Telsey Advisory Group Reiterates Market Perform Rating for Ross Stores (NASDAQ:ROST)

Ross Stores (NASDAQ:ROST)‘s stock had its “market perform” rating restated by equities researchers at Telsey Advisory Group in a report issued on Friday, Benzinga reports. They currently have a $160.00 target price on the apparel retailer’s stock. Telsey Advisory Group’s price objective suggests a potential upside of 9.64% from the stock’s current price.

A number of other equities analysts have also recently issued reports on ROST. Citigroup increased their price target on Ross Stores from $147.00 to $172.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. The Goldman Sachs Group lifted their price target on shares of Ross Stores from $143.00 to $163.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Wells Fargo & Company increased their price objective on shares of Ross Stores from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Guggenheim boosted their target price on Ross Stores from $165.00 to $170.00 and gave the company a “buy” rating in a research report on Friday, May 24th. Finally, TD Cowen upped their price target on Ross Stores from $173.00 to $176.00 and gave the stock a “buy” rating in a research note on Friday, May 24th. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Ross Stores has an average rating of “Moderate Buy” and a consensus price target of $156.58.

Ross Stores Price Performance

Shares of ROST opened at $145.93 on Friday. The business has a 50-day moving average of $136.23 and a 200-day moving average of $139.31. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.54 and a quick ratio of 1.03. The company has a market capitalization of $48.68 billion, a price-to-earnings ratio of 24.61, a price-to-earnings-growth ratio of 2.55 and a beta of 1.08. Ross Stores has a 1 year low of $106.27 and a 1 year high of $151.12.

Ross Stores (NASDAQ:ROST) last issued its quarterly earnings results on Thursday, May 23rd. The apparel retailer reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.11. The firm had revenue of $4.86 billion for the quarter, compared to the consensus estimate of $4.83 billion. Ross Stores had a net margin of 9.60% and a return on equity of 42.24%. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.09 EPS. As a group, equities research analysts anticipate that Ross Stores will post 5.97 earnings per share for the current year.

Ross Stores announced that its Board of Directors has approved a share buyback program on Tuesday, March 5th that allows the company to buyback $2.10 billion in outstanding shares. This buyback authorization allows the apparel retailer to repurchase up to 4.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Michael K. Kobayashi sold 13,860 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $147.46, for a total transaction of $2,043,795.60. Following the completion of the sale, the insider now directly owns 61,657 shares of the company’s stock, valued at approximately $9,091,941.22. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CMO Brian R. Morrow sold 10,734 shares of Ross Stores stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $146.00, for a total value of $1,567,164.00. Following the sale, the chief marketing officer now owns 62,711 shares of the company’s stock, valued at approximately $9,155,806. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael K. Kobayashi sold 13,860 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $147.46, for a total value of $2,043,795.60. Following the transaction, the insider now directly owns 61,657 shares of the company’s stock, valued at $9,091,941.22. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,038 shares of company stock valued at $10,526,384. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Ross Stores

Institutional investors have recently added to or reduced their stakes in the business. Atria Wealth Solutions Inc. lifted its position in shares of Ross Stores by 1.6% during the third quarter. Atria Wealth Solutions Inc. now owns 5,309 shares of the apparel retailer’s stock worth $600,000 after acquiring an additional 85 shares in the last quarter. Blair William & Co. IL grew its holdings in Ross Stores by 191.3% during the 3rd quarter. Blair William & Co. IL now owns 19,505 shares of the apparel retailer’s stock valued at $2,203,000 after buying an additional 12,809 shares in the last quarter. Loomis Sayles & Co. L P increased its position in shares of Ross Stores by 5,928.6% during the third quarter. Loomis Sayles & Co. L P now owns 1,266 shares of the apparel retailer’s stock valued at $143,000 after buying an additional 1,245 shares during the period. Aviva PLC lifted its holdings in shares of Ross Stores by 148.4% in the third quarter. Aviva PLC now owns 47,105 shares of the apparel retailer’s stock worth $5,321,000 after buying an additional 28,140 shares in the last quarter. Finally, Kestra Advisory Services LLC boosted its position in shares of Ross Stores by 23.9% in the third quarter. Kestra Advisory Services LLC now owns 11,389 shares of the apparel retailer’s stock valued at $1,286,000 after acquiring an additional 2,197 shares during the period. 86.86% of the stock is owned by hedge funds and other institutional investors.

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.