Wells Fargo & Company Forecasts Strong Price Appreciation for Root (NASDAQ:ROOT) Stock

Root (NASDAQ:ROOT) had its price target boosted by Wells Fargo & Company from $64.00 to $78.00 in a research report report published on Friday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities research analysts also recently issued reports on the company. Jefferies Financial Group lowered their price target on Root from $84.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Cantor Fitzgerald upgraded shares of Root to a “strong-buy” rating in a report on Thursday, October 3rd. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $82.00 target price (down from $88.00) on shares of Root in a research note on Friday, August 16th. UBS Group lowered their price objective on Root from $71.00 to $61.00 and set a “neutral” rating for the company in a report on Tuesday, August 13th. Finally, JMP Securities reissued a “market outperform” rating and set a $90.00 target price on shares of Root in a report on Tuesday, October 15th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.13.

Root Stock Down 0.1 %

ROOT opened at $70.96 on Friday. The business’s fifty day moving average is $41.20 and its two-hundred day moving average is $51.24. Root has a one year low of $7.22 and a one year high of $118.15. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65.

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

Insider Buying and Selling

In other news, major shareholder Meyer Malka sold 50,959 shares of the firm’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $84.78, for a total value of $4,320,304.02. Following the sale, the insider now owns 102 shares in the company, valued at approximately $8,647.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 11.71% of the stock is owned by insiders.

Institutional Trading of Root

Several hedge funds and other institutional investors have recently bought and sold shares of ROOT. Versor Investments LP acquired a new position in shares of Root during the third quarter valued at about $216,000. Algert Global LLC bought a new position in Root during the second quarter valued at about $288,000. Sequoia Financial Advisors LLC acquired a new position in Root in the 1st quarter valued at approximately $293,000. Vanguard Personalized Indexing Management LLC lifted its position in shares of Root by 76.8% in the 2nd 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. Finally, SG Americas Securities LLC acquired a new stake in shares of Root during the 3rd quarter worth approximately $412,000. 59.82% of the stock is currently owned by institutional investors and hedge funds.

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.