Sweetgreen (NYSE:SG) Price Target Cut to $35.00 by Analysts at UBS Group

Sweetgreen (NYSE:SG) had its target price decreased by UBS Group from $45.00 to $35.00 in a report issued on Thursday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

SG has been the subject of several other research reports. Citigroup cut their price objective on Sweetgreen from $49.00 to $43.00 and set a “buy” rating for the company in a report on Wednesday, February 12th. Oppenheimer cut their price target on Sweetgreen from $41.00 to $35.00 and set an “outperform” rating for the company in a research note on Thursday. TD Cowen reaffirmed a “buy” rating and set a $45.00 target price on shares of Sweetgreen in a report on Monday, November 18th. TD Securities cut their price objective on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Piper Sandler decreased their target price on Sweetgreen from $39.00 to $27.00 and set a “neutral” rating on the stock in a report on Thursday. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.27.

Sweetgreen Stock Up 0.4 %

SG opened at $23.23 on Thursday. Sweetgreen has a twelve month low of $11.84 and a twelve month high of $45.12. The firm has a 50 day moving average price of $30.24 and a 200-day moving average price of $34.17. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of -29.78 and a beta of 2.37.

Insider Transactions at Sweetgreen

In related news, CFO Mitch Reback sold 72,000 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $37.77, for a total value of $2,719,440.00. Following the sale, the chief financial officer now owns 43,901 shares in the company, valued at approximately $1,658,140.77. The trade was a 62.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nicolas Jammet sold 41,999 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $38.68, for a total transaction of $1,624,521.32. Following the completion of the sale, the insider now owns 1,930,233 shares in the company, valued at approximately $74,661,412.44. This trade represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 516,817 shares of company stock valued at $19,677,637 over the last 90 days. Company insiders own 21.52% of the company’s stock.

Institutional Investors Weigh In On Sweetgreen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SG. Massachusetts Financial Services Co. MA bought a new position in Sweetgreen during the fourth quarter valued at $52,558,000. Invesco Ltd. raised its holdings in shares of Sweetgreen by 40.9% in the fourth quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock worth $176,850,000 after buying an additional 1,601,666 shares during the period. Wellington Management Group LLP lifted its stake in shares of Sweetgreen by 30.1% during the 4th quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company’s stock worth $142,106,000 after acquiring an additional 1,025,341 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in shares of Sweetgreen by 189.9% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,134,398 shares of the company’s stock worth $36,369,000 after acquiring an additional 743,157 shares during the last quarter. Finally, Voya Investment Management LLC grew its position in Sweetgreen by 848.5% in the 4th quarter. Voya Investment Management LLC now owns 748,581 shares of the company’s stock valued at $24,000,000 after acquiring an additional 669,657 shares during the last quarter. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

About Sweetgreen

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.