29,627 Shares in Root, Inc. $ROOT Purchased by IFC Advisors LLC

IFC Advisors LLC bought a new position in shares of Root, Inc. (NASDAQ:ROOT) during the 2nd quarter, Holdings Channel.com reports. The firm bought 29,627 shares of the company’s stock, valued at approximately $3,791,000. Root makes up 0.7% of IFC Advisors LLC’s investment portfolio, making the stock its 25th biggest position.

Several other large investors have also recently added to or reduced their stakes in ROOT. T. Rowe Price Investment Management Inc. lifted its position in Root by 66.3% during the first quarter. T. Rowe Price Investment Management Inc. now owns 679,696 shares of the company’s stock worth $90,699,000 after buying an additional 271,097 shares during the period. Invesco Ltd. lifted its position in Root by 5,575.0% during the first quarter. Invesco Ltd. now owns 256,792 shares of the company’s stock worth $34,266,000 after buying an additional 252,267 shares during the period. American Century Companies Inc. purchased a new position in Root during the first quarter worth about $30,786,000. Driehaus Capital Management LLC purchased a new position in Root during the first quarter worth about $20,423,000. Finally, Jump Financial LLC lifted its position in Root by 765.2% during the first quarter. Jump Financial LLC now owns 105,728 shares of the company’s stock worth $14,108,000 after buying an additional 93,508 shares during the period. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ROOT. Wells Fargo & Company cut their price objective on Root from $120.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 8th. TD Cowen raised their price objective on Root from $51.00 to $125.00 and gave the stock a “hold” rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods cut their price objective on Root from $170.00 to $165.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. UBS Group restated a “neutral” rating and issued a $105.00 price objective (down from $140.00) on shares of Root in a report on Monday, August 18th. Finally, Jefferies Financial Group cut their price objective on Root from $172.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $118.67.

Root Stock Performance

Shares of NASDAQ:ROOT opened at $83.28 on Tuesday. The company has a market cap of $1.29 billion, a P/E ratio of 16.62 and a beta of 2.22. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.26 and a current ratio of 1.26. Root, Inc. has a one year low of $36.87 and a one year high of $181.14. The business’s 50-day simple moving average is $92.64 and its 200 day simple moving average is $117.80.

Root (NASDAQ:ROOT) last announced its earnings results on Wednesday, August 6th. The company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.06 by $0.23. The business had revenue of $382.90 million for the quarter, compared to the consensus estimate of $348.36 million. Root had a return on equity of 38.24% and a net margin of 6.02%.The company’s revenue was up 32.4% on a year-over-year basis. During the same period last year, the business posted ($0.52) EPS. On average, sell-side analysts forecast that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Root news, insider Mahtiyar Bonakdarpour sold 5,750 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $89.74, for a total transaction of $516,005.00. Following the completion of the sale, the insider owned 274,226 shares in the company, valued at $24,609,041.24. This trade represents a 2.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alexander E. Timm sold 10,861 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $88.88, for a total value of $965,325.68. Following the sale, the chief executive officer owned 157,748 shares of the company’s stock, valued at approximately $14,020,642.24. This trade represents a 6.44% decrease in their position. The disclosure for this sale can be found here. 11.71% of the stock is owned by company insiders.

Root Company Profile

Root, Inc provides insurance products and services in the United States. The company offers automobile, homeowners, and renters insurance products. It operates a direct-to-consumer model; and serves customers primarily through mobile applications, as well as through its website. The company's direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.