Sweetgreen (NYSE:SG) Price Target Cut to $35.00 by Analysts at Oppenheimer

Sweetgreen (NYSE:SG) had its target price lowered by Oppenheimer from $41.00 to $35.00 in a report released on Thursday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other equities research analysts have also recently weighed in on SG. KeyCorp assumed coverage on Sweetgreen in a research note on Wednesday, December 11th. They set a “sector weight” rating for the company. Royal Bank of Canada reissued an “outperform” rating and set a $45.00 price target on shares of Sweetgreen in a research report on Tuesday. Piper Sandler cut their price objective on shares of Sweetgreen from $39.00 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday. TD Cowen reiterated a “buy” rating and set a $45.00 price objective on shares of Sweetgreen in a research note on Monday, November 18th. Finally, TD Securities lowered their target price on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Sweetgreen presently has an average rating of “Moderate Buy” and a consensus price target of $36.27.

Sweetgreen Stock Up 0.4 %

Shares of NYSE:SG opened at $23.23 on Thursday. The firm has a 50 day moving average of $30.24 and a 200 day moving average of $34.17. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of -29.78 and a beta of 2.37. Sweetgreen has a 52 week low of $11.84 and a 52 week high of $45.12.

Insiders Place Their Bets

In related news, insider Nicolas Jammet sold 41,999 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $38.68, for a total value of $1,624,521.32. Following the transaction, the insider now owns 1,930,233 shares in the company, valued at approximately $74,661,412.44. This represents a 2.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mitch Reback sold 10,926 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total transaction of $288,774.18. Following the transaction, the chief financial officer now directly owns 344,055 shares of the company’s stock, valued at $9,093,373.65. This represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 516,817 shares of company stock valued at $19,677,637. Insiders own 21.52% of the company’s stock.

Institutional Trading of Sweetgreen

Several large investors have recently made changes to their positions in SG. FMR LLC grew its holdings in Sweetgreen by 3.4% during the fourth quarter. FMR LLC now owns 10,103,969 shares of the company’s stock worth $323,933,000 after acquiring an additional 329,789 shares during the period. Vanguard Group Inc. boosted its position in Sweetgreen by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company’s stock worth $306,009,000 after purchasing an additional 351,240 shares in the last quarter. Invesco Ltd. grew its stake in shares of Sweetgreen by 40.9% during the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock worth $176,850,000 after purchasing an additional 1,601,666 shares during the period. Wellington Management Group LLP increased its holdings in shares of Sweetgreen by 30.1% during the 4th quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company’s stock valued at $142,106,000 after purchasing an additional 1,025,341 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its stake in shares of Sweetgreen by 13.3% in the 3rd quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock valued at $82,032,000 after purchasing an additional 272,340 shares during the period. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.