Root (NASDAQ:ROOT) Given New $97.00 Price Target at Wells Fargo & Company

Root (NASDAQ:ROOT) had its price objective upped by equities researchers at Wells Fargo & Company from $80.00 to $97.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential downside of 1.73% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $90.00 price target (up previously from $82.00) on shares of Root in a research note on Tuesday, November 5th. UBS Group lifted their price objective on Root from $61.00 to $67.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. JMP Securities downgraded Root from an “outperform” rating to a “market perform” rating in a research report on Friday, November 22nd. Finally, Citizens Jmp downgraded Root from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.83.

Root Price Performance

Shares of NASDAQ:ROOT opened at $98.71 on Thursday. The business’s 50 day simple moving average is $91.90 and its 200-day simple moving average is $70.20. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -80.25 and a beta of 2.58. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. Root has a 12 month low of $20.22 and a 12 month high of $141.23.

Root (NASDAQ:ROOT) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, topping 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%. As a group, equities analysts forecast that Root will post -0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ROOT. T. Rowe Price Investment Management Inc. acquired a new position in Root in the 4th quarter valued at $29,661,000. Connor Clark & Lunn Investment Management Ltd. raised 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 valued at $9,286,000 after acquiring an additional 79,317 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Root by 41.8% in the 4th quarter. Renaissance Technologies LLC now owns 263,515 shares of the company’s stock valued at $19,129,000 after acquiring an additional 77,699 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Root by 16.2% during the 4th quarter. Vanguard Group Inc. now owns 526,928 shares of the company’s stock worth $38,250,000 after buying an additional 73,413 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Root during the 4th quarter worth $3,834,000. 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.