Root, Inc. (NASDAQ:ROOT) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its stake in Root, Inc. (NASDAQ:ROOT) by 7.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 4,293 shares of the company’s stock after selling 324 shares during the period. Corebridge Financial Inc.’s holdings in Root were worth $312,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Root by 16.2% in the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock worth $38,250,000 after buying an additional 73,413 shares during the last quarter. State Street Corp increased its position in shares of Root by 0.3% in the 3rd quarter. State Street Corp now owns 176,891 shares of the company’s stock valued at $6,683,000 after acquiring an additional 444 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake 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 acquiring an additional 79,317 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Root during the 4th quarter worth about $1,952,000. Finally, Bank of New York Mellon Corp grew its stake in Root by 36.0% during the 4th quarter. Bank of New York Mellon Corp now owns 24,438 shares of the company’s stock valued at $1,774,000 after purchasing an additional 6,465 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 stock opened at $118.71 on Friday. The firm has a market cap of $1.80 billion, a PE ratio of -96.51 and a beta of 2.41. Root, Inc. has a twelve month low of $34.04 and a twelve month high of $181.14. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The business has a 50-day moving average price of $128.53 and a 200 day moving average price of $91.50.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $1.93. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The business had revenue of $326.70 million during the quarter, compared to analysts’ expectations of $287.79 million. Sell-side analysts predict that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Alexander E. Timm sold 1,144 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $134.01, for a total transaction of $153,307.44. Following the completion of the sale, the chief executive officer now owns 161,625 shares of the company’s stock, valued at $21,659,366.25. The trade was a 0.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of the company’s 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 transaction, the insider now owns 286,901 shares of the company’s stock, valued at approximately $35,799,506.78. This trade represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,659 shares of company stock valued at $1,191,469. 11.71% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. Wells Fargo & Company raised their target price on Root from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, UBS Group boosted their price target on Root from $67.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, March 7th. Six investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $89.67.

About Root

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.