Root (NASDAQ:ROOT) Price Target Raised to $97.00

Root (NASDAQ:ROOT) had its target price upped by equities researchers at Wells Fargo & Company from $80.00 to $97.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential downside of 1.73% from the company’s current price.

A number of other analysts have also recently weighed in on ROOT. UBS Group upped their price target on shares of Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $90.00 price objective (up from $82.00) on shares of Root in a research report on Tuesday, November 5th. Citizens Jmp cut shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Finally, JMP Securities cut shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $77.83.

Root Trading Up 1.7 %

ROOT stock opened at $98.71 on Thursday. The business has a fifty day simple moving average of $91.90 and a 200-day simple moving average of $70.20. 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 has a 52 week low of $20.22 and a 52 week high of $141.23. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -80.25 and a beta of 2.58.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share 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%. On average, equities research analysts expect that Root will post -0.08 EPS for the current year.

Hedge Funds Weigh In On Root

Several large investors have recently modified their holdings of ROOT. Vanguard Group Inc. boosted its stake in Root by 16.2% in the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock valued at $38,250,000 after acquiring an additional 73,413 shares during the period. T. Rowe Price Investment Management Inc. bought a new stake in shares of Root in the 4th quarter worth approximately $29,661,000. Renaissance Technologies LLC lifted its holdings in shares of Root by 41.8% in the 4th quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock worth $19,129,000 after purchasing an additional 77,699 shares during the last quarter. State Street Corp boosted its position in Root by 0.3% during the 3rd quarter. State Street Corp now owns 176,891 shares of the company’s stock valued at $6,683,000 after purchasing an additional 444 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Root by 163.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company’s stock worth $9,286,000 after buying an additional 79,317 shares during the last quarter. Institutional investors own 59.82% of the company’s stock.

About Root

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.