Ross Stores (NASDAQ:ROST) Stock Rating Upgraded by Zacks Research

Ross Stores (NASDAQ:ROST) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday, Zacks reports.

Other research analysts have also recently issued reports about the company. Morgan Stanley raised their target price on Ross Stores from $231.00 to $234.00 and gave the stock an “equal weight” rating in a research report on Friday, August 21st. Wall Street Zen lowered shares of Ross Stores from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 20th. Truist Financial increased their price objective on shares of Ross Stores from $290.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, August 21st. Robert W. Baird raised their price objective on shares of Ross Stores from $250.00 to $270.00 and gave the stock an “outperform” rating in a report on Friday, August 21st. Finally, Wells Fargo & Company lifted their target price on shares of Ross Stores from $245.00 to $248.00 and gave the company an “equal weight” rating in a research report on Friday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $263.76.

Ross Stores Stock Up 0.6%

NASDAQ ROST opened at $225.53 on Tuesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.98 and a current ratio of 1.61. The firm has a 50-day simple moving average of $236.20 and a 200 day simple moving average of $228.78. Ross Stores has a twelve month low of $147.49 and a twelve month high of $257.00. The stock has a market cap of $72.05 billion, a PE ratio of 27.30, a PEG ratio of 1.88 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 EPS for the quarter, beating the consensus estimate of $1.95 by $0.71. Ross Stores had a return on equity of 39.29% and a net margin of 10.85%.The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $6.16 billion. During the same quarter in the prior year, the firm posted $1.56 EPS. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, research analysts forecast that Ross Stores will post 8.15 EPS for the current year.

Insiders Place Their Bets

In other news, CEO James Conroy sold 49,205 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer directly owned 134,349 shares in the company, valued at approximately $30,830,408.52. This trade represents a 26.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Stephen C. Brinkley sold 6,424 shares of Ross Stores stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $229.66, for a total value of $1,475,335.84. Following the completion of the transaction, the insider directly owned 51,665 shares of the company’s stock, valued at $11,865,383.90. This represents a 11.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ross Stores

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Ross Stores during the second quarter worth approximately $5,938,711,000. State Street Corp increased its holdings in shares of Ross Stores by 5.3% in the second quarter. State Street Corp now owns 14,643,656 shares of the apparel retailer’s stock valued at $3,116,902,000 after purchasing an additional 734,009 shares in the last quarter. Bank of America Corp DE bought a new position in Ross Stores in the 2nd quarter worth approximately $2,024,203,000. Primecap Management Co. CA bought a new position in Ross Stores in the 2nd quarter worth approximately $1,937,995,000. Finally, Wellington Management Group LLP raised its position in Ross Stores by 89.2% in the 2nd quarter. Wellington Management Group LLP now owns 6,615,682 shares of the apparel retailer’s stock worth $1,408,148,000 after purchasing an additional 3,118,591 shares during the last quarter. Institutional investors and hedge funds own 86.86% of the company’s stock.

Ross Stores Company Profile

Ross Stores, Inc is an American off-price apparel and home fashion retailer headquartered in Dublin, California. The company operates primarily through its Ross Dress for Less stores, offering customers discounted prices on clothing, footwear, accessories, and home furnishings from a range of national and private-label brands.

Ross Stores also operates dd’s DISCOUNTS, a chain focused on value-oriented merchandise for families and communities seeking lower-priced apparel, footwear, accessories, and home products.