Root, Inc. (NASDAQ:ROOT – Get Free Report) has received a consensus recommendation of “Moderate Buy” from the eight research firms that are presently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $136.40.
ROOT has been the topic of several recent research reports. UBS Group increased their price objective on shares of Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday, March 7th. Jefferies Financial Group upped their target price on shares of Root from $115.00 to $150.00 and gave the company a “buy” rating in a report on Friday, April 11th. Wells Fargo & Company lifted their price target on shares of Root from $105.00 to $142.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 8th. Scotiabank reissued a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Finally, Keefe, Bruyette & Woods upped their price objective on Root from $150.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, May 8th.
Read Our Latest Research Report on ROOT
Root Trading Up 0.4%
Root (NASDAQ:ROOT – Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.62. The firm had revenue of $349.40 million for the quarter, compared to analysts’ expectations of $305.24 million. Root had a return on equity of 27.33% and a net margin of 4.11%. The company’s revenue was up 37.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.42) EPS. Research analysts expect that Root will post -0.08 earnings per share for the current year.
Insider Transactions at Root
In related news, major shareholder Meyer Malka sold 225,000 shares of Root stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $135.81, for a total transaction of $30,557,250.00. Following the sale, the insider now owns 503,800 shares of the company’s stock, valued at approximately $68,421,078. This trade represents a 30.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alexander E. Timm sold 1,144 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $134.01, for a total value of $153,307.44. Following the completion of the transaction, the chief executive officer now directly owns 161,625 shares in the company, valued at approximately $21,659,366.25. This represents a 0.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 252,742 shares of company stock valued at $34,203,788 over the last three months. Corporate insiders own 11.76% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers raised its position in shares of Root by 27.7% during the fourth quarter. Rhumbline Advisers now owns 14,628 shares of the company’s stock valued at $1,062,000 after buying an additional 3,169 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Root during the fourth quarter worth $255,000. Bank of New York Mellon Corp grew its stake in Root by 36.0% during the fourth quarter. Bank of New York Mellon Corp now owns 24,438 shares of the company’s stock valued at $1,774,000 after acquiring an additional 6,465 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Root in the 4th quarter valued at $309,000. Finally, SBI Securities Co. Ltd. bought a new stake in Root in the 4th quarter valued at $154,000. 59.82% of the stock is currently owned by institutional investors.
About Root
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.
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