Geode Capital Management LLC Acquires 36,869 Shares of Root, Inc. $ROOT

Geode Capital Management LLC raised its stake in shares of Root, Inc. (NASDAQ:ROOT) by 18.6% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 234,715 shares of the company’s stock after acquiring an additional 36,869 shares during the period. Geode Capital Management LLC’s holdings in Root were worth $30,040,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. grew its stake in shares of Root by 66.3% in the first quarter. T. Rowe Price Investment Management Inc. now owns 679,696 shares of the company’s stock worth $90,699,000 after acquiring an additional 271,097 shares during the period. Vanguard Group Inc. lifted its position in Root by 0.5% during the first quarter. Vanguard Group Inc. now owns 529,555 shares of the company’s stock valued at $70,664,000 after purchasing an additional 2,627 shares during the period. Invesco Ltd. boosted its holdings in Root by 5,575.0% in the first quarter. Invesco Ltd. now owns 256,792 shares of the company’s stock worth $34,266,000 after purchasing an additional 252,267 shares during the last quarter. American Century Companies Inc. bought a new stake in Root in the 1st quarter worth approximately $30,786,000. Finally, Driehaus Capital Management LLC purchased a new stake in Root during the 1st quarter valued at $20,423,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Insider Buying and Selling

In related news, insider Mahtiyar Bonakdarpour sold 5,750 shares of Root stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $89.74, for a total transaction of $516,005.00. Following the transaction, the insider owned 274,226 shares in the company, valued at approximately $24,609,041.24. The trade was a 2.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alexander E. Timm sold 10,861 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $88.88, for a total value of $965,325.68. Following the completion of the sale, the chief executive officer owned 157,748 shares of the company’s stock, valued at $14,020,642.24. The trade was a 6.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 11.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ROOT shares. Jefferies Financial Group dropped their price target on Root from $172.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. Wells Fargo & Company raised their target price on Root from $89.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 6th. Zacks Research raised shares of Root from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th. Wall Street Zen cut shares of Root from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating on shares of Root in a research report on Friday, November 7th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $125.80.

Root Stock Performance

Shares of ROOT opened at $81.50 on Friday. The business has a 50-day simple moving average of $83.06 and a two-hundred day simple moving average of $105.96. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.76. Root, Inc. has a 52 week low of $68.08 and a 52 week high of $181.14. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 24.62 and a beta of 2.21.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.08. Root had a return on equity of 23.36% and a net margin of 3.80%.The company had revenue of $387.80 million during the quarter, compared to the consensus estimate of $363.06 million. During the same period in the previous year, the company posted $1.35 EPS. The firm’s revenue was up 26.9% on a year-over-year basis. On average, analysts expect that Root, Inc. will post -0.08 EPS for the current year.

Root 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.