Algert Global LLC Has $2.03 Million Stock Holdings in Root, Inc. (NASDAQ:ROOT)

Algert Global LLC boosted its stake in shares of Root, Inc. (NASDAQ:ROOT - Free Report) by 294.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,920 shares of the company's stock after purchasing an additional 20,837 shares during the quarter. Algert Global LLC owned about 0.18% of Root worth $2,027,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ROOT. Nordea Investment Management AB boosted its holdings in shares of Root by 7.3% during the 4th quarter. Nordea Investment Management AB now owns 20,697 shares of the company's stock worth $1,497,000 after buying an additional 1,416 shares during the period. Rhumbline Advisers boosted its holdings in shares of Root by 27.7% during the fourth quarter. Rhumbline Advisers now owns 14,628 shares of the company's stock worth $1,062,000 after acquiring an additional 3,169 shares during the period. Mariner LLC acquired a new position in shares of Root in the fourth quarter valued at approximately $217,000. Bank of New York Mellon Corp increased its stake in shares of Root by 36.0% during the fourth quarter. Bank of New York Mellon Corp now owns 24,438 shares of the company's stock worth $1,774,000 after purchasing an additional 6,465 shares during the period. Finally, Swiss National Bank lifted its holdings in Root by 15.6% during the 4th quarter. Swiss National Bank now owns 15,600 shares of the company's stock worth $1,132,000 after purchasing an additional 2,100 shares during the last quarter. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on ROOT. UBS Group increased their price objective on Root from $67.00 to $130.00 and gave the stock a "neutral" rating in a research report on Friday, March 7th. Wells Fargo & Company raised their price target on shares of Root from $105.00 to $142.00 and gave the stock an "equal weight" rating in a research report on Thursday. Keefe, Bruyette & Woods boosted their price target on Root from $150.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday. Jefferies Financial Group lifted their price objective on Root from $115.00 to $150.00 and gave the company a "buy" rating in a report on Friday, April 11th. Finally, Scotiabank reissued a "sector perform" rating on shares of Root in a report on Sunday, March 2nd. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Root has a consensus rating of "Hold" and an average price target of $122.17.

Insider Buying and Selling

In other Root news, major shareholder Meyer Malka sold 225,000 shares of the company's 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 sale, the insider now owns 503,800 shares of the company's stock, valued at approximately $68,421,078. This represents a 30.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of the business's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total value of $688,161.70. Following the completion of the transaction, the insider now directly owns 286,901 shares in the company, valued at $35,799,506.78. This represents a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 233,659 shares of company stock worth $31,748,719 in the last ninety days. Company insiders own 11.76% of the company's stock.

Root Price Performance

Shares of Root stock traded up $5.93 during trading on Friday, reaching $147.42. 543,817 shares of the company's stock were exchanged, compared to its average volume of 511,750. Root, Inc. has a 1-year low of $34.04 and a 1-year high of $181.14. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. The firm's 50-day moving average price is $137.35 and its 200 day moving average price is $106.25. The company has a market cap of $2.24 billion, a P/E ratio of -119.85 and a beta of 2.40.

Root (NASDAQ:ROOT - Get Free Report) last posted its 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. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The firm had revenue of $349.40 million for the quarter, compared to analysts' expectations of $305.24 million. During the same quarter in the previous year, the firm posted ($0.42) earnings per share. The company's revenue was up 37.2% on a year-over-year basis. As a group, research analysts anticipate that Root, Inc. will post -0.08 earnings per share for the current year.

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.