Ross Stores (NASDAQ:ROST) Coverage Initiated by Analysts at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald initiated coverage of Ross Stores with an “overweight” rating and a $276 price target, implying 16.46% upside from the previous close.
• Analyst sentiment is broadly positive: Ross has a “Moderate Buy” consensus rating and an average price target of $277.72, with 17 of 21 analysts rating it Buy or Strong Buy.
• Ross reported quarterly earnings of $2.66 per share, beating estimates of $1.95, while revenue reached $6.26 billion and rose 13.3% year over year.

Investment analysts at Cantor Fitzgerald assumed coverage on shares of Ross Stores (NASDAQ:ROST - Get Free Report) in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm set an "overweight" rating and a $276.00 price target on the apparel retailer's stock. Cantor Fitzgerald's target price points to a potential upside of 16.46% from the company's previous close.

Several other research analysts also recently commented on ROST. Barclays lifted their target price on shares of Ross Stores from $260.00 to $298.00 and gave the stock an "overweight" rating in a report on Friday, August 21st. Evercore set a $290.00 price target on shares of Ross Stores in a report on Friday, August 21st. Sanford C. Bernstein raised their price target on Ross Stores from $230.00 to $240.00 and gave the company a "market perform" rating in a research report on Friday, August 21st. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $294.00 price objective on shares of Ross Stores in a research note on Friday, August 21st. Finally, Truist Financial lifted their price objective on Ross Stores from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $277.72.

Ross Stores Stock Performance

Shares of NASDAQ ROST opened at $237.00 on Tuesday. The business's 50-day simple moving average is $231.07 and its 200-day simple moving average is $223.35. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.98 and a current ratio of 1.61. Ross Stores has a 52 week low of $157.73 and a 52 week high of $257.00. The firm has a market cap of $75.71 billion, a price-to-earnings ratio of 28.69, a P/E/G ratio of 2.19 and a beta of 0.85.

Ross Stores (NASDAQ:ROST - Get Free Report) last announced its earnings results on Thursday, August 20th. The apparel retailer reported $2.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business earned $1.56 earnings per share. The company's revenue was up 13.3% on a year-over-year basis. As a group, equities research analysts expect that Ross Stores will post 8.15 earnings per share for the current fiscal year.

Insider Activity at Ross Stores

In other news, CEO James Conroy sold 49,205 shares of Ross Stores stock in a transaction that occurred 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 sale, the chief executive officer owned 134,349 shares of the company's stock, valued at approximately $30,830,408.52. This trade represents a 26.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen C. Brinkley sold 6,424 shares of the business's stock in a transaction that occurred on 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 sale, the insider owned 51,665 shares in the company, valued at approximately $11,865,383.90. This represents a 11.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On Ross Stores

Institutional investors have recently bought and sold shares of the business. Edgestream Partners L.P. acquired a new stake in Ross Stores in the 3rd quarter valued at $2,622,000. HighTower Advisors LLC increased its stake in shares of Ross Stores by 8.5% in the third quarter. HighTower Advisors LLC now owns 38,638 shares of the apparel retailer's stock valued at $9,018,000 after buying an additional 3,027 shares in the last quarter. Ground Swell Capital LLC acquired a new stake in shares of Ross Stores in the third quarter valued at $393,000. Harbour Investments Inc. raised its holdings in shares of Ross Stores by 6.5% in the third quarter. Harbour Investments Inc. now owns 1,153 shares of the apparel retailer's stock valued at $269,000 after buying an additional 70 shares during the last quarter. Finally, AlTi Global Inc. raised its holdings in shares of Ross Stores by 1.9% in the third quarter. AlTi Global Inc. now owns 2,680 shares of the apparel retailer's stock valued at $625,000 after buying an additional 49 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.