Norges Bank Invests $50.28 Million in CAVA Group, Inc. $CAVA

Norges Bank bought a new stake in CAVA Group, Inc. (NYSE:CAVA) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 856,676 shares of the company’s stock, valued at approximately $50,278,000. Norges Bank owned about 0.74% of CAVA Group as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Liontrust Investment Partners LLP bought a new position in CAVA Group during the third quarter worth $43,189,000. Leibman Financial Services Inc. increased its holdings in shares of CAVA Group by 162.9% during the fourth quarter. Leibman Financial Services Inc. now owns 67,324 shares of the company’s stock valued at $3,951,000 after acquiring an additional 41,712 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of CAVA Group by 118.3% during the third quarter. Alliancebernstein L.P. now owns 2,953,688 shares of the company’s stock valued at $178,432,000 after acquiring an additional 1,600,630 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of CAVA Group by 57.7% during the third quarter. Envestnet Asset Management Inc. now owns 222,499 shares of the company’s stock worth $13,441,000 after purchasing an additional 81,393 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of CAVA Group by 20.4% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 103,706 shares of the company’s stock worth $6,265,000 after purchasing an additional 17,600 shares in the last quarter. Institutional investors own 73.15% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CAVA shares. TD Cowen reiterated a “buy” rating and set a $100.00 price objective on shares of CAVA Group in a report on Thursday. UBS Group raised their price target on shares of CAVA Group from $75.00 to $85.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. Truist Financial lifted their price target on CAVA Group from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Robert W. Baird boosted their price objective on CAVA Group from $88.00 to $98.00 and gave the stock an “outperform” rating in a report on Wednesday, May 20th. Finally, BNP Paribas Exane started coverage on CAVA Group in a research note on Monday, March 30th. They issued a “neutral” rating and a $91.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $93.19.

Insider Transactions at CAVA Group

In other news, insider Kelly Costanza sold 10,010 shares of CAVA Group stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $79.87, for a total transaction of $799,498.70. Following the sale, the insider owned 113,850 shares of the company’s stock, valued at approximately $9,093,199.50. The trade was a 8.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Theodoros Xenohristos sold 9,044 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $79.75, for a total value of $721,259.00. Following the completion of the transaction, the insider directly owned 327,882 shares of the company’s stock, valued at $26,148,589.50. This represents a 2.68% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 24,235 shares of company stock worth $1,920,420. Insiders own 6.70% of the company’s stock.

CAVA Group Stock Down 0.0%

CAVA Group stock opened at $72.57 on Monday. The business has a 50-day simple moving average of $83.16 and a 200 day simple moving average of $71.79. CAVA Group, Inc. has a 52 week low of $43.41 and a 52 week high of $98.79. The stock has a market cap of $8.45 billion, a price-to-earnings ratio of 139.55, a PEG ratio of 4.98 and a beta of 1.70.

CAVA Group (NYSE:CAVA) last announced its earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. The company had revenue of $438.27 million during the quarter, compared to analyst estimates of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The firm’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.22 earnings per share. On average, research analysts anticipate that CAVA Group, Inc. will post 0.55 earnings per share for the current year.

About CAVA Group

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.