TD Asset Management Inc Purchases 8,632 Shares of Root, Inc. (NASDAQ:ROOT)

Key Points

• TD Asset Management Inc increased its stake in Root, Inc. by 239.8%, owning approximately 0.08% of the company after purchasing an additional 8,632 shares.
• Insiders, including Director Julie Szudarek and Director Jerri Devard, sold a total of 21,083 shares valued at around $2.8 million over the last three months, indicating a significant decrease in their positions.
• Equity analysts have mixed ratings on Root, with some downgrading it from “buy” to “hold” while others have set varying price targets, reflecting uncertainty in the stock’s future performance.

TD Asset Management Inc lifted its position in shares of Root, Inc. (NASDAQ:ROOT - Free Report) by 239.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,232 shares of the company's stock after purchasing an additional 8,632 shares during the quarter. TD Asset Management Inc owned approximately 0.08% of Root worth $1,632,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of ROOT. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Root during the 4th quarter worth approximately $29,661,000. Renaissance Technologies LLC lifted its position in shares of 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 buying an additional 77,699 shares during the period. Vanguard Group Inc. lifted its position in shares of 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 buying an additional 73,413 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Root during the 4th quarter worth approximately $3,834,000. Finally, Quinn Opportunity Partners LLC bought a new position in shares of Root during the 4th quarter worth approximately $2,952,000. Institutional investors and hedge funds own 59.82% of the company's stock.

Insider Buying and Selling at Root

In related news, Director Julie Szudarek sold 2,790 shares of Root stock in a transaction 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 completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mahtiyar Bonakdarpour sold 5,256 shares of the business'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 transaction, the insider directly owned 281,645 shares of the company's stock, valued at approximately $36,782,837. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,083 shares of company stock valued at $2,805,069 over the last quarter. 11.71% of the stock is owned by corporate insiders.

Root Trading Up 4.6%

Shares of Root stock traded up $5.55 during trading on Tuesday, reaching $125.54. 539,791 shares of the company were exchanged, compared to its average volume of 366,110. 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, Inc. has a twelve month low of $34.04 and a twelve month high of $181.14. The business has a 50-day moving average price of $129.81 and a 200-day moving average price of $127.86. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 37.49 and a beta of 2.25.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on 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 cut their target price on Root from $142.00 to $118.00 and set an "equal weight" rating for the company in a research report on Thursday, July 10th. Wall Street Zen downgraded Root from a "buy" rating to a "hold" rating in a research report on Saturday. TD Cowen lifted their price objective on Root from $51.00 to $125.00 and gave the company a "hold" rating in a research report on Tuesday, July 8th. Finally, Jefferies Financial Group lifted their price objective on Root from $115.00 to $150.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Seven equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $130.50.

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.