Raymond James Financial Inc. Invests $1.95 Million in Root, Inc. (NASDAQ:ROOT)

Raymond James Financial Inc. purchased a new position in Root, Inc. (NASDAQ:ROOT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 26,894 shares of the company’s stock, valued at approximately $1,952,000. Raymond James Financial Inc. owned 0.18% of Root at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Russell Investments Group Ltd. raised its stake in shares of Root by 651.8% in the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock valued at $31,000 after buying an additional 365 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Root in the 4th quarter worth about $94,000. SBI Securities Co. Ltd. bought a new stake in Root in the 4th quarter valued at about $154,000. FreeGulliver LLC purchased a new stake in Root during the fourth quarter valued at about $203,000. Finally, Wesbanco Bank Inc. bought a new position in Root during the fourth quarter worth about $218,000. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Price Performance

Shares of NASDAQ ROOT opened at $136.63 on Friday. The firm has a market capitalization of $2.08 billion, a P/E ratio of -111.08 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 50-day simple moving average is $134.58 and its two-hundred day simple moving average is $101.13. Root, Inc. has a twelve month low of $34.04 and a twelve month high of $181.14.

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

Insider Activity

In other Root news, CEO Alexander E. Timm sold 1,144 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $134.01, for a total transaction of $153,307.44. Following the transaction, the chief executive officer now directly owns 161,625 shares in the company, valued at $21,659,366.25. This trade represents a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Meyer Malka sold 225,000 shares of Root stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $135.81, for a total transaction of $30,557,250.00. Following the transaction, the insider now directly owns 503,800 shares in the company, valued at $68,421,078. This trade represents a 30.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 233,659 shares of company stock worth $31,748,719. 11.71% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ROOT has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on shares of Root from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Thursday, April 10th. Jefferies Financial Group lifted their price target on Root from $115.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, April 11th. Scotiabank reissued a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. UBS Group lifted their target price on Root from $67.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, March 7th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Root from $90.00 to $150.00 and gave the stock an “outperform” rating in a report on Tuesday, April 22nd. Six 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’s stock. According to data from MarketBeat, Root has an average rating of “Hold” and a consensus target price of $112.67.

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.