Root (NASDAQ:ROOT) Given New $78.00 Price Target at Wells Fargo & Company

Root (NASDAQ:ROOT) had its price objective hoisted by Wells Fargo & Company from $64.00 to $78.00 in a report issued on Friday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

ROOT has been the subject of a number of other research reports. Cantor Fitzgerald upgraded Root to a “strong-buy” rating in a report on Thursday, October 3rd. UBS Group reduced their price objective on Root from $71.00 to $61.00 and set a “neutral” rating for the company in a report on Tuesday, August 13th. Jefferies Financial Group reduced their price objective on Root from $84.00 to $72.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. JMP Securities reiterated a “market outperform” rating and issued a $90.00 price target on shares of Root in a research note on Tuesday, October 15th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $82.00 price target (down from $88.00) on shares of Root in a research note on Friday, August 16th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.38.

Root Price Performance

Root stock traded up $2.62 during midday trading on Friday, reaching $71.01. 2,982,034 shares of the company’s stock were exchanged, compared to its average volume of 924,070. Root has a 52 week low of $7.22 and a 52 week high of $118.15. The stock’s 50-day simple moving average is $41.20 and its 200 day simple moving average is $51.33. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.98.

Root (NASDAQ:ROOT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.61) by $1.96. Root had a negative return on equity of 10.13% and a negative net margin of 1.56%. The company had revenue of $305.70 million during the quarter, compared to analysts’ expectations of $272.77 million. During the same quarter in the previous year, the company posted ($3.16) earnings per share. The business’s revenue was up 165.1% on a year-over-year basis. On average, sell-side analysts forecast that Root will post -2.13 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Algert Global LLC acquired a new position in Root during the second quarter valued at approximately $288,000. Sequoia Financial Advisors LLC acquired a new position in Root during the first quarter valued at approximately $293,000. Vanguard Personalized Indexing Management LLC raised its position in Root by 76.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,930 shares of the company’s stock valued at $306,000 after purchasing an additional 2,576 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Root during the third quarter worth $412,000. Finally, Quantbot Technologies LP acquired a new position in shares of Root during the first quarter worth $431,000. 59.82% of the stock is currently owned by institutional investors and hedge funds.

About Root

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.