Fox Run Management L.L.C. Acquires Shares of 10,729 Root, Inc. $ROOT

Key Points

• Fox Run Management L.L.C. acquired 10,729 shares of Root, Inc. in the first quarter, representing approximately $1,432,000 and around 0.07% ownership of the company.
• Analysts have mixed ratings on Root, with consensus ratings revealing a "hold" status and a price target averaging at $128.00.
• Root reported a quarterly earnings per share of $1.29, surpassing expectations, while revenue increased by 32.4% year-over-year, totaling $382.90 million.

Fox Run Management L.L.C. bought a new position in Root, Inc. (NASDAQ:ROOT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 10,729 shares of the company's stock, valued at approximately $1,432,000. Fox Run Management L.L.C. owned about 0.07% of Root as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Root by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 529,555 shares of the company's stock worth $70,664,000 after buying an additional 2,627 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in Root during the 4th quarter valued at about $29,661,000. Invesco Ltd. grew its holdings in Root by 5,575.0% during the 1st quarter. Invesco Ltd. now owns 256,792 shares of the company's stock valued at $34,266,000 after purchasing an additional 252,267 shares during the last quarter. Northern Trust Corp grew its holdings in Root by 6.5% during the 4th quarter. Northern Trust Corp now owns 75,159 shares of the company's stock valued at $5,456,000 after purchasing an additional 4,607 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Root by 20.6% during the 4th quarter. Bank of America Corp DE now owns 58,598 shares of the company's stock valued at $4,254,000 after purchasing an additional 10,026 shares during the last quarter. 59.82% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Jerri Devard sold 1,895 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $141.50, for a total transaction of $268,142.50. Following the sale, the director directly owned 18,532 shares of the company's stock, valued at approximately $2,622,278. This represents a 9.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Mahtiyar Bonakdarpour sold 5,256 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $130.60, for a total transaction of $686,433.60. Following the sale, the insider directly owned 281,645 shares in the company, valued at $36,782,837. This trade represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,083 shares of company stock valued at $2,805,069 in the last three months. Corporate insiders own 11.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ROOT. TD Cowen upped their price target on shares of Root from $51.00 to $125.00 and gave the company a "hold" rating in a report on Tuesday, July 8th. Wall Street Zen cut shares of Root from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Keefe, Bruyette & Woods decreased their target price on shares of Root from $170.00 to $165.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Wells Fargo & Company increased their target price on shares of Root from $118.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Finally, Jefferies Financial Group cut their price target on shares of Root from $172.00 to $138.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $123.83.

Root Stock Performance

Shares of NASDAQ:ROOT traded down $1.5150 during midday trading on Tuesday, reaching $86.5350. The company's stock had a trading volume of 290,270 shares, compared to its average volume of 561,726. The firm has a market capitalization of $1.34 billion, a PE ratio of 17.27 and a beta of 2.25. Root, Inc. has a twelve month low of $34.04 and a twelve month high of $181.14. The stock has a fifty day moving average of $121.74 and a 200 day moving average of $128.58. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.82.

Root (NASDAQ:ROOT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.06 by $0.23. Root had a net margin of 6.02% and a return on equity of 38.24%. The firm had revenue of $382.90 million for the quarter, compared to the consensus estimate of $348.36 million. During the same period in the prior year, the firm posted ($0.52) earnings per share. The firm's quarterly revenue was up 32.4% compared to the same quarter last year. On average, equities analysts expect that Root, Inc. will post -0.08 EPS for the current fiscal 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.