Neuberger Berman Group LLC Takes $1.16 Million Position in Root, Inc. $ROOT

Key Points

• Neuberger Berman Group LLC has acquired a new position in Root, Inc., purchasing 8,676 shares valued at approximately $1.16 million, which represents about 0.06% of the company's total shares.
• Several large investors, including T. Rowe Price and Invesco Ltd., have also recently increased their positions in Root, indicating strong institutional interest in the company.
• Root's stock price has fluctuated significantly, with a 1-year range between $34.04 and $181.14, and they reported earnings per share of $1.29 for the latest quarter, exceeding analyst expectations.

Neuberger Berman Group LLC purchased a new position in shares of Root, Inc. (NASDAQ:ROOT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,676 shares of the company's stock, valued at approximately $1,158,000. Neuberger Berman Group LLC owned approximately 0.06% of Root as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Root by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company's stock worth $357,000 after purchasing an additional 171 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of Root by 5.0% during the 4th quarter. MetLife Investment Management LLC now owns 5,382 shares of the company's stock worth $391,000 after purchasing an additional 255 shares during the last quarter. Legal & General Group Plc boosted its stake in Root by 3.6% in the 4th quarter. Legal & General Group Plc now owns 7,955 shares of the company's stock worth $577,000 after buying an additional 273 shares during the last quarter. KBC Group NV purchased a new position in Root during the first quarter worth approximately $48,000. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Root by 651.8% in 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 last quarter. Hedge funds and other institutional investors own 59.82% of the company's stock.

Root Trading Down 1.5%

Root stock traded down $1.3340 during midday trading on Wednesday, reaching $85.4660. The stock had a trading volume of 258,598 shares, compared to its average volume of 561,209. Root, Inc. has a twelve month low of $34.04 and a twelve month high of $181.14. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 17.04 and a beta of 2.25. The firm's fifty day simple moving average is $120.44 and its two-hundred day simple moving average is $128.29.

Root (NASDAQ:ROOT - Get Free Report) last announced its 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. Root had a net margin of 6.02% and a return on equity of 38.24%. The company had revenue of $382.90 million for the quarter, compared to the consensus estimate of $348.36 million. During the same period in the previous year, the business earned ($0.52) EPS. The company's revenue was up 32.4% on a year-over-year basis. Equities analysts anticipate that Root, Inc. will post -0.08 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Insider Activity at Root

In other Root news, Director Jerri Devard sold 1,895 shares of Root 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 completion of the sale, the director owned 18,532 shares of the company's stock, valued at $2,622,278. This trade represents a 9.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Alexander E. Timm sold 8,290 shares of Root stock in a transaction on 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 sale, the chief executive officer directly owned 168,609 shares of the company's stock, valued at $22,020,335.40. This trade represents a 4.69% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,083 shares of company stock worth $2,805,069. Insiders own 11.71% of the company's stock.

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.