Wells Fargo & Company Has Lowered Expectations for Ross Stores (NASDAQ:ROST) Stock Price

Ross Stores (NASDAQ:ROST) had its price objective decreased by equities researchers at Wells Fargo & Company from $175.00 to $165.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the apparel retailer’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 17.28% from the stock’s current price.

A number of other equities analysts also recently commented on the company. Telsey Advisory Group restated a “market perform” rating and issued a $175.00 price objective on shares of Ross Stores in a report on Tuesday, October 29th. TD Cowen lifted their price objective on shares of Ross Stores from $173.00 to $185.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Loop Capital raised their target price on Ross Stores from $170.00 to $190.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Barclays increased their price objective on Ross Stores from $165.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, Robert W. Baird increased their price target on Ross Stores from $162.00 to $180.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $170.00.

Ross Stores Stock Performance

Shares of Ross Stores stock opened at $140.69 on Thursday. The stock has a market cap of $46.68 billion, a PE ratio of 23.03, a price-to-earnings-growth ratio of 2.31 and a beta of 1.09. Ross Stores has a 12 month low of $119.73 and a 12 month high of $163.60. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The business has a fifty day simple moving average of $146.37 and a 200-day simple moving average of $144.04.

Ross Stores (NASDAQ:ROST) last issued its earnings results on Thursday, August 22nd. The apparel retailer reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.09. The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.25 billion. Ross Stores had a return on equity of 42.43% and a net margin of 9.82%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.32 EPS. On average, sell-side analysts anticipate that Ross Stores will post 6.12 EPS for the current fiscal year.

Insider Activity

In other Ross Stores news, COO Michael J. Hartshorn sold 8,366 shares of Ross Stores stock in a transaction on Monday, September 16th. The stock was sold at an average price of $155.64, for a total transaction of $1,302,084.24. Following the completion of the transaction, the chief operating officer now directly owns 103,049 shares of the company’s stock, valued at approximately $16,038,546.36. This trade represents a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Barbara Rentler sold 48,885 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $153.93, for a total transaction of $7,524,868.05. Following the completion of the sale, the chief executive officer now directly owns 311,853 shares in the company, valued at approximately $48,003,532.29. The trade was a 13.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 72,138 shares of company stock worth $11,093,051. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ross Stores

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. bought a new position in shares of Ross Stores in the second quarter valued at approximately $27,000. SJS Investment Consulting Inc. raised its position in Ross Stores by 262.1% in the 2nd quarter. SJS Investment Consulting Inc. now owns 210 shares of the apparel retailer’s stock valued at $31,000 after purchasing an additional 152 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in Ross Stores in the second quarter worth $32,000. Armstrong Advisory Group Inc. bought a new stake in shares of Ross Stores during the third quarter worth $33,000. Finally, Crewe Advisors LLC increased its stake in shares of Ross Stores by 97.8% in the second quarter. Crewe Advisors LLC now owns 275 shares of the apparel retailer’s stock valued at $40,000 after buying an additional 136 shares in the last quarter. 86.86% of the stock is currently owned by institutional investors and hedge funds.

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.