State Street Corp Raises Stake in Sweetgreen, Inc. (NYSE:SG)

State Street Corp raised its position in Sweetgreen, Inc. (NYSE:SG) by 3.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,263,025 shares of the company’s stock after purchasing an additional 69,120 shares during the period. State Street Corp owned 1.98% of Sweetgreen worth $80,224,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Sweetgreen during the 2nd quarter worth about $825,000. Baillie Gifford & Co. boosted its holdings in shares of Sweetgreen by 6.2% in the 2nd quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock valued at $371,516,000 after buying an additional 721,740 shares in the last quarter. Calamos Advisors LLC purchased a new position in shares of Sweetgreen in the 2nd quarter valued at $289,000. EFG Asset Management North America Corp. lifted its position in Sweetgreen by 90.2% in the second quarter. EFG Asset Management North America Corp. now owns 33,027 shares of the company’s stock valued at $995,000 after acquiring an additional 15,666 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Sweetgreen by 12.4% in the second quarter. Bank of New York Mellon Corp now owns 361,354 shares of the company’s stock valued at $10,891,000 after acquiring an additional 39,757 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on SG shares. TD Cowen reissued a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a report on Monday, November 18th. Oppenheimer increased their price objective on Sweetgreen from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. UBS Group raised their target price on shares of Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. KeyCorp initiated coverage on shares of Sweetgreen in a research report on Wednesday, December 11th. They issued a “sector weight” rating for the company. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $40.00 price objective on shares of Sweetgreen in a research report on Friday, November 8th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.80.

Sweetgreen Stock Up 2.2 %

Shares of NYSE:SG opened at $35.89 on Wednesday. The company has a market cap of $4.15 billion, a price-to-earnings ratio of -46.01 and a beta of 2.32. Sweetgreen, Inc. has a fifty-two week low of $9.66 and a fifty-two week high of $45.12. The firm’s 50-day simple moving average is $38.32 and its 200-day simple moving average is $33.50.

Insider Buying and Selling at Sweetgreen

In related news, insider Nicolas Jammet sold 16,751 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $40.04, for a total transaction of $670,710.04. Following the sale, the insider now owns 1,930,233 shares of the company’s stock, valued at approximately $77,286,529.32. The trade was a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jonathan Neman sold 1,010 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $40.01, for a total transaction of $40,410.10. Following the transaction, the chief executive officer now owns 1,930,228 shares in the company, valued at $77,228,422.28. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 640,838 shares of company stock valued at $24,800,733. 21.52% of the stock is owned by corporate insiders.

Sweetgreen Company 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.