American Century Companies Inc. Sells 52,171 Shares of Root, Inc. $ROOT

American Century Companies Inc. reduced its stake in Root, Inc. (NASDAQ:ROOT) by 14.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 305,005 shares of the company’s stock after selling 52,171 shares during the period. American Century Companies Inc. owned about 1.97% of Root worth $27,301,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Gilder Gagnon Howe & Co. LLC grew its stake in shares of Root by 3.0% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 6,225 shares of the company’s stock worth $797,000 after purchasing an additional 181 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 valued at $686,000 after purchasing an additional 229 shares during the last quarter. Ameritas Investment Partners Inc. lifted its holdings in Root by 28.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,087 shares of the company’s stock worth $139,000 after buying an additional 241 shares during the period. ProShare Advisors LLC lifted its holdings in Root by 16.9% in the 2nd quarter. ProShare Advisors LLC now owns 2,184 shares of the company’s stock worth $279,000 after buying an additional 315 shares during the period. Finally, Rhumbline Advisers grew its position in shares of Root by 2.9% in the 3rd quarter. Rhumbline Advisers now owns 15,811 shares of the company’s stock worth $1,415,000 after buying an additional 443 shares during the last quarter. Hedge funds and other institutional investors own 59.82% of the company’s stock.

Root Price Performance

Shares of ROOT opened at $47.98 on Monday. The stock has a market cap of $744.12 million, a PE ratio of 20.68 and a beta of 2.84. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.21 and a current ratio of 1.21. Root, Inc. has a fifty-two week low of $46.42 and a fifty-two week high of $181.14. The firm’s 50-day simple moving average is $64.22 and its two-hundred day simple moving average is $77.31.

Root (NASDAQ:ROOT) last released its earnings results on Wednesday, February 25th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.28. Root had a net margin of 2.58% and a return on equity of 15.34%. The firm had revenue of $397.00 million during the quarter, compared to analyst estimates of $381.57 million. During the same period last year, the business earned $1.30 earnings per share. The business’s revenue was up 21.5% on a year-over-year basis. Analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ROOT shares. Wells Fargo & Company reduced their target price on Root from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 26th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $104.00 price target (down from $150.00) on shares of Root in a report on Thursday, February 26th. Zacks Research raised shares of Root from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Wall Street Zen upgraded shares of Root from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Weiss Ratings raised shares of Root from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Root has an average rating of “Hold” and an average price target of $108.40.

About Root

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.