Wells Fargo & Company Raises Root (NASDAQ:ROOT) Price Target to $97.00

Root (NASDAQ:ROOT) had its price target upped by equities researchers at Wells Fargo & Company from $80.00 to $97.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential downside of 28.24% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on ROOT. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $90.00 price objective (up previously from $82.00) on shares of Root in a research report on Tuesday, November 5th. Citizens Jmp cut shares of Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. JMP Securities cut shares of Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Finally, UBS Group lifted their price objective on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Five research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.83.

Root Price Performance

NASDAQ ROOT opened at $135.17 on Thursday. Root has a 12 month low of $27.24 and a 12 month high of $141.23. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of -109.89 and a beta of 2.58. The company’s 50 day moving average is $94.20 and its two-hundred day moving average is $71.19. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65.

Root (NASDAQ:ROOT) last released its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $1.93. The firm had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $287.79 million. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. As a group, research analysts anticipate that Root will post -0.08 earnings per share for the current year.

Institutional Investors Weigh In On Root

Several large investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Root by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,912 shares of the company’s stock worth $357,000 after purchasing an additional 171 shares during the last quarter. MetLife Investment Management LLC boosted its stake in Root by 5.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,382 shares of the company’s stock worth $391,000 after buying an additional 255 shares during the period. Legal & General Group Plc boosted its stake in Root by 3.6% during the fourth quarter. Legal & General Group Plc now owns 7,955 shares of the company’s stock worth $577,000 after buying an additional 273 shares during the period. Russell Investments Group Ltd. boosted its stake in Root by 651.8% during the fourth quarter. Russell Investments Group Ltd. now owns 421 shares of the company’s stock worth $31,000 after buying an additional 365 shares during the period. Finally, State Street Corp boosted its stake in Root by 0.3% during the third quarter. State Street Corp now owns 176,891 shares of the company’s stock worth $6,683,000 after buying an additional 444 shares during the period. 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.