17,303 Shares in Root, Inc. (NASDAQ:ROOT) Purchased by Cynosure Group LLC

Key Points

• Cynosure Group LLC invested $2.31 million in Root, Inc., acquiring approximately 17,303 shares, representing 0.11% of the company.
• Multiple institutional investors have increased or established their stakes in Root, including Russell Investments Group, which raised its stake by 651.8% in the fourth quarter.
• Analyst ratings vary, with Wells Fargo raising Root's target price to $120 and several others reiterating hold ratings, leading to an average rating of "Hold" with a consensus price target of $130.

Cynosure Group LLC bought a new stake in Root, Inc. (NASDAQ:ROOT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 17,303 shares of the company's stock, valued at approximately $2,309,000. Cynosure Group LLC owned approximately 0.11% of Root as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Root during the fourth quarter worth $29,661,000. Renaissance Technologies LLC raised its holdings in shares of Root by 41.8% during the fourth quarter. Renaissance Technologies LLC now owns 263,515 shares of the company's stock worth $19,129,000 after acquiring an additional 77,699 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Root by 16.2% during the fourth quarter. Vanguard Group Inc. now owns 526,928 shares of the company's stock worth $38,250,000 after acquiring an additional 73,413 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Root during the fourth quarter worth $3,834,000. Finally, Quinn Opportunity Partners LLC purchased a new stake in shares of Root during the fourth quarter worth $2,952,000. Institutional investors and hedge funds own 59.82% of the company's stock.

Insider Buying and Selling

In other news, Director Jerri Devard sold 1,895 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $141.50, for a total value 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 trade represents a 9.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mahtiyar Bonakdarpour sold 5,256 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $130.60, for a total value of $686,433.60. Following the completion of the sale, the insider directly owned 281,645 shares in the company, valued at approximately $36,782,837. This 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 quarter. Insiders own 11.71% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on ROOT shares. Keefe, Bruyette & Woods cut their price objective on Root from $170.00 to $165.00 and set an "outperform" rating for the company in a report on Friday. Jefferies Financial Group cut their target price on Root from $172.00 to $138.00 and set a "buy" rating on the stock in a report on Monday. TD Cowen raised their target price on Root from $51.00 to $125.00 and gave the company a "hold" rating in a report on Tuesday, July 8th. Wall Street Zen lowered Root from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Wells Fargo & Company raised their target price on Root from $118.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Seven research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Root presently has a consensus rating of "Hold" and a consensus price target of $128.00.

Root Stock Up 1.9%

NASDAQ ROOT traded up $1.65 during trading on Tuesday, hitting $90.04. 813,717 shares of the company traded hands, compared to its average volume of 561,497. The company has a market capitalization of $1.38 billion, a P/E ratio of 17.97 and a beta of 2.25. The business has a fifty day simple moving average of $127.04 and a 200 day simple moving average of $128.57. Root, Inc. has a 12 month low of $34.04 and a 12 month high of $181.14. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.82.

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

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.