Nordea Investment Management AB Purchases 1,416 Shares of Root, Inc. (NASDAQ:ROOT)

Nordea Investment Management AB increased its position in Root, Inc. (NASDAQ:ROOT) by 7.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 20,697 shares of the company’s stock after buying an additional 1,416 shares during the period. Nordea Investment Management AB’s holdings in Root were worth $1,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the company. Hood River Capital Management LLC bought a new position in shares of Root during the 2nd quarter worth about $9,547,000. Driehaus Capital Management LLC bought a new position in shares of Root during the 2nd quarter worth about $9,154,000. Bank of New York Mellon Corp bought a new position in shares of Root during the 2nd quarter worth about $1,280,000. XTX Topco Ltd bought a new position in shares of Root during the 3rd quarter worth about $645,000. Finally, FMR LLC increased its stake in Root by 966.2% in the third quarter. FMR LLC now owns 18,040 shares of the company’s stock valued at $682,000 after acquiring an additional 16,348 shares during the period. Institutional investors own 59.82% of the company’s stock.

Insider Transactions at Root

In other news, major shareholder Meyer Malka sold 75,839 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $81.21, for a total transaction of $6,158,885.19. Following the transaction, the insider now directly owns 43,107 shares in the company, valued at approximately $3,500,719.47. This represents a 63.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Julie Szudarek sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $96.33, for a total transaction of $192,660.00. Following the transaction, the director now owns 15,003 shares in the company, valued at $1,445,238.99. The trade was a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 246,905 shares of company stock worth $20,440,479. Corporate insiders own 11.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on ROOT shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $90.00 target price (up previously from $82.00) on shares of Root in a research note on Tuesday, November 5th. JMP Securities cut shares of Root from an “outperform” rating to a “market perform” rating in a research note on Friday, November 22nd. Cantor Fitzgerald raised shares of Root to a “strong-buy” rating in a research note on Thursday, October 3rd. Citizens Jmp cut shares of Root from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, UBS Group upped their target price on shares of Root from $61.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Six analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Root currently has a consensus rating of “Hold” and a consensus target price of $59.13.

Root Price Performance

NASDAQ:ROOT opened at $77.17 on Monday. The firm has a market cap of $1.17 billion, a PE ratio of -62.74 and a beta of 2.55. Root, Inc. has a 12 month low of $7.22 and a 12 month high of $118.15. 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’s 50-day moving average price is $83.62 and its two-hundred day moving average price is $61.31.

Root (NASDAQ:ROOT) last released its quarterly earnings results on Wednesday, October 30th. The company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $1.96. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The firm had revenue of $305.70 million for the quarter, compared to analyst estimates of $272.77 million. During the same period in the previous year, the business earned ($3.16) earnings per share. The company’s revenue for the quarter was up 165.1% compared to the same quarter last year. On average, equities analysts anticipate that Root, Inc. will post -1.2 EPS for the current fiscal year.

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.