Root, Inc. (NASDAQ:ROOT) Shares Acquired by State Street Corp

State Street Corp boosted its stake in Root, Inc. (NASDAQ:ROOT) by 0.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,891 shares of the company’s stock after purchasing an additional 444 shares during the period. State Street Corp owned approximately 1.17% of Root worth $6,683,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Point72 DIFC Ltd purchased a new stake in shares of Root during the third quarter valued at approximately $33,000. MetLife Investment Management LLC increased its stake in Root by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock worth $194,000 after buying an additional 2,889 shares during the period. Algert Global LLC acquired a new position in Root in the 2nd quarter worth $288,000. Versor Investments LP acquired a new position in Root in the 3rd quarter worth $216,000. Finally, Vanguard Personalized Indexing Management LLC boosted its position in Root by 76.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock valued at $306,000 after buying an additional 2,576 shares during the last quarter. 59.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Root news, Director Julie Szudarek sold 2,000 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $96.33, for a total transaction of $192,660.00. Following the completion of the transaction, the director now directly owns 15,003 shares of the company’s stock, valued at $1,445,238.99. The trade was a 11.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Meyer Malka sold 50,959 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $84.78, for a total transaction of $4,320,304.02. Following the completion of the sale, the insider now owns 102 shares in the company, valued at $8,647.56. The trade was a 99.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 246,905 shares of company stock worth $20,440,479 in the last three months. 11.71% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently commented on ROOT shares. Citizens Jmp cut Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Jefferies Financial Group decreased their price target on shares of Root from $84.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. UBS Group upped their price target on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a report on Monday, November 4th. JMP Securities lowered shares of Root from an “outperform” rating to a “market perform” rating in a report on Friday, November 22nd. Finally, Wells Fargo & Company upped their target price on shares of Root from $64.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $59.13.

Root Trading Down 4.0 %

Root stock opened at $73.00 on Friday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39. Root, Inc. has a 1 year low of $7.22 and a 1 year high of $118.15. The firm’s 50-day moving average is $77.60 and its 200-day moving average is $59.02. The company has a market cap of $1.10 billion, a P/E ratio of -59.35 and a beta of 2.47.

Root (NASDAQ:ROOT) last issued its earnings results on Wednesday, October 30th. The company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96. The company had revenue of $305.70 million during the quarter, compared to the consensus estimate of $272.77 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. Root’s quarterly revenue was up 165.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($3.16) earnings per share. On average, equities analysts expect that Root, Inc. will post -1.2 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.