Wells Fargo & Company Issues Positive Forecast for Root (NASDAQ:ROOT) Stock Price

Root (NASDAQ:ROOT) had its target price increased by Wells Fargo & Company from $80.00 to $97.00 in a research note released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other analysts have also issued reports on ROOT. UBS Group boosted their target price on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Citizens Jmp lowered shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods restated an “outperform” rating and set a $90.00 target price (up from $82.00) on shares of Root in a research report on Tuesday, November 5th. Finally, JMP Securities lowered shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $77.83.

Root Stock Performance

Shares of ROOT stock opened at $123.95 on Thursday. The company has a 50 day moving average price of $92.96 and a 200-day moving average price of $70.57. Root has a 52 week low of $23.04 and a 52 week high of $141.23. The firm has a market capitalization of $1.87 billion, a PE ratio of -100.77 and a beta of 2.58. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $326.70 million during the quarter, compared to analyst estimates of $287.79 million. As a group, equities research analysts expect that Root will post -0.08 earnings per share for the current year.

Institutional Trading of Root

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC increased its stake in shares of Root by 966.2% in the third quarter. FMR LLC now owns 18,040 shares of the company’s stock worth $682,000 after purchasing an additional 16,348 shares in the last quarter. Barclays PLC increased its stake in shares of Root by 361.6% in the third quarter. Barclays PLC now owns 14,033 shares of the company’s stock worth $529,000 after purchasing an additional 10,993 shares in the last quarter. Versor Investments LP purchased a new stake in shares of Root in the third quarter worth $216,000. Nordea Investment Management AB increased its stake in shares of Root by 7.3% in the fourth quarter. Nordea Investment Management AB now owns 20,697 shares of the company’s stock worth $1,497,000 after purchasing an additional 1,416 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Root during the third quarter valued at $428,000. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.