Sweetgreen, Inc. (NYSE:SG) Receives $39.80 Consensus Target Price from Brokerages

Sweetgreen, Inc. (NYSE:SG) has earned a consensus rating of “Moderate Buy” from the twelve brokerages that are currently covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $39.80.

Several equities analysts have recently commented on the stock. Piper Sandler reaffirmed a “neutral” rating and set a $39.00 price objective (up from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. Oppenheimer upped their price target on Sweetgreen from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. The Goldman Sachs Group reissued a “neutral” rating and set a $40.00 target price on shares of Sweetgreen in a research note on Friday, November 8th. Bank of America raised their price target on Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Finally, KeyCorp initiated coverage on shares of Sweetgreen in a research report on Wednesday, December 11th. They set a “sector weight” rating on the stock.

Sweetgreen Stock Up 1.9 %

NYSE:SG opened at $35.12 on Friday. The firm has a market capitalization of $4.06 billion, a P/E ratio of -45.03 and a beta of 2.32. The company has a fifty day moving average of $38.37 and a 200 day moving average of $33.46. Sweetgreen has a 52 week low of $9.66 and a 52 week high of $45.12.

Insider Buying and Selling

In other news, CEO Jonathan Neman sold 1,010 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $40.01, for a total value of $40,410.10. Following the sale, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at approximately $77,228,422.28. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Adrienne Gemperle sold 5,372 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $34.05, for a total transaction of $182,916.60. Following the completion of the transaction, the insider now owns 107,313 shares in the company, valued at approximately $3,654,007.65. The trade was a 4.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 640,838 shares of company stock worth $24,800,733 in the last three months. 21.52% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SG. Lord Abbett & CO. LLC boosted its position in shares of Sweetgreen by 13.3% during the third quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock valued at $82,032,000 after buying an additional 272,340 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Sweetgreen by 1,399.0% during the 3rd quarter. Franklin Resources Inc. now owns 111,074 shares of the company’s stock valued at $4,365,000 after acquiring an additional 103,664 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Sweetgreen by 848.2% during the 3rd quarter. Tidal Investments LLC now owns 270,141 shares of the company’s stock valued at $9,576,000 after acquiring an additional 241,652 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of Sweetgreen by 0.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 311,630 shares of the company’s stock worth $11,048,000 after acquiring an additional 2,000 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Sweetgreen by 5.4% during the third quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company’s stock valued at $79,757,000 after purchasing an additional 116,243 shares during the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

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.