Ross Stores (NASDAQ:ROST) Stock Price Target Cut by Wells Fargo & Company

Ross Stores (NASDAQ:ROST) had its price objective dropped by equities researchers at Wells Fargo & Company from $248.00 to $242.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the apparel retailer’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 3.82% from the stock’s previous close.

ROST has been the subject of a number of other reports. Evercore set a $290.00 price objective on shares of Ross Stores in a research note on Friday, August 21st. JPMorgan Chase & Co. upped their target price on shares of Ross Stores from $262.00 to $272.00 and gave the company an “overweight” rating in a research report on Friday, August 21st. Deutsche Bank restated a “buy” rating and set a $294.00 target price on shares of Ross Stores in a research report on Friday, August 21st. Truist Financial lifted their price target on Ross Stores from $290.00 to $310.00 and gave the stock a “buy” rating in a research report on Friday, August 21st. Finally, Wall Street Zen upgraded Ross Stores from a “hold” rating to a “buy” rating in a research report on Sunday, November 1st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $277.39.

Ross Stores Price Performance

Shares of NASDAQ ROST traded down $4.14 during midday trading on Friday, reaching $233.10. 290,092 shares of the stock traded hands, compared to its average volume of 2,576,737. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.61 and a quick ratio of 0.98. The stock has a market capitalization of $74.46 billion, a PE ratio of 28.21, a P/E/G ratio of 2.15 and a beta of 0.85. Ross Stores has a one year low of $157.73 and a one year high of $257.00. The company’s 50 day moving average is $231.64 and its 200 day moving average is $224.12.

Ross Stores (NASDAQ:ROST) last posted its earnings results on Thursday, August 20th. The apparel retailer reported $2.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.71. Ross Stores had a net margin of 10.85% and a return on equity of 39.29%. The firm had revenue of $6.26 billion during the quarter, compared to analyst estimates of $6.16 billion. During the same period last year, the firm posted $1.56 earnings per share. Ross Stores’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, equities research analysts anticipate that Ross Stores will post 8.15 earnings per share for the current year.

Insider Buying and Selling at Ross Stores

In other news, CEO James Conroy sold 49,205 shares of Ross Stores stock in a transaction on Monday, September 14th. The stock was sold at an average price of $229.48, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen C. Brinkley sold 6,424 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $229.66, for a total transaction of $1,475,335.84. Following the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. 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 stock. Virtus Advisers LLC purchased a new stake in Ross Stores in the 2nd quarter valued at about $38,000. Twin Lakes Capital Management LLC bought a new position in Ross Stores in the 2nd quarter worth about $41,000. Bell Investment Advisors Inc purchased a new position in shares of Ross Stores during the second quarter worth approximately $43,000. BOK Financial Private Wealth Inc. purchased a new position in shares of Ross Stores during the second quarter worth approximately $44,000. Finally, Elevation Wealth Partners LLC increased its position in shares of Ross Stores by 402.4% during the second quarter. Elevation Wealth Partners LLC now owns 211 shares of the apparel retailer’s stock worth $45,000 after acquiring an additional 169 shares during the period. Hedge funds and other institutional investors own 86.86% of the company’s stock.

About Ross Stores

Ross Stores, Inc. is an off-price retailer operating Ross Dress for Less and dd’s DISCOUNTS. Its stores offer name-brand and designer merchandise at discounted prices, with product selection and availability varying by location and season. Ross Dress for Less sells apparel, footwear, accessories, home fashions, furnishings, and other merchandise for the whole family. dd’s DISCOUNTS offers a similar off-price assortment, including clothing, shoes, home goods, and related products. The company traces its origins to a department store founded in San Bruno, California, in 1950.