Ross Stores (NASDAQ:ROST) Price Target Cut to $100.00

Ross Stores (NASDAQ:ROST – Get Rating) had its price target reduced by Credit Suisse Group from $125.00 to $100.00 in a research note issued to investors on Friday, The Fly reports. Credit Suisse Group’s target price would indicate a potential upside of 7.87% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Loop Capital lowered their price target on Ross Stores from $95.00 to $80.00 in a report on Friday. Deutsche Bank Aktiengesellschaft raised their target price on Ross Stores from $122.00 to $123.00 in a research report on Monday. Gordon Haskett lowered Ross Stores from an “accumulate” rating to a “hold” rating and cut their target price for the stock from $130.00 to $106.00 in a research report on Thursday, February 10th. Robert W. Baird dropped their price target on Ross Stores from $115.00 to $90.00 in a research note on Friday. Finally, OTR Global downgraded Ross Stores to a “positive” rating in a research note on Wednesday, May 4th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $107.88.

Shares of NASDAQ:ROST opened at $92.70 on Friday. Ross Stores has a 12-month low of $84.44 and a 12-month high of $127.58. The company has a market capitalization of $32.57 billion, a PE ratio of 19.07, a PEG ratio of 1.84 and a beta of 0.92. The business has a 50 day moving average of $96.20 and a two-hundred day moving average of $101.46. The company has a current ratio of 1.77, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60.

Ross Stores (NASDAQ:ROST – Get Rating) last announced its quarterly earnings results on Thursday, May 19th. The apparel retailer reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.03). Ross Stores had a net margin of 9.11% and a return on equity of 44.17%. The company had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same period in the previous year, the firm posted $1.34 earnings per share. The company’s revenue was down 4.1% compared to the same quarter last year. Equities research analysts predict that Ross Stores will post 5.04 earnings per share for the current fiscal year.

Ross Stores declared that its Board of Directors has initiated a stock repurchase program on Tuesday, March 1st that permits the company to buyback $1.90 billion in shares. This buyback authorization permits the apparel retailer to purchase up to 6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ROST. BlueSpruce Investments LP acquired a new position in shares of Ross Stores in the first quarter worth $345,553,000. Norges Bank purchased a new stake in shares of Ross Stores in the fourth quarter valued at $399,510,000. EdgePoint Investment Group Inc. purchased a new stake in shares of Ross Stores in the fourth quarter valued at $287,967,000. Findlay Park Partners LLP purchased a new stake in shares of Ross Stores in the third quarter valued at $262,655,000. Finally, JPMorgan Chase & Co. grew its position in shares of Ross Stores by 93.3% in the fourth quarter. JPMorgan Chase & Co. now owns 4,865,310 shares of the apparel retailer’s stock valued at $556,007,000 after purchasing an additional 2,348,436 shares during the period. 87.02% of the stock is owned by institutional investors.

About Ross Stores (Get Rating)

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. 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 primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.

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