Root, Inc. (NASDAQ:ROOT) Position Trimmed by Rhumbline Advisers

Rhumbline Advisers trimmed its stake in Root, Inc. (NASDAQ:ROOT) by 17.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,081 shares of the company’s stock after selling 2,547 shares during the quarter. Rhumbline Advisers owned 0.08% of Root worth $1,612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in ROOT. Russell Investments Group Ltd. increased its stake in Root by 651.8% in the 4th 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 shares of Root during the fourth quarter worth $94,000. Aquatic Capital Management LLC boosted its position in Root by 92.1% during the fourth quarter. Aquatic Capital Management LLC now owns 1,537 shares of the company’s stock valued at $112,000 after purchasing an additional 737 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Root in the fourth quarter valued at about $154,000. Finally, FreeGulliver LLC purchased a new position in Root in the fourth quarter valued at about $203,000. 59.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Root

In related news, Director Jerri Devard sold 1,895 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $141.50, for a total value of $268,142.50. Following the completion of the sale, the director now owns 18,532 shares in the company, valued at approximately $2,622,278. This trade represents a 9.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Beth A. Birnbaum sold 2,852 shares of Root stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $138.33, for a total value of $394,517.16. Following the sale, the director now directly owns 14,280 shares in the company, valued at approximately $1,975,352.40. This trade represents a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,742 shares of company stock valued at $34,553,788 in the last 90 days. 11.71% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on ROOT shares. Jefferies Financial Group boosted their price target on Root from $115.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, April 11th. Scotiabank reissued a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Keefe, Bruyette & Woods raised their price target on shares of Root from $150.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, May 8th. Wall Street Zen cut shares of Root from a “buy” rating to a “hold” rating in a report on Saturday. Finally, UBS Group increased their target price on shares of Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, March 7th. Six analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $136.40.

Root Stock Performance

NASDAQ:ROOT opened at $135.11 on Wednesday. The firm has a market capitalization of $2.08 billion, a PE ratio of 42.22 and a beta of 2.31. Root, Inc. has a 1 year low of $34.04 and a 1 year high of $181.14. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.87. The firm’s fifty day simple moving average is $138.06 and its 200 day simple moving average is $117.05.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.62. Root had a return on equity of 27.33% and a net margin of 4.11%. The company had revenue of $349.40 million for the quarter, compared to the consensus estimate of $305.24 million. During the same period last year, the business posted ($0.42) earnings per share. The firm’s revenue was up 37.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Root, Inc. will post -0.08 EPS for the current year.

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.