Root, Inc. $ROOT Position Boosted by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its holdings in Root, Inc. (NASDAQ:ROOT) by 950.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,750 shares of the company’s stock after purchasing an additional 33,250 shares during the period. New York State Common Retirement Fund owned about 0.24% of Root worth $3,289,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. American Century Companies Inc. grew its position in Root by 54.8% in the second quarter. American Century Companies Inc. now owns 357,176 shares of the company’s stock worth $45,708,000 after buying an additional 126,467 shares during the last quarter. Ensign Peak Advisors Inc acquired a new position in shares of Root in the 2nd quarter worth $33,829,000. Geode Capital Management LLC raised its position in shares of Root by 18.6% during the second quarter. Geode Capital Management LLC now owns 234,715 shares of the company’s stock worth $30,040,000 after purchasing an additional 36,869 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Root by 60.0% during the second quarter. Franklin Resources Inc. now owns 211,533 shares of the company’s stock valued at $27,070,000 after purchasing an additional 79,330 shares during the last quarter. Finally, Jump Financial LLC boosted its position in shares of Root by 27.0% in the 2nd quarter. Jump Financial LLC now owns 134,254 shares of the company’s stock valued at $17,180,000 after purchasing an additional 28,526 shares during the period. 59.82% of the stock is currently owned by institutional investors.

Root Price Performance

ROOT opened at $62.08 on Friday. The stock has a fifty day moving average price of $72.95 and a 200 day moving average price of $84.40. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.76. Root, Inc. has a 1 year low of $56.00 and a 1 year high of $181.14. The stock has a market cap of $962.86 million, a price-to-earnings ratio of 18.76 and a beta of 2.76.

Root (NASDAQ:ROOT) last issued its earnings results on Wednesday, November 5th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.08. The company had revenue of $387.80 million for the quarter, compared to analyst estimates of $363.06 million. Root had a return on equity of 23.36% and a net margin of 3.80%.The business’s revenue was up 26.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.35 EPS. Analysts forecast that Root, Inc. will post -0.08 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wells Fargo & Company set a $75.00 price objective on Root and gave the stock an “equal weight” rating in a report on Tuesday, January 13th. Zacks Research upgraded shares of Root from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Root in a research note on Monday, December 29th. Wall Street Zen cut Root from a “hold” rating to a “sell” rating in a research report on Sunday, January 18th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Root in a research report on Friday, November 7th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $121.60.

Root Profile

Root, trading on the Nasdaq under the ticker ROOT, is a Columbus, Ohio–based insurance company that leverages mobile technology and data analytics to offer personalized auto insurance policies. Founded in 2015 by Alex Timm and Dan Manges, Root set out to transform traditional underwriting by focusing on individual driving behavior rather than broad demographic factors.

The company’s core product is usage-based auto insurance, delivered through a smartphone app that monitors driving patterns such as speed, braking and phone usage behind the wheel.