JPMorgan Chase & Co. Sells 27,155 Shares of Root, Inc. (NASDAQ:ROOT)

JPMorgan Chase & Co. lessened its position in Root, Inc. (NASDAQ:ROOT - Free Report) by 25.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 78,322 shares of the company's stock after selling 27,155 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.52% of Root worth $5,685,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in ROOT. State Street Corp boosted its stake in shares of Root by 0.3% during the 3rd quarter. State Street Corp now owns 176,891 shares of the company's stock worth $6,683,000 after acquiring an additional 444 shares in the last quarter. MML Investors Services LLC bought a new stake in shares of Root during the 3rd quarter worth about $288,000. Barclays PLC boosted its stake in shares of Root by 361.6% during the 3rd quarter. Barclays PLC now owns 14,033 shares of the company's stock worth $529,000 after acquiring an additional 10,993 shares in the last quarter. Franklin Resources Inc. bought a new stake in Root during the 3rd quarter valued at approximately $249,000. Finally, Nordea Investment Management AB boosted its stake in Root by 7.3% during the 4th quarter. Nordea Investment Management AB now owns 20,697 shares of the company's stock valued at $1,497,000 after purchasing an additional 1,416 shares during the period. Hedge funds and other institutional investors own 59.82% of the company's stock.

Root Stock Up 8.3 %

NASDAQ:ROOT traded up $11.19 during trading hours on Wednesday, reaching $146.14. The company had a trading volume of 160,570 shares, compared to its average volume of 520,161. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65. The business's 50-day simple moving average is $130.39 and its two-hundred day simple moving average is $96.39. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -118.81 and a beta of 2.41. Root, Inc. has a twelve month low of $34.04 and a twelve month high of $181.14.

Root (NASDAQ:ROOT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, beating the consensus estimate of ($0.63) by $1.93. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The business had revenue of $326.70 million during the quarter, compared to analyst estimates of $287.79 million. On average, equities analysts expect that Root, Inc. will post -0.08 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. UBS Group increased their target price on Root from $67.00 to $130.00 and gave the stock a "neutral" rating in a report on Friday, March 7th. Keefe, Bruyette & Woods increased their target price on Root from $90.00 to $150.00 and gave the stock an "outperform" rating in a report on Tuesday. Wells Fargo & Company raised their price target on Root from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Thursday, April 10th. Scotiabank reiterated a "sector perform" rating on shares of Root in a research report on Sunday, March 2nd. Finally, Jefferies Financial Group increased their target price on Root from $115.00 to $150.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Six investment 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 stock. Based on data from MarketBeat.com, Root has a consensus rating of "Hold" and a consensus price target of $112.67.

Insider Transactions at Root

In other news, insider Mahtiyar Bonakdarpour sold 5,515 shares of Root stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $124.78, for a total value of $688,161.70. Following the transaction, the insider now owns 286,901 shares in the company, valued at approximately $35,799,506.78. The trade was a 1.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alexander E. Timm sold 1,144 shares of Root stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $134.01, for a total value of $153,307.44. Following the completion of the transaction, the chief executive officer now owns 161,625 shares in the company, valued at approximately $21,659,366.25. This represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,659 shares of company stock valued at $1,191,469 over the last three months. Company insiders own 11.71% of the company's stock.

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.