Root (NASDAQ:ROOT) Price Target Raised to $78.00

Root (NASDAQ:ROOT) had its price objective boosted by Wells Fargo & Company from $64.00 to $78.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other brokerages have also weighed in on ROOT. Citigroup boosted their target price on shares of Root from $11.00 to $12.00 and gave the company a neutral rating in a research note on Friday, February 23rd. Cantor Fitzgerald upgraded Root from a neutral rating to an overweight rating and increased their target price for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. JMP Securities lifted their price objective on Root from $15.00 to $90.00 and gave the stock a market outperform rating in a research note on Wednesday. Keefe, Bruyette & Woods reissued an outperform rating and set a $70.00 target price (up previously from $22.00) on shares of Root in a research report on Wednesday, April 24th. Finally, TD Cowen began coverage on shares of Root in a research note on Wednesday, January 10th. They issued a market perform rating on the stock. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $39.50.

Root Price Performance

Shares of ROOT opened at $56.29 on Wednesday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.60 and a current ratio of 1.51. The company has a 50-day simple moving average of $54.52 and a two-hundred day simple moving average of $25.24. Root has a one year low of $4.11 and a one year high of $86.57.

Root (NASDAQ:ROOT) last released its earnings results on Tuesday, April 30th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.51) by $2.09. Root had a negative net margin of 17.61% and a negative return on equity of 62.36%. The firm had revenue of $254.90 million during the quarter, compared to analyst estimates of $203.99 million. During the same period last year, the business earned ($2.88) earnings per share. The business’s revenue was up 263.6% on a year-over-year basis. Research analysts anticipate that Root will post -6.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Root

A number of large investors have recently modified their holdings of ROOT. Citigroup Inc. increased its holdings in shares of Root by 218,250.0% in the 3rd quarter. Citigroup Inc. now owns 4,367 shares of the company’s stock valued at $42,000 after acquiring an additional 4,365 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Root during the first quarter worth about $293,000. Barclays PLC increased its position in Root by 229,380.0% in the 3rd quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after acquiring an additional 11,469 shares during the period. Corton Capital Inc. purchased a new stake in Root during the 3rd quarter valued at approximately $120,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Root during the 3rd quarter worth approximately $158,000. 59.82% of the stock is owned by hedge funds and other institutional investors.

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.