Penserra Capital Management LLC Buys New Stake in Root, Inc. (NASDAQ:ROOT)

Penserra Capital Management LLC purchased a new stake in Root, Inc. (NASDAQ:ROOT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 15,071 shares of the company's stock, valued at approximately $2,011,000. Penserra Capital Management LLC owned approximately 0.10% of Root as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. acquired a new position in shares of Root during the 4th quarter worth approximately $29,661,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Root by 163.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company's stock worth $9,286,000 after purchasing an additional 79,317 shares in the last quarter. Renaissance Technologies LLC increased its position 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 during the period. Vanguard Group Inc. increased its position 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 during the period. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Root during the fourth quarter worth $3,834,000. Hedge funds and other institutional investors own 59.82% of the company's stock.

Insiders Place Their Bets

In related news, insider Mahtiyar Bonakdarpour sold 5,256 shares of the firm's stock in a transaction that occurred 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 directly owned 281,645 shares in the company, valued at approximately $36,782,837. This trade represents a 1.83% decrease in their ownership of the stock. 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 firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $133.80, for a total transaction of $373,302.00. Following the sale, the director owned 13,332 shares of the company's stock, valued at $1,783,821.60. The trade was a 17.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 246,083 shares of company stock valued at $33,362,319. 11.76% of the stock is currently owned by insiders.

Root Stock Performance

Shares of NASDAQ:ROOT traded down $5.89 during trading hours on Friday, hitting $115.76. The stock had a trading volume of 315,790 shares, compared to its average volume of 519,823. The stock's fifty day simple moving average is $135.12 and its 200 day simple moving average is $122.33. Root, Inc. has a 1-year low of $34.04 and a 1-year high of $181.14. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 36.18 and a beta of 2.26. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.26 and a current ratio of 1.26.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Wall Street Zen lowered Root from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. 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. Keefe, Bruyette & Woods upped 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. Wells Fargo & Company decreased their price objective on shares of Root from $142.00 to $118.00 and set an "equal weight" rating for the company in a research report on Thursday. Finally, Jefferies Financial Group upped their target price on shares of Root from $115.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Seven analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Root currently has an average rating of "Hold" and a consensus target price of $130.50.

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.