Fred Alger Management LLC Sells 723 Shares of CAVA Group, Inc. (NYSE:CAVA)

Fred Alger Management LLC cut its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 1.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 47,904 shares of the company’s stock after selling 723 shares during the period. Fred Alger Management LLC’s holdings in CAVA Group were worth $4,443,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Jamison Private Wealth Management Inc. purchased a new stake in CAVA Group during the second quarter worth $28,000. CWM LLC increased its holdings in shares of CAVA Group by 101.2% in the 1st quarter. CWM LLC now owns 505 shares of the company’s stock valued at $35,000 after acquiring an additional 254 shares during the period. Mark Sheptoff Financial Planning LLC bought a new position in shares of CAVA Group in the 2nd quarter worth $36,000. Headlands Technologies LLC purchased a new stake in shares of CAVA Group during the 2nd quarter worth $37,000. Finally, Mather Group LLC. bought a new stake in CAVA Group during the second quarter valued at about $45,000. 73.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CAVA. TD Cowen increased their price target on shares of CAVA Group from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Monday. Stifel Nicolaus raised their target price on shares of CAVA Group from $90.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Piper Sandler downgraded CAVA Group from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $63.00 to $92.00 in a research report on Thursday, May 30th. JPMorgan Chase & Co. increased their price objective on CAVA Group from $77.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, August 26th. Finally, Wedbush boosted their target price on CAVA Group from $100.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $114.15.

CAVA Group Price Performance

CAVA stock opened at $127.07 on Friday. The company has a market capitalization of $14.53 billion, a P/E ratio of 309.93 and a beta of 3.34. CAVA Group, Inc. has a 12 month low of $29.05 and a 12 month high of $131.82. The firm’s fifty day simple moving average is $104.31 and its 200-day simple moving average is $86.85.

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

Insider Activity at CAVA Group

In other CAVA Group news, CFO Tricia K. Tolivar sold 5,949 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $94.47, for a total value of $562,002.03. Following the sale, the chief financial officer now owns 297,600 shares in the company, valued at approximately $28,114,272. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Tricia K. Tolivar sold 5,949 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $94.47, for a total value of $562,002.03. Following the completion of the transaction, the chief financial officer now directly owns 297,600 shares in the company, valued at approximately $28,114,272. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Brett Schulman sold 201,504 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were 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 owns 702,590 shares in the company, valued at approximately $88,196,122.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 310,943 shares of company stock worth $38,872,086.

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.