Wells Fargo & Company Issues Pessimistic Forecast for Root (NASDAQ:ROOT) Stock Price

Root (NASDAQ:ROOT - Free Report) had its price target trimmed by Wells Fargo & Company from $142.00 to $118.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

Other analysts have also issued reports about the stock. Jefferies Financial Group upped their price target on shares of Root from $115.00 to $150.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Wall Street Zen lowered shares of Root from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. TD Cowen increased their target price on shares of Root from $51.00 to $125.00 and gave the stock a "hold" rating in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Root from $150.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $130.50.

Root Price Performance

NASDAQ:ROOT traded down $5.89 during midday trading on Thursday, hitting $115.76. The company had a trading volume of 315,790 shares, compared to its average volume of 520,074. Root has a 52-week low of $34.04 and a 52-week high of $181.14. The stock's fifty day moving average price is $135.12 and its 200-day moving average price is $122.67. The company has a market capitalization of $1.78 billion, a PE ratio of 36.18 and a beta of 2.26. 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 (NASDAQ:ROOT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.62. Root had a net margin of 4.11% and a return on equity of 27.33%. The company had revenue of $349.40 million during the quarter, compared to analyst estimates of $305.24 million. During the same period in the previous year, the business earned ($0.42) earnings per share. The firm's quarterly revenue was up 37.2% compared to the same quarter last year. As a group, research analysts expect that Root will post -0.08 earnings per share for the current year.

Insider Buying and Selling at Root

In other Root news, insider Mahtiyar Bonakdarpour sold 5,256 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $130.60, for a total transaction of $686,433.60. Following the completion of the transaction, the insider owned 281,645 shares of the company's stock, valued at approximately $36,782,837. This trade represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Meyer Malka sold 225,000 shares of the firm's stock in a transaction that occurred 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 transaction, the insider directly owned 503,800 shares of the company's stock, valued at $68,421,078. This represents a 30.87% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 246,083 shares of company stock valued at $33,362,319. 11.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Root

Institutional investors have recently made changes to their positions in the company. Twin Tree Management LP purchased a new stake in shares of Root during the first quarter valued at approximately $37,000. KBC Group NV purchased a new stake in shares of Root during the first quarter valued at approximately $48,000. Russell Investments Group Ltd. grew its holdings in shares of Root by 651.8% during the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company's stock valued at $31,000 after buying an additional 365 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Root during the fourth quarter valued at approximately $94,000. Finally, Blueshift Asset Management LLC bought a new stake in Root in the 1st quarter worth approximately $204,000. Hedge funds and other institutional investors own 59.82% of the company's stock.

About Root

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.