Clearbridge Investments LLC cut its stake in shares of CAVA Group, Inc. (NYSE:CAVA – Free Report) by 4.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,002,273 shares of the company’s stock after selling 46,327 shares during the period. Clearbridge Investments LLC’s holdings in CAVA Group were worth $58,823,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. Liontrust Investment Partners LLP purchased a new stake in CAVA Group during the 3rd quarter worth $43,189,000. Leibman Financial Services Inc. boosted its position in CAVA Group by 162.9% during the 4th quarter. Leibman Financial Services Inc. now owns 67,324 shares of the company’s stock worth $3,951,000 after purchasing an additional 41,712 shares during the period. Alliancebernstein L.P. boosted its position in CAVA Group by 118.3% during the 3rd quarter. Alliancebernstein L.P. now owns 2,953,688 shares of the company’s stock worth $178,432,000 after purchasing an additional 1,600,630 shares during the period. Envestnet Asset Management Inc. boosted its position in CAVA Group by 57.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 222,499 shares of the company’s stock worth $13,441,000 after purchasing an additional 81,393 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in CAVA Group by 20.4% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 103,706 shares of the company’s stock worth $6,265,000 after purchasing an additional 17,600 shares during the period. 73.15% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on CAVA shares. Wolfe Research started coverage on shares of CAVA Group in a research report on Monday, March 9th. They set an “outperform” rating and a $93.00 price target for the company. Piper Sandler upped their price target on shares of CAVA Group from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 20th. KeyCorp upped their price target on shares of CAVA Group from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $95.00 price target on shares of CAVA Group in a research report on Wednesday, May 20th. Finally, Wall Street Zen raised shares of CAVA Group from a “sell” rating to a “hold” rating in a research report on Sunday, May 24th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $93.19.
Insider Activity
In other news, CAO Adam David Phillips sold 5,181 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $77.14, for a total value of $399,662.34. Following the sale, the chief accounting officer owned 9,505 shares in the company, valued at approximately $733,215.70. This represents a 35.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Theodoros Xenohristos sold 9,044 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $79.75, for a total transaction of $721,259.00. Following the completion of the sale, the insider owned 327,882 shares in the company, valued at approximately $26,148,589.50. This trade represents a 2.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 24,235 shares of company stock worth $1,920,420. 6.70% of the stock is currently owned by corporate insiders.
CAVA Group Stock Performance
Shares of CAVA Group stock opened at $73.61 on Tuesday. The firm has a market cap of $8.57 billion, a PE ratio of 141.56, a price-to-earnings-growth ratio of 4.98 and a beta of 1.70. The firm’s 50-day simple moving average is $83.05 and its 200-day simple moving average is $72.00. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $98.79.
CAVA Group (NYSE:CAVA – Get Free Report) last issued its earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. The business had revenue of $438.27 million for the quarter, compared to analyst estimates of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The company’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.22 EPS. On average, equities analysts predict that CAVA Group, Inc. will post 0.55 earnings per share for the current year.
About CAVA Group
CAVA Group, Inc (NYSE: CAVA) is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.
Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe’s Kitchen.
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