Root, Inc. (NASDAQ:ROOT) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC reduced its holdings in shares of Root, Inc. (NASDAQ:ROOT - Free Report) by 46.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,035 shares of the company's stock after selling 20,539 shares during the period. Nuveen Asset Management LLC owned about 0.16% of Root worth $1,745,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Rhumbline Advisers increased its position in shares of Root by 27.7% in the 4th quarter. Rhumbline Advisers now owns 14,628 shares of the company's stock valued at $1,062,000 after purchasing an additional 3,169 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Root in the 4th quarter valued at approximately $255,000. Bank of New York Mellon Corp increased its position in shares of Root by 36.0% in the 4th quarter. Bank of New York Mellon Corp now owns 24,438 shares of the company's stock valued at $1,774,000 after purchasing an additional 6,465 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Root in the 4th quarter valued at approximately $309,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Root in the 4th quarter valued at approximately $154,000. 59.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ROOT has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Root from $150.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. UBS Group increased their price objective on shares of Root from $67.00 to $130.00 and gave the company a "neutral" rating in a research report on Friday, March 7th. Wells Fargo & Company increased their target price on shares of Root from $105.00 to $142.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Jefferies Financial Group increased their target price on shares of Root from $115.00 to $150.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Finally, Scotiabank reaffirmed a "sector perform" rating on shares of Root in a research report on Sunday, March 2nd. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $122.17.

Root Stock Up 3.9%

Shares of NASDAQ ROOT traded up $5.18 during mid-day trading on Thursday, reaching $139.17. The company had a trading volume of 477,682 shares, compared to its average volume of 514,134. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65. The firm has a 50 day simple moving average of $132.96 and a two-hundred day simple moving average of $114.14. The stock has a market cap of $2.14 billion, a P/E ratio of -113.15 and a beta of 2.31. Root, Inc. has a 52-week low of $34.04 and a 52-week high of $181.14.

Root (NASDAQ:ROOT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.62. The firm had revenue of $349.40 million during the quarter, compared to analysts' expectations of $305.24 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. Root's quarterly revenue was up 37.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.42) EPS. Sell-side analysts predict that Root, Inc. will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Meyer Malka sold 225,000 shares of the stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $135.81, for a total transaction of $30,557,250.00. Following the completion of the sale, the insider now owns 503,800 shares in the company, valued at $68,421,078. This represents a 30.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alexander E. Timm sold 1,144 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $134.01, for a total transaction of $153,307.44. Following the sale, the chief executive officer now owns 161,625 shares of the company's stock, valued at approximately $21,659,366.25. This represents a 0.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,205 shares of company stock worth $33,517,827 in the last 90 days. Company insiders own 11.76% of the company's stock.

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.