T. Rowe Price Investment Management Inc. Has $90.70 Million Position in Root, Inc. $ROOT

Key Points

• T. Rowe Price Investment Management Inc. increased its holdings in Root, Inc. by 66.3%, now owning 679,696 shares valued at $90.70 million.
• Institutional ownership in Root stands at 59.82%, with several investors significantly raising their stakes in recent quarters.
• Root's most recent earnings report showed a 32.4% increase in revenue year-over-year, with EPS beating expectations at $1.29.

T. Rowe Price Investment Management Inc. raised its position in Root, Inc. (NASDAQ:ROOT - Free Report) by 66.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 679,696 shares of the company's stock after acquiring an additional 271,097 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 4.47% of Root worth $90,699,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its stake in Root by 12.0% in the fourth quarter. California State Teachers Retirement System now owns 7,477 shares of the company's stock valued at $543,000 after acquiring an additional 801 shares during the last quarter. Mariner LLC acquired a new stake in Root in the fourth quarter valued at $217,000. Kingswood Wealth Advisors LLC acquired a new stake in Root in the first quarter valued at $220,000. Price T Rowe Associates Inc. MD acquired a new stake in Root in the fourth quarter valued at $417,000. Finally, Barclays PLC lifted its stake in Root by 9.4% in the fourth quarter. Barclays PLC now owns 15,358 shares of the company's stock valued at $1,115,000 after acquiring an additional 1,325 shares during the last quarter. Institutional investors and hedge funds own 59.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. TD Cowen increased their price target 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. Keefe, Bruyette & Woods dropped their price objective on shares of Root from $170.00 to $165.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. UBS Group reissued a "neutral" rating and issued a $105.00 price objective (down from $140.00) on shares of Root in a research report on Monday, August 18th. Wells Fargo & Company increased their price objective on shares of Root from $118.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen lowered shares of Root from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Root has an average rating of "Hold" and a consensus target price of $123.83.

Root Stock Performance

NASDAQ:ROOT traded down $3.02 during mid-day trading on Monday, reaching $87.99. 558,814 shares of the company's stock were exchanged, compared to its average volume of 563,105. Root, Inc. has a one year low of $34.04 and a one year high of $181.14. The firm has a market capitalization of $1.36 billion, a PE ratio of 17.56 and a beta of 2.25. The business's fifty day simple moving average is $116.62 and its two-hundred day simple moving average is $128.05. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.26 and a current ratio of 1.26.

Root (NASDAQ:ROOT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $1.06 by $0.23. Root had a net margin of 6.02% and a return on equity of 38.24%. The business had revenue of $382.90 million for the quarter, compared to analyst estimates of $348.36 million. During the same period last year, the firm earned ($0.52) earnings per share. Root's revenue for the quarter was up 32.4% compared to the same quarter last year. Analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Root

In related news, CEO Alexander E. Timm sold 8,290 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer directly owned 168,609 shares of the company's stock, valued at approximately $22,020,335.40. This trade represents a 4.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Beth A. Birnbaum sold 2,852 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $138.33, for a total transaction of $394,517.16. Following the sale, the director owned 14,280 shares in the company, valued at $1,975,352.40. The trade was a 16.65% 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 in the last quarter. Company insiders own 11.71% 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.