Norges Bank Purchases Shares of 243,100 Shake Shack, Inc. $SHAK

Norges Bank purchased a new stake in shares of Shake Shack, Inc. (NYSE:SHAK) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 243,100 shares of the company’s stock, valued at approximately $19,732,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SHAK. Wellington Management Group LLP raised its position in shares of Shake Shack by 21.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,590,911 shares of the company’s stock worth $242,535,000 after acquiring an additional 450,406 shares in the last quarter. 12 West Capital Management LP raised its position in shares of Shake Shack by 13.6% in the 3rd quarter. 12 West Capital Management LP now owns 1,753,595 shares of the company’s stock worth $164,154,000 after acquiring an additional 210,000 shares in the last quarter. State Street Corp raised its position in shares of Shake Shack by 1.1% in the 2nd quarter. State Street Corp now owns 1,470,084 shares of the company’s stock worth $206,694,000 after acquiring an additional 15,607 shares in the last quarter. Swedbank AB bought a new position in shares of Shake Shack in the 4th quarter worth approximately $84,092,000. Finally, Van Berkom & Associates Inc. raised its position in shares of Shake Shack by 27.6% in the 4th quarter. Van Berkom & Associates Inc. now owns 923,347 shares of the company’s stock worth $74,948,000 after acquiring an additional 199,687 shares in the last quarter. Hedge funds and other institutional investors own 86.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SHAK shares. Morgan Stanley reissued an “equal weight” rating and issued a $76.00 target price (down from $115.00) on shares of Shake Shack in a research report on Wednesday, June 3rd. Wolfe Research started coverage on Shake Shack in a research report on Monday, March 9th. They issued an “outperform” rating and a $118.00 target price for the company. Robert W. Baird decreased their target price on Shake Shack from $76.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Wall Street Zen lowered Shake Shack from a “hold” rating to a “strong sell” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings lowered Shake Shack from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday. Sixteen research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Shake Shack currently has an average rating of “Moderate Buy” and a consensus target price of $94.56.

Insider Buying and Selling

In related news, CEO Robert Lynch purchased 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were bought at an average price of $60.39 per share, for a total transaction of $301,950.00. Following the purchase, the chief executive officer directly owned 77,845 shares of the company’s stock, valued at approximately $4,701,059.55. This represents a 6.86% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey Flug purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was bought at an average price of $61.30 per share, for a total transaction of $61,300.00. Following the purchase, the director directly owned 5,470 shares in the company, valued at $335,311. The trade was a 22.37% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 50,616 shares of company stock worth $3,109,782 over the last three months. Corporate insiders own 8.32% of the company’s stock.

Shake Shack Stock Performance

Shake Shack stock opened at $53.74 on Wednesday. The company has a quick ratio of 1.66, a current ratio of 1.69 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $2.30 billion, a P/E ratio of 54.84, a PEG ratio of 2.33 and a beta of 1.63. The stock’s 50 day moving average is $80.10 and its 200 day moving average is $86.03. Shake Shack, Inc. has a twelve month low of $51.60 and a twelve month high of $144.65.

Shake Shack Profile

Shake Shack, Inc (NYSE: SHAK) is a publicly traded hospitality company known for its modern take on the classic American roadside burger stand. The company operates a chain of quick-casual restaurants offering premium hamburgers, hot dogs, crinkle-cut fries, frozen custard, milkshakes and a curated selection of beer and wine. Shake Shack emphasizes high-quality ingredients, including 100% all-natural Angus beef with no hormones or antibiotics, and works with local suppliers where possible to maintain its commitment to fresh, responsibly sourced food.

Shake Shack traces its origins to a hot dog cart opened in New York City’s Madison Square Park in 2001 by Danny Meyer’s Union Square Hospitality Group.