Wells Fargo & Company Forecasts Strong Price Appreciation for Root (NASDAQ:ROOT) Stock

Root (NASDAQ:ROOT) had its target price increased by research analysts at Wells Fargo & Company from $89.00 to $96.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 23.13% from the stock’s previous close.

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

Root Stock Performance

Shares of ROOT traded down $10.86 during mid-day trading on Thursday, reaching $77.96. 652,612 shares of the company’s stock traded hands, compared to its average volume of 542,810. Root has a 12 month low of $68.48 and a 12 month high of $181.14. The business’s 50-day moving average price is $87.96 and its 200-day moving average price is $112.65. 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 stock has a market capitalization of $1.20 billion, a P/E ratio of 15.54 and a beta of 2.21.

Root (NASDAQ:ROOT) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.08. Root had a net margin of 6.02% and a return on equity of 38.24%. The company had revenue of $387.80 million during the quarter, compared to analyst estimates of $363.06 million. During the same quarter last year, the firm posted $1.35 EPS. The business’s revenue for the quarter was up 26.9% on a year-over-year basis. Equities analysts predict that Root will post -0.08 earnings per share for the current year.

Insider Transactions at Root

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

Hedge Funds Weigh In On Root

Several hedge funds have recently bought and sold shares of the company. Gilder Gagnon Howe & Co. LLC boosted its stake in shares of Root by 3.0% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 6,225 shares of the company’s stock valued at $797,000 after purchasing an additional 181 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Root by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,141 shares of the company’s stock worth $686,000 after purchasing an additional 229 shares during the last quarter. Ameritas Investment Partners Inc. raised its holdings in Root by 28.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,087 shares of the company’s stock worth $139,000 after purchasing an additional 241 shares during the last quarter. Twin Tree Management LP acquired a new position in shares of Root during the 1st quarter valued at $37,000. Finally, ProShare Advisors LLC lifted its position in shares of Root by 16.9% during the 2nd quarter. ProShare Advisors LLC now owns 2,184 shares of the company’s stock valued at $279,000 after acquiring an additional 315 shares during the period. 59.82% of the stock is 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.