KLP Kapitalforvaltning AS Buys Shares of 1,300 Root, Inc. (NASDAQ:ROOT)

KLP Kapitalforvaltning AS purchased a new stake in Root, Inc. (NASDAQ:ROOT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,300 shares of the company’s stock, valued at approximately $94,000.

A number of other hedge funds also recently made changes to their positions in ROOT. SBI Securities Co. Ltd. bought a new position in Root in the 4th quarter worth approximately $154,000. FreeGulliver LLC bought a new position in shares of Root in the fourth quarter worth $203,000. Wesbanco Bank Inc. acquired a new position in shares of Root during the fourth quarter valued at $218,000. Franklin Resources Inc. bought a new stake in shares of Root during the third quarter valued at about $249,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Root in the fourth quarter worth about $255,000. Institutional investors own 59.82% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company boosted 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. Scotiabank restated a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Finally, UBS Group increased 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. Six 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $89.67.

Insider Activity at Root

In other Root news, CEO Alexander E. Timm sold 1,144 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The stock was 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 directly owns 161,625 shares in the company, valued at approximately $21,659,366.25. This trade represents a 0.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Doug Ulman sold 2,000 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the transaction, the director now owns 6,201 shares in the company, valued at $1,085,175. This represents a 24.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,659 shares of company stock worth $1,191,469. 11.71% of the stock is owned by corporate insiders.

Root Stock Down 7.9 %

Shares of Root stock opened at $118.71 on Friday. Root, Inc. has a 12-month low of $34.04 and a 12-month high of $181.14. The firm has a market capitalization of $1.80 billion, a PE ratio of -96.51 and a beta of 2.41. 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 stock’s fifty day moving average is $128.53 and its 200-day moving average is $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. The company had revenue of $326.70 million during the quarter, compared to analyst estimates of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. Equities analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current year.

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.