Ross Stores (NASDAQ:ROST) Given New $251.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Ross Stores’ price target from $248 to $251 and kept an overweight rating, implying about 17.95% upside from the current share price.
• Other analysts have also turned bullish, with multiple firms lifting targets and 17 analysts rating the stock a Buy versus five Hold ratings. MarketBeat shows a consensus rating of Moderate Buy with a $217.50 average target.
• Ross Stores reported strong quarterly results, including EPS of $2.00 versus estimates of $1.90 and revenue of $6.64 billion versus $6.42 billion expected. The company also posted 12.2% year-over-year revenue growth.

Ross Stores (NASDAQ:ROST - Get Free Report) had its target price raised by JPMorgan Chase & Co. from $248.00 to $251.00 in a report issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the apparel retailer's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 17.95% from the stock's current price.

A number of other analysts also recently weighed in on the company. Wells Fargo & Company raised their price objective on shares of Ross Stores from $205.00 to $235.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 4th. Truist Financial started coverage on shares of Ross Stores in a research report on Monday. They set a "buy" rating and a $270.00 price objective for the company. Barclays raised their price objective on shares of Ross Stores from $205.00 to $221.00 and gave the stock an "overweight" rating in a research report on Monday, March 2nd. Guggenheim restated a "buy" rating and issued a $290.00 target price on shares of Ross Stores in a research note on Monday, April 27th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Ross Stores in a research note on Wednesday, April 8th. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Ross Stores presently has a consensus rating of "Moderate Buy" and a consensus price target of $217.50.

Ross Stores Price Performance

Shares of NASDAQ:ROST traded up $0.05 during trading on Monday, hitting $212.80. 473,953 shares of the company were exchanged, compared to its average volume of 2,501,153. The business's 50 day moving average is $218.48 and its 200-day moving average is $195.21. The company has a market capitalization of $68.55 billion, a P/E ratio of 32.18, a price-to-earnings-growth ratio of 2.89 and a beta of 0.87. The company has a quick ratio of 1.04, a current ratio of 1.58 and a debt-to-equity ratio of 0.16. Ross Stores has a 1-year low of $124.49 and a 1-year high of $231.16.

Ross Stores (NASDAQ:ROST - Get Free Report) last posted its quarterly earnings data on Tuesday, March 3rd. The apparel retailer reported $2.00 earnings per share for the quarter, beating analysts' consensus estimates of $1.90 by $0.10. The business had revenue of $6.64 billion during the quarter, compared to the consensus estimate of $6.42 billion. Ross Stores had a return on equity of 36.70% and a net margin of 9.43%.Ross Stores's quarterly revenue was up 12.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.65 earnings per share. Equities analysts forecast that Ross Stores will post 7.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Patricia H. Mueller sold 1,881 shares of the business's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $213.13, for a total transaction of $400,897.53. Following the completion of the transaction, the director owned 2,159 shares of the company's stock, valued at approximately $460,147.67. The trade was a 46.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael J. Hartshorn sold 15,813 shares of the business's stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $214.91, for a total value of $3,398,371.83. Following the transaction, the chief operating officer directly owned 116,028 shares of the company's stock, valued at $24,935,577.48. The trade was a 11.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 25,756 shares of company stock worth $5,521,004 over the last 90 days. Corporate insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ROST. Somerset Trust Co lifted its position in Ross Stores by 0.4% in the fourth quarter. Somerset Trust Co now owns 14,788 shares of the apparel retailer's stock valued at $2,664,000 after purchasing an additional 55 shares during the last quarter. Independent Advisor Alliance grew its stake in Ross Stores by 1.7% in the fourth quarter. Independent Advisor Alliance now owns 3,309 shares of the apparel retailer's stock worth $596,000 after purchasing an additional 55 shares during the period. CYBER HORNET ETFs LLC grew its stake in Ross Stores by 6.1% in the fourth quarter. CYBER HORNET ETFs LLC now owns 954 shares of the apparel retailer's stock worth $172,000 after purchasing an additional 55 shares during the period. Florida Trust Wealth Management Co boosted its position in shares of Ross Stores by 1.7% in the 4th quarter. Florida Trust Wealth Management Co now owns 3,399 shares of the apparel retailer's stock worth $612,000 after purchasing an additional 56 shares in the last quarter. Finally, MCF Advisors LLC boosted its position in shares of Ross Stores by 4.6% in the 4th quarter. MCF Advisors LLC now owns 1,292 shares of the apparel retailer's stock worth $233,000 after purchasing an additional 57 shares in the last quarter. Institutional investors own 86.86% of the company's stock.

Ross Stores Company Profile

Ross Stores, Inc NASDAQ: ROST is an American off‑price retailer headquartered in Dublin, California, that operates the Ross Dress for Less and dd's DISCOUNTS store formats. The company sells a broad assortment of apparel, footwear, home fashions, accessories and other soft goods, positioning itself as a value-oriented destination for brand‑name and fashion merchandise at reduced prices.

Ross's business model centers on opportunistic buying of excess inventory, closeouts, cancelled orders and overstocks from manufacturers, department stores and other suppliers.

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