Ross Stores (NASDAQ:ROST) Now Covered by Analysts at Wolfe Research

Analysts at Wolfe Research assumed coverage on shares of Ross Stores (NASDAQ:ROST) in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm set an “outperform” rating on the apparel retailer’s stock.

A number of other research analysts have also recently issued reports on the stock. Truist Financial lifted their price objective on shares of Ross Stores from $290.00 to $310.00 and gave the company a “buy” rating in a report on Friday, August 21st. Sanford C. Bernstein lifted their target price on shares of Ross Stores from $230.00 to $240.00 and gave the stock a “market perform” rating in a research report on Friday, August 21st. Jefferies Financial Group increased their price target on shares of Ross Stores from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, August 21st. Wells Fargo & Company raised their price target on shares of Ross Stores from $245.00 to $248.00 and gave the stock an “equal weight” rating in a research note on Friday, August 21st. Finally, Weiss Ratings raised Ross Stores from a “buy (b)” rating to a “buy (a-)” rating in a report on Friday, October 16th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Ross Stores currently has a consensus rating of “Moderate Buy” and a consensus price target of $264.61.

Ross Stores Stock Performance

Shares of Ross Stores stock opened at $236.67 on Wednesday. The business has a 50-day moving average price of $231.76 and a two-hundred day moving average price of $230.05. Ross Stores has a 1-year low of $154.87 and a 1-year high of $257.00. The company has a current ratio of 1.61, a quick ratio of 0.98 and a debt-to-equity ratio of 0.12. The company has a market cap of $75.60 billion, a P/E ratio of 28.65, a PEG ratio of 1.97 and a beta of 0.83.

Ross Stores (NASDAQ:ROST) last posted its quarterly earnings results on Thursday, August 20th. The apparel retailer reported $2.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.71. The firm had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $6.16 billion. Ross Stores had a return on equity of 39.29% and a net margin of 10.85%. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.56 EPS. As a group, analysts anticipate that Ross Stores will post 8.15 EPS for the current year.

Insider Activity

In other Ross Stores news, insider Stephen Brinkley sold 6,424 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $229.66, for a total transaction of $1,475,335.84. Following the completion of the transaction, the insider owned 51,665 shares of the company’s stock, valued at approximately $11,865,383.90. This trade represents a 11.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO James Conroy sold 49,205 shares of Ross Stores stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $229.48, for a total value of $11,291,563.40. Following the completion of the transaction, the chief executive officer directly owned 134,349 shares of the company’s stock, valued at approximately $30,830,408.52. This represents a 26.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Ross Stores

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in Ross Stores in the 2nd quarter worth approximately $5,938,711,000. State Street Corp grew its holdings in Ross Stores by 5.3% during the 2nd quarter. State Street Corp now owns 14,643,656 shares of the apparel retailer’s stock valued at $3,116,902,000 after buying an additional 734,009 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Ross Stores during the second quarter worth $2,024,203,000. Primecap Management Co. CA purchased a new position in Ross Stores during the second quarter valued at $1,937,995,000. Finally, Wellington Management Group LLP grew its position in shares of Ross Stores by 89.2% during the second quarter. Wellington Management Group LLP now owns 6,615,682 shares of the apparel retailer’s stock valued at $1,408,148,000 after purchasing an additional 3,118,591 shares in the last quarter. 86.86% of the stock is owned by institutional investors.

Ross Stores Company Profile

Ross Stores, Inc is an off-price apparel and home fashion retailer headquartered in Dublin, California. The company operates primarily through its Ross Dress for Less stores, which offer branded and designer apparel, accessories, footwear, and home merchandise at discounts to regular department and specialty store prices.

Ross Stores also operates dd’s DISCOUNTS, a chain focused on value-oriented apparel, accessories, footwear, and home products. Both retail formats generally purchase merchandise opportunistically from manufacturers, department stores, and other suppliers, allowing the company to offer changing assortments and discounted prices.

Founded in 1950, Ross Stores serves customers across the United States through its store network and e-commerce presence.