TD Cowen Forecasts Strong Price Appreciation for Root (NASDAQ:ROOT) Stock

Root (NASDAQ:ROOT - Get Free Report) had its price target raised by equities researchers at TD Cowen from $51.00 to $125.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "hold" rating on the stock. TD Cowen's price objective indicates a potential upside of 0.03% from the stock's previous close.

A number of other research analysts also recently weighed in on the company. Wells Fargo & Company upped their price target on Root from $105.00 to $142.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Wall Street Zen cut shares of Root from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th. Jefferies Financial Group upped their target price on Root from $115.00 to $150.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Root from $150.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $134.50.

Root Stock Performance

Shares of ROOT traded up $1.21 on Tuesday, reaching $124.96. The company's stock had a trading volume of 148,468 shares, compared to its average volume of 520,590. Root has a 12-month low of $34.04 and a 12-month high of $181.14. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.26 and a quick ratio of 1.26. The stock's 50 day simple moving average is $136.29 and its two-hundred day simple moving average is $121.68. The stock has a market capitalization of $1.92 billion, a P/E ratio of 39.05 and a beta of 2.26.

Root (NASDAQ:ROOT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.07 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $305.24 million. During the same quarter in the previous year, the firm posted ($0.42) EPS. The business's revenue for the quarter was up 37.2% compared to the same quarter last year. Research analysts forecast that Root will post -0.08 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Alexander E. Timm sold 8,290 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $130.60, for a total value of $1,082,674.00. Following the completion of the transaction, the chief executive officer directly owned 168,609 shares of the company's stock, valued at approximately $22,020,335.40. The trade was a 4.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Julie Szudarek sold 2,790 shares of the business'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 value of $373,302.00. Following the sale, the director owned 13,332 shares of the company's stock, valued at approximately $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 90 days, insiders sold 246,083 shares of company stock valued at $33,362,319. Corporate insiders own 11.71% of the company's stock.

Hedge Funds Weigh In On Root

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. acquired a new position in shares of Root in the 4th quarter valued at approximately $29,661,000. Invesco Ltd. boosted its position in Root by 5,575.0% during the first quarter. Invesco Ltd. now owns 256,792 shares of the company's stock worth $34,266,000 after purchasing an additional 252,267 shares during the period. American Century Companies Inc. purchased a new stake in Root in the first quarter valued at approximately $30,786,000. Driehaus Capital Management LLC purchased a new position in shares of Root in the first quarter worth $20,423,000. Finally, Jump Financial LLC increased its position in Root by 765.2% during the 1st quarter. Jump Financial LLC now owns 105,728 shares of the company's stock valued at $14,108,000 after purchasing an additional 93,508 shares during the period. Institutional investors and hedge funds own 59.82% 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.