Jennison Associates LLC Raises Stock Position in CAVA Group, Inc. (NYSE:CAVA)

Jennison Associates LLC grew its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 24.7% during the fourth quarter, Holdings Channel reports. The firm owned 1,222,240 shares of the company’s stock after purchasing an additional 242,376 shares during the quarter. Jennison Associates LLC’s holdings in CAVA Group were worth $52,532,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Headlands Technologies LLC acquired a new position in shares of CAVA Group during the third quarter worth about $26,000. PNC Financial Services Group Inc. grew its position in shares of CAVA Group by 190.0% during the third quarter. PNC Financial Services Group Inc. now owns 870 shares of the company’s stock worth $27,000 after buying an additional 570 shares in the last quarter. Clearstead Advisors LLC acquired a new position in shares of CAVA Group during the third quarter worth about $31,000. Hollencrest Capital Management acquired a new position in shares of CAVA Group during the third quarter worth about $75,000. Finally, Sentry Investment Management LLC acquired a new position in shares of CAVA Group during the fourth quarter worth about $143,000. 73.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CAVA shares. Barclays began coverage on CAVA Group in a research report on Monday, April 15th. They set an “equal weight” rating and a $58.00 price objective for the company. Wedbush upped their price target on CAVA Group from $65.00 to $74.00 and gave the company an “outperform” rating in a report on Tuesday, April 16th. William Blair reaffirmed an “outperform” rating on shares of CAVA Group in a report on Tuesday, February 27th. Argus raised CAVA Group from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a report on Wednesday, April 10th. Finally, Morgan Stanley upped their price target on CAVA Group from $62.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $60.42.

CAVA Group Stock Performance

CAVA Group stock opened at $61.22 on Wednesday. CAVA Group, Inc. has a 12 month low of $29.05 and a 12 month high of $71.60. The business has a 50 day simple moving average of $61.54 and a 200-day simple moving average of $47.00.

CAVA Group (NYSE:CAVA) last released its quarterly earnings results on Monday, February 26th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. CAVA Group had a return on equity of 4.28% and a net margin of 1.82%. The business had revenue of $175.50 million during the quarter, compared to analysts’ expectations of $240.03 million. The business’s revenue for the quarter was up 52.6% compared to the same quarter last year. As a group, research analysts anticipate that CAVA Group, Inc. will post 0.25 EPS for the current fiscal year.

Insider Transactions at CAVA Group

In other news, Director Theodoros Xenohristos sold 47,239 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $68.29, for a total transaction of $3,225,951.31. Following the completion of the sale, the director now owns 526,521 shares in the company, valued at $35,956,119.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other CAVA Group news, Director Theodoros Xenohristos sold 47,239 shares of the stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $68.29, for a total value of $3,225,951.31. Following the completion of the transaction, the director now owns 526,521 shares in the company, valued at $35,956,119.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ronald M. Shaich sold 1,500,000 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $57.20, for a total value of $85,800,000.00. Following the completion of the transaction, the insider now owns 4,457,634 shares of the company’s stock, valued at approximately $254,976,664.80. The disclosure for this sale can be found here. Insiders sold 3,547,239 shares of company stock worth $221,525,951 over the last 90 days.

CAVA Group Company Profile

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.