Teacher Retirement System of Texas Invests $354,000 in Root, Inc. (NASDAQ:ROOT)

Teacher Retirement System of Texas purchased a new stake in Root, Inc. (NASDAQ:ROOT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,874 shares of the company's stock, valued at approximately $354,000.

A number of other hedge funds also recently made changes to their positions in ROOT. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Root by 163.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company's stock worth $9,286,000 after buying an additional 79,317 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Root during the fourth quarter valued at $1,952,000. XTX Topco Ltd bought a new stake in shares of Root during the third quarter valued at about $645,000. FMR LLC raised its stake in shares of Root by 966.2% during the third quarter. FMR LLC now owns 18,040 shares of the company's stock valued at $682,000 after purchasing an additional 16,348 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Root in the third quarter worth about $428,000. Institutional investors own 59.82% of the company's stock.

Root Price Performance

Shares of NASDAQ ROOT traded down $10.29 during trading on Friday, hitting $110.14. The company had a trading volume of 553,960 shares, compared to its average volume of 522,067. Root, Inc. has a 52 week low of $34.04 and a 52 week high of $181.14. The business's 50-day moving average is $124.96 and its 200 day moving average is $87.75. The company has a market cap of $1.67 billion, a P/E ratio of -89.85 and a beta of 2.48. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.39 and a current ratio of 1.39.

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Root (NASDAQ:ROOT - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $1.30 EPS 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 the consensus estimate of $287.79 million. Equities research analysts predict that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wells Fargo & Company restated a "buy" rating on shares of Root in a research report on Sunday, March 2nd. UBS Group boosted 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. Finally, Scotiabank reaffirmed a "sector perform" rating on shares of Root in a research note on Sunday, March 2nd. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Root currently has an average rating of "Moderate Buy" and an average price target of $88.33.

Insiders Place Their Bets

In related news, Director Doug Ulman sold 2,000 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $1,085,175. This represents a 24.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of Root stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total value of $688,161.70. Following the transaction, the insider now directly owns 286,901 shares in the company, valued at approximately $35,799,506.78. This trade represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,659 shares of company stock worth $1,191,469 over the last ninety days. 11.71% of the stock is currently owned by company insiders.

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.