Root (NASDAQ:ROOT) Price Target Raised to $61.00 at Wells Fargo & Company

Root (NASDAQ:ROOT) had its target price hoisted by Wells Fargo & Company from $58.00 to $61.00 in a research report released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities research analysts have also recently issued reports about the company. TD Cowen restated a “hold” rating on shares of Root in a report on Wednesday, June 17th. Weiss Ratings raised shares of Root from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Keefe, Bruyette & Woods reduced their price target on Root from $104.00 to $95.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 7th. Zacks Research raised shares of Root from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Finally, UBS Group set a $50.00 price target on Root and gave the company a “neutral” rating in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $86.00.

Root Stock Performance

Shares of ROOT opened at $64.40 on Thursday. The firm has a market cap of $1.02 billion, a PE ratio of 19.28 and a beta of 2.85. Root has a 1 year low of $40.91 and a 1 year high of $134.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.07 and a quick ratio of 1.07. The stock’s fifty day moving average price is $56.02 and its two-hundred day moving average price is $57.34.

Root (NASDAQ:ROOT) last released its quarterly earnings data on Wednesday, May 6th. The company reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $1.25. The company had revenue of $393.50 million during the quarter, compared to analyst estimates of $398.16 million. Root had a net margin of 3.58% and a return on equity of 19.97%. Root’s revenue was up 12.5% compared to the same quarter last year. During the same period last year, the business earned $1.07 earnings per share. On average, equities research analysts forecast that Root will post 3.28 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ROOT. CoreCap Advisors LLC acquired a new position in shares of Root during the second quarter worth $42,000. Russell Investments Group Ltd. lifted its holdings in Root by 511.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 734 shares of the company’s stock valued at $94,000 after purchasing an additional 614 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Root in the 3rd quarter valued at $144,000. Tower Research Capital LLC TRC raised its position in shares of Root by 237.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,278 shares of the company’s stock valued at $164,000 after buying an additional 899 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Root during the third quarter worth about $194,000. Institutional investors own 59.82% of the company’s stock.

About Root

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.