Root (NASDAQ:ROOT) Given New $165.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods has lowered its price target for Root (NASDAQ:ROOT) stock from $170.00 to $165.00, while maintaining an "outperform" rating, indicating a potential upside of 82.87% from the current price.
• Several other analysts have varying opinions on Root's stock; Jefferies raised its target from $115.00 to $150.00, whereas Wall Street Zen downgraded the stock from "buy" to "hold".
• Root recently reported a 32.4% increase in quarterly revenue year-over-year, reaching $382.90 million, while EPS beat expectations at $1.29.

Root (NASDAQ:ROOT - Free Report) had its target price trimmed by Keefe, Bruyette & Woods from $170.00 to $165.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

ROOT has been the topic of a number of other reports. Wells Fargo & Company raised their price objective on shares of Root from $118.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday. Wall Street Zen lowered shares of Root from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. TD Cowen raised their price objective on shares of Root from $51.00 to $125.00 and gave the company a "hold" rating in a report on Tuesday, July 8th. Finally, Jefferies Financial Group raised their price objective on shares of Root from $115.00 to $150.00 and gave the company a "buy" rating in a report on Friday, April 11th. Seven equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $130.00.

Root Stock Down 2.2%

ROOT traded down $1.97 during trading hours on Friday, hitting $88.26. 1,432,139 shares of the company's stock were exchanged, compared to its average volume of 576,233. Root has a 12-month low of $34.04 and a 12-month high of $181.14. The firm has a 50 day moving average of $128.02 and a 200 day moving average of $128.23. The firm has a market cap of $1.36 billion, a P/E ratio of 17.62 and a beta of 2.25. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.87.

Root (NASDAQ:ROOT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.23. Root had a net margin of 6.02% and a return on equity of 40.09%. The firm had revenue of $382.90 million for the quarter, compared to the consensus estimate of $348.36 million. During the same period in the prior year, the firm earned ($0.52) EPS. The firm's revenue for the quarter was up 32.4% on a year-over-year basis. Analysts predict that Root will post -0.08 EPS for the current fiscal year.

Insider Transactions at Root

In related news, insider Mahtiyar Bonakdarpour sold 5,256 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $130.60, for a total value of $686,433.60. Following the transaction, the insider directly owned 281,645 shares of the company's stock, valued at $36,782,837. This trade represents a 1.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Julie Szudarek sold 2,790 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $133.80, for a total transaction of $373,302.00. Following the completion of the transaction, the director directly owned 13,332 shares in the company, valued at $1,783,821.60. This trade represents a 17.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,083 shares of company stock worth $2,805,069. Insiders own 11.76% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Root by 3.6% during the 4th 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 grew its position in 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 grew its position in Root by 3.6% during the 4th quarter. Legal & General Group Plc now owns 7,955 shares of the company's stock worth $577,000 after purchasing an additional 273 shares during the last quarter. Twin Tree Management LP purchased a new position in Root during the 1st quarter worth $37,000. Finally, ProShare Advisors LLC grew its position in Root by 16.9% during the 2nd quarter. ProShare Advisors LLC now owns 2,184 shares of the company's stock worth $279,000 after purchasing an additional 315 shares during the last quarter. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.