boosted their price target on Ross Stores from $135.00 to $160.00 and gave the stock a “market perform” rating in a research report on Wednesday, March 6th. Evercore ISI increased their price objective on Ross Stores from $155.00 to $165.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. Finally, JPMorgan Chase & Co. upped their price target on shares of Ross Stores from $150.00 to $163.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Ross Stores presently has a consensus rating of “Moderate Buy” and an average price target of $155.11.

Ross Stores Stock Up 0.8 %

Shares of ROST stock traded up $1.03 on Monday, hitting $131.87. 1,401,802 shares of the stock were exchanged, compared to its average volume of 2,060,822. The company has a current ratio of 1.77, a quick ratio of 1.24 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $44.40 billion, a P/E ratio of 23.72, a price-to-earnings-growth ratio of 1.86 and a beta of 1.06. Ross Stores has a fifty-two week low of $99.00 and a fifty-two week high of $151.12. The business has a 50-day moving average of $141.16 and a 200 day moving average of $136.06.

Ross Stores (NASDAQ:ROST) last released its quarterly earnings results on Tuesday, March 5th. The apparel retailer reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.19. Ross Stores had a return on equity of 41.15% and a net margin of 9.20%. The firm had revenue of $6.02 billion during the quarter, compared to the consensus estimate of $5.81 billion. During the same quarter in the prior year, the firm posted $1.31 EPS. The business’s revenue was up 15.5% on a year-over-year basis. Equities analysts anticipate that Ross Stores will post 5.89 EPS for the current year.

Ross Stores announced that its board has initiated a share buyback plan on Tuesday, March 5th that allows the company to repurchase $2.10 billion in shares. This repurchase authorization allows the apparel retailer to buy up to 4.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Ross Stores news, COO Michael J. Hartshorn sold 21,056 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $145.14, for a total transaction of $3,056,067.84. Following the transaction, the chief operating officer now owns 114,488 shares in the company, valued at approximately $16,616,788.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Patricia H. Mueller sold 2,265 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $145.38, for a total value of $329,285.70. Following the completion of the transaction, the director now directly owns 1,914 shares in the company, valued at approximately $278,257.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Michael J. Hartshorn sold 21,056 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $145.14, for a total transaction of $3,056,067.84. Following the sale, the chief operating officer now owns 114,488 shares in the company, valued at approximately $16,616,788.32. The disclosure for this sale can be found here. Insiders have sold a total of 71,097 shares of company stock worth $10,396,178 in the last quarter. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new stake in shares of Ross Stores in the 1st quarter valued at approximately $26,000. Rise Advisors LLC acquired a new stake in Ross Stores in the first quarter valued at approximately $27,000. Clearstead Advisors LLC grew its stake in shares of Ross Stores by 458.0% during the third quarter. Clearstead Advisors LLC now owns 279 shares of the apparel retailer’s stock worth $32,000 after buying an additional 229 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Ross Stores by 52.9% during the fourth quarter. Geneos Wealth Management Inc. now owns 240 shares of the apparel retailer’s stock worth $33,000 after buying an additional 83 shares in the last quarter. Finally, Rock Creek Group LP bought a new position in shares of Ross Stores in the 3rd quarter valued at $35,000. 86.86% of the stock is currently owned by institutional investors and hedge funds.

Ross Stores Company Profile

Ross Stores, Inc, together with its subsidiaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd's DISCOUNTS brand names in the United States. Its stores primarily offer apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.