Piper Sandler Has Lowered Expectations for Sweetgreen (NYSE:SG) Stock Price

Sweetgreen (NYSE:SG) had its price objective reduced by Piper Sandler from $39.00 to $27.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price indicates a potential upside of 19.08% from the company’s current price.

A number of other equities research analysts have also recently commented on SG. TD Securities decreased their target price on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday. Royal Bank of Canada restated an “outperform” rating and set a $45.00 price objective on shares of Sweetgreen in a research report on Tuesday. KeyCorp started coverage on shares of Sweetgreen in a report on Wednesday, December 11th. They issued a “sector weight” rating for the company. TD Cowen reissued a “buy” rating and set a $45.00 price target on shares of Sweetgreen in a report on Monday, November 18th. Finally, Citigroup dropped their price objective on Sweetgreen from $49.00 to $43.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Sweetgreen currently has an average rating of “Moderate Buy” and an average price target of $36.27.

Sweetgreen Stock Performance

NYSE:SG opened at $22.67 on Thursday. The stock has a 50-day simple moving average of $29.99 and a two-hundred day simple moving average of $34.09. Sweetgreen has a 52-week low of $12.32 and a 52-week high of $45.12. The firm has a market capitalization of $2.62 billion, a PE ratio of -29.07 and a beta of 2.37.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 41,805 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $38.61, for a total transaction of $1,614,091.05. Following the completion of the transaction, the chief executive officer now owns 1,930,228 shares in the company, valued at $74,526,103.08. This trade represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mitch Reback sold 10,926 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total transaction of $288,774.18. Following the completion of the sale, the chief financial officer now owns 344,055 shares in the company, valued at approximately $9,093,373.65. This trade represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 516,817 shares of company stock worth $19,677,637 in the last quarter. 21.52% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Sweetgreen during the fourth quarter valued at approximately $5,492,000. Forum Financial Management LP increased its position in shares of Sweetgreen by 17.5% during the 4th quarter. Forum Financial Management LP now owns 8,112 shares of the company’s stock valued at $260,000 after purchasing an additional 1,209 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in Sweetgreen during the 4th quarter valued at $395,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Sweetgreen by 18.4% in the fourth 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 buying an additional 35,276 shares during the last quarter. Finally, Spyglass Capital Management LLC boosted its stake in Sweetgreen by 12.0% during the fourth quarter. Spyglass Capital Management LLC now owns 2,296,894 shares of the company’s stock worth $73,638,000 after buying an additional 246,283 shares during the period. Institutional investors 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.