Root (NASDAQ:ROOT) Price Target Raised to $170.00

Root (NASDAQ:ROOT) had its price target hoisted by Keefe, Bruyette & Woods from $150.00 to $170.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research firms also recently weighed in on ROOT. Wells Fargo & Company lifted their target price on Root from $105.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Thursday. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Jefferies Financial Group boosted their price target on shares of Root from $115.00 to $150.00 and gave the company a “buy” rating in a report on Friday, April 11th. Finally, UBS Group lifted their target price on shares of Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, March 7th. Six investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $122.17.

Root Price Performance

NASDAQ ROOT opened at $147.42 on Thursday. The stock has a 50-day simple moving average of $137.35 and a 200 day simple moving average of $105.78. Root has a twelve month low of $34.04 and a twelve month high of $181.14. The stock has a market capitalization of $2.24 billion, a PE ratio of -119.85 and a beta of 2.40. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.62. The business had revenue of $349.40 million for the quarter, compared to the consensus estimate of $305.24 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. Root’s quarterly revenue was up 37.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.42) earnings per share. Research analysts anticipate that Root will post -0.08 EPS for the current year.

Insider Transactions at Root

In other Root news, insider Mahtiyar Bonakdarpour sold 5,515 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total value of $688,161.70. Following the completion of the sale, the insider now owns 286,901 shares in the company, valued at approximately $35,799,506.78. This trade represents a 1.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Doug Ulman sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $175.00, for a total transaction of $350,000.00. Following the transaction, the director now owns 6,201 shares in the company, valued at $1,085,175. The trade was a 24.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 233,659 shares of company stock valued at $31,748,719 in the last three months. 11.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Root

Several large investors have recently made changes to their positions in the company. Headlands Technologies LLC acquired a new stake in Root in the first quarter worth about $1,261,000. Vanguard Group Inc. boosted its stake in Root by 0.5% in the first quarter. Vanguard Group Inc. now owns 529,555 shares of the company’s stock valued at $70,664,000 after acquiring an additional 2,627 shares during the last quarter. Blueshift Asset Management LLC acquired a new stake in Root during the 1st quarter worth $204,000. Jefferies Financial Group Inc. bought a new stake in shares of Root during the 1st quarter valued at $1,139,000. Finally, Bayforest Capital Ltd acquired a new position in shares of Root in the 1st quarter valued at $361,000. Institutional investors and hedge funds own 59.82% of the company’s stock.

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.