Public Employees Retirement Association of Colorado Buys New Shares in Sweetgreen, Inc. (NYSE:SG)

Public Employees Retirement Association of Colorado bought a new position in shares of Sweetgreen, Inc. (NYSE:SG) during the second quarter, HoldingsChannel reports. The firm bought 9,455 shares of the company’s stock, valued at approximately $285,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in Sweetgreen by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 731,369 shares of the company’s stock valued at $8,264,000 after buying an additional 15,463 shares during the period. Dimensional Fund Advisors LP raised its position in Sweetgreen by 38.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,729,983 shares of the company’s stock worth $19,549,000 after purchasing an additional 476,998 shares in the last quarter. Trexquant Investment LP acquired a new position in Sweetgreen in the fourth quarter worth about $718,000. Armistice Capital LLC bought a new position in Sweetgreen during the fourth quarter worth about $1,412,000. Finally, Teca Partners LP acquired a new stake in Sweetgreen during the fourth quarter valued at approximately $8,475,000. 95.75% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SG. Citigroup increased their target price on Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Royal Bank of Canada boosted their target price 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. JPMorgan Chase & Co. increased their target price on shares of Sweetgreen from $32.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Bank of America boosted their price target on shares of Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Finally, 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. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Sweetgreen currently has an average rating of “Moderate Buy” and a consensus price target of $38.20.

Sweetgreen Trading Up 2.9 %

Shares of SG stock opened at $35.95 on Friday. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of -38.66 and a beta of 2.32. The firm’s 50 day moving average is $31.52 and its 200-day moving average is $28.46. Sweetgreen, Inc. has a 1 year low of $8.64 and a 1 year high of $38.53.

Sweetgreen (NYSE:SG) last posted 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 for the quarter, compared to analyst estimates of $180.79 million. Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.20) EPS. On average, equities research analysts forecast that Sweetgreen, Inc. will post -0.75 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In other news, insider Nicolas Jammet sold 21,275 shares of Sweetgreen stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $35.10, for a total transaction of $746,752.50. Following the completion of the sale, the insider now owns 1,930,233 shares in the company, valued at approximately $67,751,178.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Nicolas Jammet sold 21,275 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $35.10, for a total value of $746,752.50. Following the transaction, the insider now owns 1,930,233 shares of the company’s stock, valued at approximately $67,751,178.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Mitch Reback sold 9,156 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $36.61, for a total value of $335,201.16. Following the completion of the transaction, the chief financial officer now owns 379,181 shares in the company, valued at $13,881,816.41. The disclosure for this sale can be found here. Insiders have sold a total of 426,061 shares of company stock worth $15,071,720 over the last 90 days. Insiders own 21.52% 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.