Intech Investment Management LLC Invests $1.73 Million in CAVA Group, Inc. (NYSE:CAVA)

Intech Investment Management LLC bought a new stake in shares of CAVA Group, Inc. (NYSE:CAVA) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 18,632 shares of the company’s stock, valued at approximately $1,728,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Capital Research Global Investors lifted its holdings in shares of CAVA Group by 21.6% during the 1st quarter. Capital Research Global Investors now owns 5,311,335 shares of the company’s stock worth $372,059,000 after acquiring an additional 942,054 shares during the period. Vanguard Group Inc. increased its holdings in shares of CAVA Group by 215.7% during the first quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock worth $346,330,000 after buying an additional 3,377,840 shares in the last quarter. 1832 Asset Management L.P. raised its stake in shares of CAVA Group by 79.5% in the fourth quarter. 1832 Asset Management L.P. now owns 2,248,400 shares of the company’s stock valued at $96,636,000 after acquiring an additional 995,800 shares during the last quarter. Lord Abbett & CO. LLC boosted its holdings in shares of CAVA Group by 55.9% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,373,749 shares of the company’s stock worth $96,231,000 after acquiring an additional 492,667 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in CAVA Group by 9.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,060,029 shares of the company’s stock worth $98,318,000 after acquiring an additional 93,635 shares during the last quarter. 73.15% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CAVA has been the topic of a number of recent analyst reports. Barclays boosted their price objective on CAVA Group from $72.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 23rd. TD Cowen lifted their target price on shares of CAVA Group from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Monday. Morgan Stanley lowered CAVA Group from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $90.00 to $110.00 in a research report on Thursday, August 29th. Piper Sandler downgraded shares of CAVA Group from an “overweight” rating to a “neutral” rating and increased their price target for the company from $63.00 to $92.00 in a research report on Thursday, May 30th. Finally, Jefferies Financial Group boosted their price objective on shares of CAVA Group from $94.00 to $117.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, CAVA Group has a consensus rating of “Moderate Buy” and an average price target of $112.83.

CAVA Group Stock Down 0.4 %

Shares of NYSE:CAVA opened at $128.28 on Tuesday. The firm has a market cap of $14.63 billion, a price-to-earnings ratio of 312.87 and a beta of 3.34. The company’s fifty day simple moving average is $101.67 and its 200 day simple moving average is $85.83. CAVA Group, Inc. has a 12 month low of $29.05 and a 12 month high of $131.82.

CAVA Group (NYSE:CAVA) last released its quarterly earnings results on Thursday, August 22nd. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. CAVA Group had a return on equity of 7.37% and a net margin of 5.04%. The firm had revenue of $233.50 million during the quarter, compared to the consensus estimate of $219.47 million. During the same quarter in the prior year, the firm posted $0.21 EPS. The business’s revenue was up 35.1% on a year-over-year basis. Research analysts expect that CAVA Group, Inc. will post 0.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brett Schulman sold 201,504 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.53, for a total value of $25,294,797.12. Following the completion of the sale, the chief executive officer now directly owns 702,590 shares in the company, valued at approximately $88,196,122.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Tricia K. Tolivar sold 5,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.64, for a total value of $628,200.00. Following the transaction, the chief financial officer now directly owns 292,600 shares of the company’s stock, valued at $36,762,264. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brett Schulman sold 201,504 shares of CAVA Group stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $125.53, for a total transaction of $25,294,797.12. Following the sale, the chief executive officer now directly owns 702,590 shares of the company’s stock, valued at approximately $88,196,122.70. The disclosure for this sale can be found here. Insiders have sold 310,943 shares of company stock valued at $38,872,086 in the last 90 days.

About CAVA Group

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.