Jefferies Financial Group Forecasts Strong Price Appreciation for Root (NASDAQ:ROOT) Stock

Root (NASDAQ:ROOT) had its price objective raised by Jefferies Financial Group from $115.00 to $150.00 in a report published on Friday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

A number of other analysts have also recently commented on the company. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Wells Fargo & Company lifted 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 increased their price target on shares of Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a report on Friday, March 7th. Six equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $102.67.

Root Stock Performance

Shares of Root stock opened at $120.00 on Friday. The firm has a market capitalization of $1.82 billion, a P/E ratio of -97.56 and a beta of 2.41. Root has a 52 week low of $34.04 and a 52 week 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 company has a 50 day moving average price of $128.85 and a 200 day moving average price of $92.44.

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

Insider Buying and Selling

In other news, CEO Alexander E. Timm sold 1,144 shares of the 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 sale, the chief executive officer now directly owns 161,625 shares of the company’s stock, valued at $21,659,366.25. This represents a 0.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of Root stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total value of $688,161.70. Following the completion of the transaction, the insider now owns 286,901 shares of the company’s stock, valued at approximately $35,799,506.78. This represents a 1.89 % 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. Company insiders own 11.71% of the company’s stock.

Institutional Trading of Root

Several institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Root by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock worth $357,000 after buying an additional 171 shares during the period. MetLife Investment Management LLC grew its stake in Root by 5.0% in the 4th quarter. MetLife Investment Management LLC now owns 5,382 shares of the company’s stock valued at $391,000 after acquiring an additional 255 shares during the period. Legal & General Group Plc raised its position in Root by 3.6% during the fourth quarter. Legal & General Group Plc now owns 7,955 shares of the company’s stock worth $577,000 after acquiring an additional 273 shares during the period. Russell Investments Group Ltd. raised its position in Root by 651.8% during the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock worth $31,000 after acquiring an additional 365 shares during the period. Finally, State Street Corp lifted its holdings in Root by 0.3% during the third quarter. State Street Corp now owns 176,891 shares of the company’s stock valued at $6,683,000 after purchasing an additional 444 shares in the last quarter. 59.82% of the stock is owned by institutional investors and hedge funds.

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.