Root (NASDAQ:ROOT) Price Target Raised to $80.00 at Wells Fargo & Company

Root (NASDAQ:ROOT) had its price target raised by Wells Fargo & Company from $78.00 to $80.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential downside of 7.97% from the stock’s previous close.

A number of other research firms also recently weighed in on ROOT. JMP Securities downgraded shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Citizens Jmp cut shares of Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods restated an “outperform” rating and set a $90.00 price target (up from $82.00) on shares of Root in a research note on Tuesday, November 5th. UBS Group upped their price target on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Finally, Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a research note on Thursday, October 3rd. Six equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $59.38.

Root Stock Up 6.3 %

ROOT stock traded up $5.14 during trading on Tuesday, reaching $86.93. The stock had a trading volume of 153,241 shares, compared to its average volume of 295,693. Root has a one year low of $7.22 and a one year high of $118.15. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The company’s 50 day moving average is $83.83 and its two-hundred day moving average is $61.53. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of -70.67 and a beta of 2.55.

Root (NASDAQ:ROOT) last released its earnings results on Wednesday, October 30th. The company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The firm had revenue of $305.70 million during the quarter, compared to the consensus estimate of $272.77 million. During the same period in the prior year, the firm earned ($3.16) EPS. The company’s revenue was up 165.1% compared to the same quarter last year. Equities research analysts forecast that Root will post -1.2 EPS for the current year.

Insider Activity at Root

In related news, major shareholder Meyer Malka sold 50,959 shares of Root stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $84.78, for a total transaction of $4,320,304.02. Following the completion of the transaction, the insider now directly owns 102 shares of the company’s stock, valued at $8,647.56. This trade represents a 99.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Julie Szudarek sold 2,000 shares of Root stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the transaction, the director now directly owns 15,003 shares of the company’s stock, valued at approximately $1,445,238.99. This trade represents a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 246,905 shares of company stock valued at $20,440,479. Insiders own 11.71% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Point72 DIFC Ltd bought a new stake in shares of Root in the third quarter worth approximately $33,000. MetLife Investment Management LLC grew its stake in shares of Root by 129.1% in the third quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock worth $194,000 after acquiring an additional 2,889 shares during the period. Algert Global LLC bought a new stake in shares of Root in the second quarter worth approximately $288,000. Versor Investments LP bought a new stake in shares of Root in the third quarter worth approximately $216,000. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of Root by 76.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock worth $306,000 after acquiring an additional 2,576 shares during the period. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.