Wells Fargo & Company Increases Root (NASDAQ:ROOT) Price Target to $96.00

Root (NASDAQ:ROOT) had its price objective hoisted by Wells Fargo & Company from $89.00 to $96.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 21.40% from the stock’s previous close.

Several other brokerages have also issued reports on ROOT. Wall Street Zen lowered Root from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. Zacks Research lowered Root from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 7th. Jefferies Financial Group cut their target price on Root from $172.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Keefe, Bruyette & Woods reduced their target price on Root from $170.00 to $165.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Root in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $125.80.

Root Trading Down 2.4%

Shares of ROOT stock opened at $79.08 on Thursday. Root has a 1 year low of $68.48 and a 1 year high of $181.14. The firm’s fifty day simple moving average is $87.51 and its 200 day simple moving average is $112.16. The firm has a market capitalization of $1.22 billion, a P/E ratio of 23.89 and a beta of 2.21. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.82.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.08. The firm had revenue of $387.80 million during the quarter, compared to the consensus estimate of $363.06 million. Root had a net margin of 3.80% and a return on equity of 24.38%. The business’s revenue was up 26.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.35 EPS. As a group, sell-side analysts predict that Root will post -0.08 EPS for the current year.

Insider Transactions at Root

In related news, insider Mahtiyar Bonakdarpour sold 5,750 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $89.74, for a total transaction of $516,005.00. Following the transaction, the insider owned 274,226 shares in the company, valued at $24,609,041.24. This represents a 2.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alexander E. Timm sold 10,861 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $88.88, for a total transaction of $965,325.68. Following the transaction, the chief executive officer owned 157,748 shares in the company, valued at $14,020,642.24. The trade was a 6.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 11.76% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. TD Asset Management Inc grew its position in shares of Root by 32.6% during the 2nd quarter. TD Asset Management Inc now owns 16,214 shares of the company’s stock worth $2,075,000 after buying an additional 3,982 shares during the period. Valmark Advisers Inc. increased its position in shares of Root by 50.7% during the second quarter. Valmark Advisers Inc. now owns 10,365 shares of the company’s stock worth $1,326,000 after acquiring an additional 3,486 shares in the last quarter. IFC Advisors LLC acquired a new stake in shares of Root in the 2nd quarter valued at about $3,791,000. Requisite Capital Management LLC acquired a new stake in Root in the 2nd quarter valued at approximately $875,000. Finally, Versor Investments LP acquired a new stake in shares of Root in the second quarter valued at approximately $422,000. 59.82% of the stock is currently owned by institutional investors.

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.