Jefferies Financial Group Has Lowered Expectations for Root (NASDAQ:ROOT) Stock Price

Root (NASDAQ:ROOTGet Free Report) had its price objective decreased by equities researchers at Jefferies Financial Group from $172.00 to $138.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s price target points to a potential upside of 53.27% from the company’s previous close.

ROOT has been the topic of a number of other reports. Wall Street Zen cut shares of Root from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Keefe, Bruyette & Woods lowered their price target on shares of Root from $170.00 to $165.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Wells Fargo & Company raised their price target on shares of Root from $118.00 to $120.00 and gave the company an “equal weight” rating in a report on Thursday, August 7th. Finally, TD Cowen raised their price target on shares of Root from $51.00 to $125.00 and gave the company a “hold” rating in a report on Tuesday, July 8th. Seven investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $128.00.

Read Our Latest Stock Report on Root

Root Stock Up 1.9%

NASDAQ:ROOT opened at $90.04 on Monday. Root has a fifty-two week low of $34.04 and a fifty-two week high of $181.14. The stock has a market capitalization of $1.38 billion, a P/E ratio of 17.97 and a beta of 2.25. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.26 and a current ratio of 1.26. The company’s 50-day simple moving average is $126.09 and its 200-day simple moving average is $128.30.

Root (NASDAQ:ROOTGet Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.23. Root had a net margin of 6.02% and a return on equity of 38.24%. The business had revenue of $382.90 million for the quarter, compared to analysts’ expectations of $348.36 million. During the same period last year, the business earned ($0.52) EPS. The company’s revenue was up 32.4% compared to the same quarter last year. On average, equities analysts anticipate that Root will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Mahtiyar Bonakdarpour sold 5,256 shares of Root stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $130.60, for a total value of $686,433.60. Following the completion of the sale, the insider directly owned 281,645 shares in the company, valued at $36,782,837. This trade represents a 1.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jerri Devard sold 1,895 shares of Root stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $141.50, for a total transaction of $268,142.50. Following the completion of the sale, the director owned 18,532 shares of the company’s stock, valued at $2,622,278. This trade represents a 9.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,083 shares of company stock worth $2,805,069 over the last ninety days. Company insiders own 11.71% of the company’s stock.

Hedge Funds Weigh In On Root

A number of institutional investors have recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. raised its position in Root by 66.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 679,696 shares of the company’s stock worth $90,699,000 after buying an additional 271,097 shares during the last quarter. Vanguard Group Inc. raised its position in Root by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 529,555 shares of the company’s stock worth $70,664,000 after buying an additional 2,627 shares during the last quarter. American Century Companies Inc. raised its position in Root by 54.8% during the 2nd quarter. American Century Companies Inc. now owns 357,176 shares of the company’s stock worth $45,708,000 after buying an additional 126,467 shares during the last quarter. Ensign Peak Advisors Inc purchased a new position in Root during the 2nd quarter worth approximately $33,829,000. Finally, Renaissance Technologies LLC raised its position in Root by 41.8% during the 4th quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock worth $19,129,000 after buying an additional 77,699 shares during the last quarter. 59.82% of the stock is owned by hedge funds and other institutional investors.

Root Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Root (NASDAQ:ROOT)

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