Analysts Set Root, Inc. (NASDAQ:ROOT) Price Target at $93.20

Root, Inc. (NASDAQ:ROOT) has earned an average recommendation of “Hold” from the seven research firms that are currently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $93.20.

A number of research analysts recently commented on ROOT shares. UBS Group set a $50.00 price objective on Root and gave the company a “neutral” rating in a report on Monday, May 11th. Keefe, Bruyette & Woods decreased their price objective on Root from $104.00 to $95.00 and set an “outperform” rating on the stock in a report on Tuesday, April 7th. TD Cowen reiterated a “hold” rating on shares of Root in a report on Wednesday. Wells Fargo & Company upped their price objective on Root from $52.00 to $58.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Finally, Weiss Ratings cut Root from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, June 9th.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ROOT. T. Rowe Price Investment Management Inc. increased its position in shares of Root by 8.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 946,632 shares of the company’s stock valued at $68,376,000 after acquiring an additional 74,427 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Root by 25.9% during the third quarter. Vanguard Group Inc. now owns 724,541 shares of the company’s stock valued at $64,854,000 after acquiring an additional 149,064 shares during the last quarter. Capital Research Global Investors increased its position in shares of Root by 31.7% during the fourth quarter. Capital Research Global Investors now owns 654,252 shares of the company’s stock valued at $47,257,000 after acquiring an additional 157,654 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Root by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 310,967 shares of the company’s stock valued at $22,466,000 after acquiring an additional 12,238 shares during the last quarter. Finally, State Street Corp increased its position in shares of Root by 5.0% during the fourth quarter. State Street Corp now owns 258,168 shares of the company’s stock valued at $18,647,000 after acquiring an additional 12,321 shares during the last quarter. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Root Price Performance

Shares of ROOT opened at $51.99 on Friday. Root has a 52-week low of $40.91 and a 52-week high of $141.00. The company has a market capitalization of $823.00 million, a PE ratio of 15.57 and a beta of 2.87. The stock has a fifty day simple moving average of $54.18 and a two-hundred day simple moving average of $59.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.61.

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

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.