Capital Research Global Investors Purchases 157,654 Shares of Root, Inc. $ROOT

Capital Research Global Investors increased its position in shares of Root, Inc. (NASDAQ:ROOT) by 31.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 654,252 shares of the company’s stock after purchasing an additional 157,654 shares during the period. Capital Research Global Investors owned 4.22% of Root worth $47,257,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Los Angeles Capital Management LLC raised its position in shares of Root by 109.3% during the 4th quarter. Los Angeles Capital Management LLC now owns 11,384 shares of the company’s stock valued at $881,000 after purchasing an additional 5,946 shares during the period. TD Asset Management Inc grew its stake in Root by 6.6% during the fourth quarter. TD Asset Management Inc now owns 19,288 shares of the company’s stock valued at $1,393,000 after acquiring an additional 1,200 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Root by 132.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 170,476 shares of the company’s stock valued at $12,313,000 after acquiring an additional 97,149 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Root by 399.8% during the fourth quarter. BNP Paribas Financial Markets now owns 74,408 shares of the company’s stock valued at $5,374,000 after acquiring an additional 59,520 shares in the last quarter. Finally, Norges Bank purchased a new position in Root during the fourth quarter valued at $4,697,000. 59.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Zacks Research cut shares of Root from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. UBS Group set a $50.00 target price on shares of Root and gave the company a “neutral” rating in a research note on Monday, May 11th. Keefe, Bruyette & Woods cut their target price on shares of Root from $104.00 to $95.00 and set an “outperform” rating for the company in a research note on Tuesday, April 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Root in a research note on Tuesday, May 26th. Finally, Wells Fargo & Company raised their target price on shares of Root from $52.00 to $58.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $93.20.

Root Stock Performance

ROOT opened at $53.85 on Wednesday. The stock has a market capitalization of $852.45 million, a price-to-earnings ratio of 16.12 and a beta of 2.87. The company has a fifty day moving average of $52.68 and a 200 day moving average of $60.81. Root, Inc. has a fifty-two week low of $40.91 and a fifty-two week high of $162.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.07 and a current ratio of 1.07.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $1.25. Root had a net margin of 3.58% and a return on equity of 19.97%. The business had revenue of $393.50 million during the quarter, compared to analysts’ expectations of $398.16 million. During the same period last year, the company posted $1.07 EPS. The business’s revenue was up 12.5% on a year-over-year basis. As a group, sell-side analysts forecast that Root, Inc. will post 2.15 earnings per share for the current fiscal year.

Root Company Profile

Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.

The company’s core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.