2,292 Shares in Root, Inc. (NASDAQ:ROOT) Bought by Arizona State Retirement System

Arizona State Retirement System acquired a new stake in Root, Inc. (NASDAQ:ROOT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,292 shares of the company's stock, valued at approximately $306,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Root by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company's stock valued at $357,000 after acquiring an additional 171 shares during the period. MetLife Investment Management LLC increased its holdings in shares of Root by 5.0% in the 4th quarter. MetLife Investment Management LLC now owns 5,382 shares of the company's stock valued at $391,000 after acquiring an additional 255 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Root by 3.6% during the fourth quarter. Legal & General Group Plc now owns 7,955 shares of the company's stock worth $577,000 after purchasing an additional 273 shares during the period. KBC Group NV bought a new position in Root in the first quarter worth about $48,000. Finally, Russell Investments Group Ltd. boosted its position in Root by 651.8% during the 4th quarter. Russell Investments Group Ltd. now owns 421 shares of the company's stock valued at $31,000 after purchasing an additional 365 shares during the period. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Root Price Performance

ROOT opened at $126.10 on Wednesday. The stock has a 50-day moving average price of $133.40 and a 200-day moving average price of $124.81. Root, Inc. has a 1 year low of $34.04 and a 1 year high of $181.14. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a market cap of $1.94 billion, a PE ratio of 39.41 and a beta of 2.26.

Root (NASDAQ:ROOT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.62. The firm had revenue of $349.40 million for the quarter, compared to the consensus estimate of $305.24 million. Root had a return on equity of 27.33% and a net margin of 4.11%. The company's revenue for the quarter was up 37.2% on a year-over-year basis. During the same period last year, the business posted ($0.42) EPS. Sell-side analysts predict that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. TD Cowen boosted their price target on shares of Root from $51.00 to $125.00 and gave the stock a "hold" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded Root from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Jefferies Financial Group lifted their price target on Root from $115.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Wells Fargo & Company dropped their price target on Root from $142.00 to $118.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 10th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Root from $150.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $130.50.

Insider Activity

In other Root news, Director Beth A. Birnbaum sold 2,852 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $138.33, for a total value of $394,517.16. Following the completion of the transaction, the director directly owned 14,280 shares in the company, valued at approximately $1,975,352.40. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Alexander E. Timm sold 8,290 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $130.60, for a total transaction of $1,082,674.00. Following the transaction, the chief executive officer owned 168,609 shares in the company, valued at approximately $22,020,335.40. This trade represents a 4.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 246,083 shares of company stock valued at $33,362,319 in the last quarter. Company insiders own 11.71% 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.

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