Parallax Volatility Advisers L.P. Acquires 5,739 Shares of Root, Inc. (NASDAQ:ROOT)

Parallax Volatility Advisers L.P. grew its holdings in shares of Root, Inc. (NASDAQ:ROOT - Free Report) by 47.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,833 shares of the company's stock after buying an additional 5,739 shares during the period. Parallax Volatility Advisers L.P. owned approximately 0.12% of Root worth $1,294,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Barclays PLC boosted its stake in Root by 361.6% during the third 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. Nordea Investment Management AB boosted its position in shares of Root by 7.3% during the 4th quarter. Nordea Investment Management AB now owns 20,697 shares of the company's stock worth $1,497,000 after purchasing an additional 1,416 shares in the last quarter. Franklin Resources Inc. acquired a new stake in shares of Root in the 3rd quarter valued at about $249,000. Rhumbline Advisers increased its position in Root by 27.7% in the 4th quarter. Rhumbline Advisers now owns 14,628 shares of the company's stock valued at $1,062,000 after buying an additional 3,169 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Root by 36.0% during the 4th quarter. Bank of New York Mellon Corp now owns 24,438 shares of the company's stock worth $1,774,000 after buying an additional 6,465 shares during the period. Institutional investors and hedge funds own 59.82% of the company's stock.

Root Stock Down 0.7 %

Root stock opened at $149.07 on Friday. Root, Inc. has a fifty-two week low of $34.04 and a fifty-two week high of $181.14. 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 firm's 50-day simple moving average is $131.58 and its 200 day simple moving average is $98.71. The stock has a market cap of $2.27 billion, a PE ratio of -121.20 and a beta of 2.41.

Root (NASDAQ:ROOT - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of ($0.63) by $1.93. The firm had revenue of $326.70 million for the quarter, compared to the consensus estimate of $287.79 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. Research analysts predict that Root, Inc. will post -0.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods raised their price objective on Root from $90.00 to $150.00 and gave the company an "outperform" rating in a research note on Tuesday, April 22nd. UBS Group lifted their price target on shares of Root from $67.00 to $130.00 and gave the company a "neutral" rating in a research report on Friday, March 7th. Scotiabank restated a "sector perform" rating on shares of Root in a report on Sunday, March 2nd. Jefferies Financial Group lifted their price objective on shares of Root from $115.00 to $150.00 and gave the company a "buy" rating in a report on Friday, April 11th. Finally, Wells Fargo & Company upped their target price on shares of Root from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Thursday, April 10th. Six research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $112.67.

Insiders Place Their Bets

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

Root 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.

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