Vanguard Group Inc. Increases Stock Position in Root, Inc. (NASDAQ:ROOT)

Vanguard Group Inc. lifted its stake in Root, Inc. (NASDAQ:ROOT) by 16.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 526,928 shares of the company’s stock after purchasing an additional 73,413 shares during the period. Vanguard Group Inc.’s holdings in Root were worth $38,250,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. grew its position in Root by 163.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock worth $9,286,000 after purchasing an additional 79,317 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Root in the 4th quarter worth $1,952,000. FMR LLC grew its holdings in shares of Root by 966.2% in the third quarter. FMR LLC now owns 18,040 shares of the company’s stock worth $682,000 after acquiring an additional 16,348 shares during the period. Barclays PLC increased its position in Root by 361.6% during the third quarter. Barclays PLC now owns 14,033 shares of the company’s stock valued at $529,000 after acquiring an additional 10,993 shares during the last quarter. Finally, MML Investors Services LLC bought a new position in Root in the third quarter valued at about $288,000. 59.82% of the stock is owned by hedge funds and other institutional investors.

Root Price Performance

NASDAQ ROOT opened at $120.00 on Monday. 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, Inc. has a 12 month low of $34.04 and a 12 month high of $181.14. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of -97.56 and a beta of 2.41. The company’s 50 day moving average is $128.85 and its two-hundred day moving average is $92.44.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, beating the consensus estimate of ($0.63) by $1.93. The firm had revenue of $326.70 million for the quarter, compared to the consensus estimate of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. As a group, research analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current year.

Insider Buying and Selling at Root

In related news, insider Mahtiyar Bonakdarpour sold 5,515 shares of the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $124.78, for a total transaction of $688,161.70. Following the completion of the sale, the insider now owns 286,901 shares in the company, valued at approximately $35,799,506.78. This trade represents a 1.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Doug Ulman sold 2,000 shares of Root stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $175.00, for a total value of $350,000.00. Following the sale, the director now directly owns 6,201 shares in the company, valued at $1,085,175. This trade represents a 24.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,659 shares of company stock valued at $1,191,469 over the last ninety days. 11.71% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ROOT has been the subject of a number of recent research reports. UBS Group boosted their price target on Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research note on Friday, March 7th. Scotiabank restated a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Wells Fargo & Company increased their price target on shares of Root from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Jefferies Financial Group lifted their price target on shares of Root from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday. Six investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $102.67.

Root 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.