Sweetgreen (NYSE:SG) Price Target Cut to $32.00 by Analysts at The Goldman Sachs Group

Sweetgreen (NYSE:SG) had its target price reduced by The Goldman Sachs Group from $37.00 to $32.00 in a report issued on Thursday,Briefing.com Automated Import reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential upside of 36.54% from the stock’s current price.

Other analysts have also recently issued reports about the company. Citigroup cut their price objective on Sweetgreen from $49.00 to $43.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. Royal Bank of Canada restated an “outperform” rating and issued a $45.00 price objective on shares of Sweetgreen in a research note on Tuesday. TD Cowen reiterated a “buy” rating and set a $45.00 target price on shares of Sweetgreen in a research report on Monday, November 18th. Morgan Stanley decreased their price objective on Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 21st. Finally, KeyCorp began coverage on shares of Sweetgreen in a report on Wednesday, December 11th. They set a “sector weight” rating on the stock. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.80.

Sweetgreen Stock Up 4.6 %

SG opened at $23.44 on Thursday. The business’s fifty day simple moving average is $30.47 and its 200 day simple moving average is $34.25. The stock has a market cap of $2.71 billion, a PE ratio of -30.05 and a beta of 2.37. Sweetgreen has a 52 week low of $11.31 and a 52 week high of $45.12.

Insider Buying and Selling at Sweetgreen

In related news, CFO Mitch Reback sold 72,000 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $37.77, for a total value of $2,719,440.00. Following the completion of the sale, the chief financial officer now directly owns 43,901 shares of the company’s stock, valued at $1,658,140.77. This represents a 62.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jonathan Neman sold 33,444 shares of Sweetgreen stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $40.16, for a total transaction of $1,343,111.04. Following the completion of the transaction, the chief executive officer now owns 1,930,228 shares in the company, valued at approximately $77,517,956.48. This represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 516,817 shares of company stock valued at $19,677,637 in the last three months. 21.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sweetgreen

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Forum Financial Management LP grew its stake in Sweetgreen by 17.5% in the 4th quarter. Forum Financial Management LP now owns 8,112 shares of the company’s stock valued at $260,000 after acquiring an additional 1,209 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Sweetgreen during the 4th quarter valued at $395,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Sweetgreen by 18.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 226,552 shares of the company’s stock worth $7,263,000 after purchasing an additional 35,276 shares during the period. Spyglass Capital Management LLC lifted its position in Sweetgreen by 12.0% during the fourth quarter. Spyglass Capital Management LLC now owns 2,296,894 shares of the company’s stock valued at $73,638,000 after buying an additional 246,283 shares in the last quarter. Finally, Twinbeech Capital LP purchased a new stake in Sweetgreen during the 4th quarter worth $7,287,000. Institutional investors and hedge funds own 95.75% of the company’s stock.

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.