Root (NASDAQ:ROOT) Given New $150.00 Price Target at Keefe, Bruyette & Woods

Root (NASDAQ:ROOT) had its target price increased by equities researchers at Keefe, Bruyette & Woods from $90.00 to $150.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 26.70% from the stock’s previous close.

Several other analysts have also commented on the company. Wells Fargo & Company lifted their price objective on Root from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Thursday, April 10th. Jefferies Financial Group boosted their price objective on shares of Root from $115.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, April 11th. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Finally, UBS Group raised their price target on Root from $67.00 to $130.00 and gave the company a “neutral” rating in a 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 given a strong buy rating to the company. According to data from MarketBeat.com, Root currently has an average rating of “Hold” and a consensus price target of $112.67.

Root Price Performance

Shares of Root stock opened at $118.39 on Tuesday. The company has a market cap of $1.80 billion, a PE ratio of -96.25 and a beta of 2.41. The business has a 50 day moving average of $130.45 and a 200 day moving average of $96.12. Root has a 52 week low of $34.04 and a 52 week high of $181.14. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, topping the consensus estimate of ($0.63) by $1.93. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The business had revenue of $326.70 million for the quarter, compared to analyst estimates of $287.79 million. As a group, equities research analysts forecast that Root will post -0.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Alexander E. Timm sold 1,144 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $134.01, for a total transaction of $153,307.44. Following the sale, the chief executive officer now owns 161,625 shares in the company, valued at approximately $21,659,366.25. The trade was a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Doug Ulman sold 2,000 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $175.00, for a total transaction of $350,000.00. Following the sale, the director now directly owns 6,201 shares in the company, valued at $1,085,175. This trade represents a 24.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,659 shares of company stock worth $1,191,469. 11.71% of the stock is currently owned by company insiders.

Institutional Trading of Root

A number of hedge funds have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. purchased a new position in shares of Root during the 4th quarter valued at approximately $29,661,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Root by 163.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock worth $9,286,000 after buying an additional 79,317 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Root by 41.8% in the fourth quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock valued at $19,129,000 after purchasing an additional 77,699 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Root by 16.2% during the 4th quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock valued at $38,250,000 after acquiring an additional 73,413 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Root in the fourth quarter valued at approximately $3,834,000. 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.