Charles Schwab Investment Management Inc. Cuts Holdings in Root, Inc. (NASDAQ:ROOT)

Charles Schwab Investment Management Inc. lowered its holdings in Root, Inc. (NASDAQ:ROOT) by 0.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,577 shares of the company’s stock after selling 200 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.17% of Root worth $1,857,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in Root by 0.3% during the 3rd quarter. State Street Corp now owns 176,891 shares of the company’s stock valued at $6,683,000 after purchasing an additional 444 shares in the last quarter. Bank of New York Mellon Corp grew its holdings 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 valued at $1,774,000 after purchasing an additional 6,465 shares during the last quarter. Nordea Investment Management AB lifted its stake in Root by 7.3% in the fourth quarter. Nordea Investment Management AB now owns 20,697 shares of the company’s stock valued at $1,497,000 after buying an additional 1,416 shares during the last quarter. FMR LLC boosted its stake in Root by 966.2% during the 3rd quarter. FMR LLC now owns 18,040 shares of the company’s stock valued at $682,000 after purchasing an additional 16,348 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Root during the third quarter worth approximately $645,000. 59.82% of the stock is owned by hedge funds and other institutional investors.

Root Stock Down 8.1 %

ROOT opened at $136.93 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. The company has a market capitalization of $2.08 billion, a PE ratio of -111.33 and a beta of 2.48. The stock’s fifty day moving average is $121.42 and its 200-day moving average is $85.27. Root, Inc. has a one year low of $34.04 and a one year high of $181.14.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, topping the consensus estimate of ($0.63) by $1.93. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The firm had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $287.79 million. On average, equities analysts predict that Root, Inc. will post -0.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Wells Fargo & Company reaffirmed a “buy” rating on shares of Root in a research note on Sunday, March 2nd. UBS Group lifted their price objective on shares of Root from $67.00 to $130.00 and gave the company a “neutral” rating in a research note on Friday, March 7th. Finally, Scotiabank reiterated a “sector perform” rating on shares of Root in a research report on Sunday, March 2nd. Five research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $88.33.

Insider Buying and Selling

In related news, Director Doug Ulman sold 2,000 shares of Root stock in a transaction on Monday, March 24th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the transaction, the director now directly owns 6,201 shares in the company, valued at $1,085,175. The trade was a 24.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 11.71% 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.