Wells Fargo & Company Boosts Root (NASDAQ:ROOT) Price Target to $78.00

Root (NASDAQ:ROOT) had its price objective increased by Wells Fargo & Company from $64.00 to $78.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other analysts have also weighed in on the stock. Keefe, Bruyette & Woods reiterated an outperform rating and set a $70.00 target price (up previously from $22.00) on shares of Root in a research note on Wednesday, April 24th. Jefferies Financial Group raised shares of Root from a hold rating to a buy rating and boosted their price objective for the company from $10.00 to $40.00 in a research report on Friday, March 1st. JMP Securities raised their target price on shares of Root from $15.00 to $90.00 and gave the stock a market outperform rating in a report on Wednesday. TD Cowen initiated coverage on Root in a research note on Wednesday, January 10th. They issued a market perform rating for the company. Finally, Cantor Fitzgerald upgraded Root from a neutral rating to an overweight rating and increased their price target for the stock from $9.00 to $13.00 in a research report on Thursday, February 22nd. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Root has an average rating of Hold and a consensus price target of $39.50.

Root Price Performance

Shares of Root stock opened at $56.29 on Wednesday. The business has a 50-day moving average price of $55.31 and a 200 day moving average price of $25.56. Root has a fifty-two week low of $4.11 and a fifty-two week high of $86.57. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.51 and a quick ratio of 1.60.

Root (NASDAQ:ROOT) last issued its earnings results on Tuesday, April 30th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($2.51) by $2.09. The company had revenue of $254.90 million during the quarter, compared to analyst estimates of $203.99 million. Root had a negative return on equity of 62.36% and a negative net margin of 17.61%. The business’s revenue was up 263.6% on a year-over-year basis. During the same quarter last year, the firm earned ($2.88) EPS. On average, analysts predict that Root will post -6.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ROOT. Raymond James & Associates acquired a new stake in Root in the third quarter worth about $1,315,000. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Root by 148.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 24,992 shares of the company’s stock valued at $238,000 after acquiring an additional 14,913 shares in the last quarter. Barclays PLC increased its stake in shares of Root by 229,380.0% during the third quarter. Barclays PLC now owns 11,474 shares of the company’s stock valued at $109,000 after acquiring an additional 11,469 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Root during the third quarter worth approximately $158,000. Finally, Trexquant Investment LP acquired a new stake in Root in the third quarter worth approximately $309,000. Institutional investors own 59.82% 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.