Sweetgreen, Inc. (NYSE:SG) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in Sweetgreen, Inc. (NYSE:SG) by 1,610.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 218,281 shares of the company’s stock after purchasing an additional 205,519 shares during the quarter. Principal Financial Group Inc. owned about 0.19% of Sweetgreen worth $6,579,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Quest Partners LLC purchased a new position in shares of Sweetgreen during the 4th quarter worth $104,000. Perigon Wealth Management LLC purchased a new position in Sweetgreen during the first quarter worth about $223,000. Entropy Technologies LP acquired a new stake in Sweetgreen in the 1st quarter worth about $279,000. Counterpoint Mutual Funds LLC purchased a new stake in Sweetgreen in the 1st quarter valued at about $286,000. Finally, Calamos Advisors LLC purchased a new stake in Sweetgreen in the 2nd quarter valued at about $289,000. Institutional investors and hedge funds own 95.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SG. Morgan Stanley raised their target price on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. Royal Bank of Canada boosted their price objective on shares of Sweetgreen from $35.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. Bank of America upped their price objective on Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Citigroup lifted their target price on Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Finally, William Blair restated an “outperform” rating on shares of Sweetgreen in a research note on Wednesday, May 15th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Sweetgreen currently has a consensus rating of “Moderate Buy” and an average target price of $38.20.

Sweetgreen Stock Performance

SG stock opened at $28.66 on Tuesday. The firm has a market cap of $3.27 billion, a P/E ratio of -30.82 and a beta of 2.32. Sweetgreen, Inc. has a 1 year low of $8.64 and a 1 year high of $38.53. The stock has a 50-day simple moving average of $29.07 and a 200-day simple moving average of $26.70.

Sweetgreen (NYSE:SG) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $184.60 million during the quarter, compared to analyst estimates of $180.79 million. Sweetgreen had a negative net margin of 14.33% and a negative return on equity of 19.34%. The firm’s revenue was up 21.0% compared to the same quarter last year. During the same period last year, the business earned ($0.20) EPS. On average, equities research analysts predict that Sweetgreen, Inc. will post -0.75 EPS for the current year.

Insider Activity at Sweetgreen

In other Sweetgreen news, CTO Wouleta Ayele sold 2,831 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $36.31, for a total value of $102,793.61. Following the transaction, the chief technology officer now owns 144,649 shares in the company, valued at approximately $5,252,205.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Adrienne Gemperle sold 3,868 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $36.31, for a total transaction of $140,447.08. Following the completion of the sale, the insider now owns 114,842 shares of the company’s stock, valued at $4,169,913.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Wouleta Ayele sold 2,831 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $36.31, for a total transaction of $102,793.61. Following the completion of the sale, the chief technology officer now directly owns 144,649 shares in the company, valued at $5,252,205.19. The disclosure for this sale can be found here. In the last three months, insiders sold 371,116 shares of company stock valued at $13,248,867. Corporate insiders own 21.52% of the company’s stock.

Sweetgreen 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.