Pitcairn Co. Sells 11,982 Shares of CAVA Group, Inc. $CAVA

Pitcairn Co. lowered its position in shares of CAVA Group, Inc. (NYSE:CAVA) by 49.0% during the third quarter, HoldingsChannel reports. The fund owned 12,464 shares of the company’s stock after selling 11,982 shares during the quarter. Pitcairn Co.’s holdings in CAVA Group were worth $753,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. William Blair Investment Management LLC bought a new position in CAVA Group in the third quarter valued at about $114,098,000. Champlain Investment Partners LLC boosted its stake in shares of CAVA Group by 58.8% during the third quarter. Champlain Investment Partners LLC now owns 2,146,502 shares of the company’s stock valued at $129,670,000 after purchasing an additional 794,547 shares in the last quarter. Valeo Financial Advisors LLC bought a new stake in shares of CAVA Group during the second quarter worth about $57,824,000. Norges Bank acquired a new position in shares of CAVA Group in the second quarter valued at approximately $56,277,000. Finally, Citigroup Inc. increased its stake in shares of CAVA Group by 138.2% in the third quarter. Citigroup Inc. now owns 886,666 shares of the company’s stock valued at $53,563,000 after buying an additional 514,385 shares during the period. Institutional investors and hedge funds own 73.15% of the company’s stock.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, CEO Brett Schulman sold 4,542 shares of the stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total transaction of $282,239.88. Following the completion of the sale, the chief executive officer directly owned 802,783 shares in the company, valued at approximately $49,884,935.62. This trade represents a 0.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Theodoros Xenohristos sold 1,039 shares of CAVA Group stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total value of $64,563.46. Following the completion of the transaction, the insider directly owned 332,205 shares of the company’s stock, valued at approximately $20,643,218.70. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 39,055 shares of company stock valued at $2,572,303. 6.80% of the stock is owned by corporate insiders.

CAVA Group Price Performance

CAVA Group stock opened at $78.74 on Friday. The stock’s 50 day moving average is $68.23 and its 200 day moving average is $62.00. CAVA Group, Inc. has a one year low of $43.41 and a one year high of $101.50. The firm has a market cap of $9.16 billion, a P/E ratio of 145.82, a P/E/G ratio of 6.76 and a beta of 2.16.

CAVA Group (NYSE:CAVA) last released its earnings results on Tuesday, February 24th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. CAVA Group had a net margin of 5.40% and a return on equity of 8.43%. The business had revenue of $274.99 million during the quarter, compared to the consensus estimate of $268.04 million. During the same quarter in the prior year, the firm posted $0.05 EPS. The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. Equities analysts anticipate that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. UBS Group lifted their target price on shares of CAVA Group from $69.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Johnson Rice set a $72.00 price target on shares of CAVA Group in a research report on Monday, January 5th. Argus reaffirmed a “hold” rating on shares of CAVA Group in a research note on Friday, February 27th. Royal Bank Of Canada lifted their price target on shares of CAVA Group from $80.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, February 25th. Finally, Morgan Stanley boosted their price objective on shares of CAVA Group from $80.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 25th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $83.65.

CAVA Group Company Profile

CAVA Group, Inc (NYSE: CAVA) is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.

Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe’s Kitchen.