Victory Capital Management Inc. Reduces Stake in Sweetgreen, Inc. (NYSE:SG)

Victory Capital Management Inc. decreased its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 35.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 284,683 shares of the company’s stock after selling 157,797 shares during the period. Victory Capital Management Inc.’s holdings in Sweetgreen were worth $10,092,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Essex Investment Management Co. LLC increased its position in shares of Sweetgreen by 0.3% during the 3rd quarter. Essex Investment Management Co. LLC now owns 112,647 shares of the company’s stock valued at $3,993,000 after purchasing an additional 314 shares during the last quarter. Evolutionary Tree Capital Management LLC increased its position in shares of Sweetgreen by 0.7% during the 2nd quarter. Evolutionary Tree Capital Management LLC now owns 65,756 shares of the company’s stock valued at $1,982,000 after purchasing an additional 474 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Sweetgreen by 2.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 27,913 shares of the company’s stock valued at $990,000 after purchasing an additional 537 shares during the last quarter. Hollencrest Capital Management bought a new position in shares of Sweetgreen during the 3rd quarter valued at about $35,000. Finally, Los Angeles Capital Management LLC increased its position in shares of Sweetgreen by 7.3% during the 3rd quarter. Los Angeles Capital Management LLC now owns 15,468 shares of the company’s stock valued at $548,000 after purchasing an additional 1,050 shares during the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Price Performance

Shares of SG opened at $41.00 on Friday. The firm has a market capitalization of $4.74 billion, a PE ratio of -52.56 and a beta of 2.32. Sweetgreen, Inc. has a 1-year low of $9.21 and a 1-year high of $42.77. The company’s fifty day moving average price is $36.76 and its 200-day moving average price is $32.24.

Analyst Ratings Changes

SG has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on shares of Sweetgreen from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. UBS Group boosted their price objective on shares of Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Bank of America increased their target price on shares of Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, August 19th. TD Cowen restated a “buy” rating and set a $45.00 price target on shares of Sweetgreen in a report on Monday. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $40.00 price target on shares of Sweetgreen in a research report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.80.

Insider Buying and Selling at Sweetgreen

In related news, insider Nathaniel Ru sold 9,250 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $28.74, for a total transaction of $265,845.00. Following the completion of the transaction, the insider now owns 1,952,129 shares in the company, valued at $56,104,187.46. This represents a 0.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Wouleta Ayele sold 4,347 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $34.05, for a total transaction of $148,015.35. Following the completion of the sale, the chief technology officer now owns 140,302 shares of the company’s stock, valued at approximately $4,777,283.10. The trade was a 3.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 503,671 shares of company stock valued at $18,138,774. 21.52% of the stock is owned by insiders.

Sweetgreen Company Profile

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.