Raymond James Financial Inc. Takes $1.95 Million Position in Root, Inc. (NASDAQ:ROOT)

Raymond James Financial Inc. bought a new position in Root, Inc. (NASDAQ:ROOT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 26,894 shares of the company's stock, valued at approximately $1,952,000. Raymond James Financial Inc. owned 0.18% of Root at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings 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 in the last quarter. Point72 DIFC Ltd acquired a new position in shares of Root in the third quarter worth about $33,000. Verition Fund Management LLC boosted its stake in Root by 15.2% in the 3rd quarter. Verition Fund Management LLC now owns 9,788 shares of the company's stock worth $370,000 after purchasing an additional 1,288 shares during the period. Nordea Investment Management AB grew its position in 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. Finally, SBI Securities Co. Ltd. acquired a new stake in Root during the 4th quarter valued at $154,000. 59.82% of the stock is owned by institutional investors.

Root Stock Performance

Root stock traded down $12.12 on Friday, hitting $108.31. The company's stock had a trading volume of 515,874 shares, compared to its average volume of 521,908. Root, Inc. has a one year low of $34.04 and a one year high of $181.14. The firm has a market cap of $1.65 billion, a P/E ratio of -87.75 and a beta of 2.48. 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 company has a fifty day moving average price of $124.96 and a 200-day moving average price of $87.75.

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

Wall Street Analysts Forecast Growth

ROOT has been the subject of a number of research reports. Wells Fargo & Company restated a "buy" rating on shares of Root in a research report on Sunday, March 2nd. UBS Group lifted their target price 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 reissued a "sector perform" rating on shares of Root in a report on Sunday, March 2nd. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $88.33.

Insider Transactions at Root

In other news, Director Doug Ulman sold 2,000 shares of the firm's 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 completion of the sale, the director now directly owns 6,201 shares in the company, valued at approximately $1,085,175. This trade represents a 24.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of the firm's stock in a transaction dated 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 sale, the insider now owns 286,901 shares of the company's stock, valued at $35,799,506.78. The trade was a 1.89 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,659 shares of company stock valued at $1,191,469. Corporate 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.