21,259 Shares in Root, Inc. (NASDAQ:ROOT) Purchased by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC has acquired 21,259 shares of Root, Inc. valued at approximately $2.84 million, holding 0.14% of the company as of the end of the first quarter.
• A variety of institutional investors have increased their stakes in Root, including Vanguard Group, which raised its holdings by 16.2%, now owning over 526,000 shares worth $38.25 million.
• Root, Inc. recently reported an earnings per share (EPS) of $1.07 for the last quarter, significantly beating analysts' expectations and marking a 37.2% year-over-year increase in revenue.

HB Wealth Management LLC purchased a new stake in Root, Inc. (NASDAQ:ROOT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 21,259 shares of the company's stock, valued at approximately $2,837,000. HB Wealth Management LLC owned 0.14% of Root as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ROOT. T. Rowe Price Investment Management Inc. bought a new stake in Root during the 4th quarter worth approximately $29,661,000. Renaissance Technologies LLC increased its holdings in Root by 41.8% during the 4th 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 during the period. Vanguard Group Inc. increased its holdings in Root by 16.2% during the 4th 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 during the period. BNP Paribas Financial Markets bought a new stake in Root during the 4th quarter worth approximately $3,834,000. Finally, Quinn Opportunity Partners LLC bought a new stake in Root during the 4th quarter worth approximately $2,952,000. Institutional investors own 59.82% of the company's stock.

Insider Buying and Selling at Root

In other Root news, insider Mahtiyar Bonakdarpour sold 5,256 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $130.60, for a total transaction of $686,433.60. Following the completion of the sale, the insider owned 281,645 shares of the company's stock, valued at $36,782,837. This represents a 1.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Julie Szudarek sold 2,790 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $133.80, for a total transaction of $373,302.00. Following the sale, the director directly owned 13,332 shares of the company's stock, valued at $1,783,821.60. The trade was a 17.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,083 shares of company stock worth $2,805,069 over the last ninety days. 11.76% of the stock is owned by company insiders.

Root Trading Up 6.5%

Shares of Root stock traded up $7.41 during trading on Thursday, reaching $120.47. The company's stock had a trading volume of 156,374 shares, compared to its average volume of 527,537. Root, Inc. has a 52-week low of $34.04 and a 52-week high of $181.14. The company has a market cap of $1.85 billion, a price-to-earnings ratio of 37.79 and a beta of 2.26. The firm's 50-day moving average is $130.44 and its two-hundred day moving average is $126.57. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.87.

Root (NASDAQ:ROOT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.62. The company had revenue of $349.40 million during the quarter, compared to analysts' expectations of $305.24 million. Root had a net margin of 4.11% and a return on equity of 27.33%. The firm's revenue was up 37.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.42) EPS. On average, sell-side analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

ROOT has been the topic of a number of analyst reports. Jefferies Financial Group upped their target price on shares of Root from $115.00 to $150.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Keefe, Bruyette & Woods upped their target price on shares of Root from $150.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Wells Fargo & Company decreased their price target on shares of Root from $142.00 to $118.00 and set an "equal weight" rating on the stock in a report on Thursday, July 10th. TD Cowen increased their price target on shares of Root from $51.00 to $125.00 and gave the stock a "hold" rating in a report on Tuesday, July 8th. Finally, Wall Street Zen raised shares of Root from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $130.50.

Root 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.