Zacks Investment Research Upgrades Shake Shack (NYSE:SHAK) to “Buy”
Zacks Investment Research upgraded shares of Shake Shack (NYSE:SHAK) from a hold rating to a buy rating in a research report report published on Friday morning, Zacks.com reports. They currently have $83.00 price objective on the stock.
According to Zacks, “Shake Shack Inc. is engaged in owning and operating restaurants. The company offers burgers, hot dogs, frozen custard, crinkle cut fries, beer and wine. It operates primarily in New York, New Jersey, Washington, D.C., Connecticut, Georgia, Illinois, Pennsylvania, Florida, Massachusetts, Virginia, Nevada, London, Istanbul and Dubai. Shake Shack Inc. is headquartered in New York. “
Several other equities analysts have also weighed in on the stock. SunTrust Banks lifted their target price on shares of Paylocity to $108.00 and gave the company a positive rating in a report on Friday, May 3rd. Stifel Nicolaus set a $95.00 price target on shares of C.H. Robinson Worldwide and gave the stock a buy rating in a research note on Friday, May 3rd. TheStreet downgraded shares of Viewray from a c- rating to a d rating in a research note on Friday, May 3rd. Morgan Stanley set a $226.00 price target on shares of S&P Global and gave the stock a hold rating in a research note on Friday, May 3rd. Finally, Credit Suisse Group assumed coverage on shares of Arco Platform in a research note on Tuesday, June 25th. They set a neutral rating on the stock. Seven analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $63.17.
Shake Shack (NYSE:SHAK) last posted its earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.13. The business had revenue of $132.60 million for the quarter, compared to analyst estimates of $127.23 million. Shake Shack had a net margin of 2.88% and a return on equity of 9.64%. The business’s quarterly revenue was up 33.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.15 EPS. Equities research analysts forecast that Shake Shack will post 0.59 EPS for the current year.
In other news, COO Zach Koff sold 5,000 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $64.50, for a total value of $322,500.00. Following the completion of the sale, the chief operating officer now owns 12,880 shares of the company’s stock, valued at approximately $830,760. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Randall J. Garutti sold 15,000 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $61.10, for a total transaction of $916,500.00. Following the completion of the sale, the chief executive officer now directly owns 38,555 shares of the company’s stock, valued at approximately $2,355,710.50. The disclosure for this sale can be found here. Insiders have sold a total of 1,175,979 shares of company stock worth $77,557,950 in the last ninety days. 21.85% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC boosted its stake in Shake Shack by 5.2% during the fourth quarter. LPL Financial LLC now owns 5,015 shares of the company’s stock valued at $228,000 after buying an additional 248 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Shake Shack by 15.4% in the 4th quarter. Bank of New York Mellon Corp now owns 327,180 shares of the company’s stock valued at $14,861,000 after purchasing an additional 43,595 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Shake Shack by 11.3% in the 4th quarter. Great West Life Assurance Co. Can now owns 34,960 shares of the company’s stock valued at $1,466,000 after purchasing an additional 3,539 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Shake Shack by 51.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 417,461 shares of the company’s stock valued at $18,960,000 after purchasing an additional 141,498 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Shake Shack by 9.0% in the 4th quarter. Geode Capital Management LLC now owns 262,094 shares of the company’s stock valued at $11,904,000 after purchasing an additional 21,649 shares during the last quarter. 84.63% of the stock is owned by institutional investors.
Shake Shack Company Profile
Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, hot dogs, chicken, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. As of December 26, 2018, it operated 208 Shacks, including 124 domestic company-operated Shacks, 12 domestic licensed Shacks, and 72 international licensed Shacks.
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