JPMorgan Chase & Co. Cuts Ross Stores (NASDAQ:ROST) Price Target to $161.00

Ross Stores (NASDAQ:ROST) had its price objective cut by analysts at JPMorgan Chase & Co. from $166.00 to $161.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the apparel retailer’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 11.85% from the company’s previous close.

ROST has been the subject of several other research reports. Telsey Advisory Group reduced their price objective on shares of Ross Stores from $175.00 to $150.00 and set a “market perform” rating for the company in a research note on Wednesday, March 5th. BMO Capital Markets decreased their price target on Ross Stores from $168.00 to $156.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Sanford C. Bernstein reissued a “market perform” rating and set a $165.00 price objective (down previously from $178.00) on shares of Ross Stores in a report on Tuesday, January 7th. Evercore ISI decreased their price target on shares of Ross Stores from $175.00 to $170.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. Finally, Loop Capital cut their target price on shares of Ross Stores from $190.00 to $175.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $160.87.

Ross Stores Stock Up 1.7 %

Shares of NASDAQ:ROST traded up $2.43 during trading on Monday, reaching $143.94. 1,666,198 shares of the company traded hands, compared to its average volume of 2,651,552. The firm has a fifty day simple moving average of $133.80 and a 200 day simple moving average of $143.11. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.29. Ross Stores has a 1-year low of $122.36 and a 1-year high of $163.60. The firm has a market cap of $47.33 billion, a P/E ratio of 22.67, a price-to-earnings-growth ratio of 2.13 and a beta of 1.11.

Ross Stores (NASDAQ:ROST) last announced its quarterly earnings results on Tuesday, March 4th. The apparel retailer reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $0.14. Ross Stores had a return on equity of 41.83% and a net margin of 9.95%. The business had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.95 billion. Analysts anticipate that Ross Stores will post 6.17 earnings per share for the current fiscal year.

Insider Activity

In other news, CMO Karen Fleming sold 5,339 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $125.73, for a total transaction of $671,272.47. Following the transaction, the chief marketing officer now owns 94,063 shares in the company, valued at approximately $11,826,540.99. This trade represents a 5.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michael J. Hartshorn sold 7,492 shares of Ross Stores stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $127.69, for a total transaction of $956,653.48. Following the completion of the sale, the chief operating officer now owns 139,091 shares of the company’s stock, valued at $17,760,529.79. This trade represents a 5.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,398 shares of company stock valued at $4,439,950. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ross Stores

Several hedge funds have recently bought and sold shares of ROST. Larson Financial Group LLC grew its holdings in shares of Ross Stores by 152.9% during the 4th quarter. Larson Financial Group LLC now owns 177 shares of the apparel retailer’s stock valued at $27,000 after purchasing an additional 107 shares during the last quarter. BOK Financial Private Wealth Inc. bought a new position in Ross Stores during the 4th quarter worth approximately $31,000. ORG Partners LLC lifted its holdings in Ross Stores by 434.1% in the fourth quarter. ORG Partners LLC now owns 235 shares of the apparel retailer’s stock valued at $36,000 after buying an additional 191 shares during the period. Putney Financial Group LLC bought a new stake in shares of Ross Stores during the 4th quarter valued at about $44,000. Finally, Cary Street Partners Financial LLC acquired a new stake in shares of Ross Stores during the 4th quarter worth approximately $48,000. 86.86% of the stock is owned by institutional investors.

About Ross Stores

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.