Fred Alger Management LLC Cuts Holdings in Shake Shack Inc. (NYSE:SHAK)

Fred Alger Management LLC lowered its position in Shake Shack Inc. (NYSE:SHAK) by 56.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 125,852 shares of the company’s stock after selling 165,775 shares during the period. Fred Alger Management LLC’s holdings in Shake Shack were worth $12,989,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Shake Shack in the 3rd quarter valued at about $39,677,000. Marshall Wace LLP grew its holdings in Shake Shack by 101.2% in the second quarter. Marshall Wace LLP now owns 544,336 shares of the company’s stock valued at $48,990,000 after purchasing an additional 273,822 shares during the period. Armistice Capital LLC grew its holdings in Shake Shack by 69.1% in the second quarter. Armistice Capital LLC now owns 579,904 shares of the company’s stock valued at $52,191,000 after purchasing an additional 236,950 shares during the period. Point72 Asset Management L.P. increased its position in shares of Shake Shack by 471.9% in the second quarter. Point72 Asset Management L.P. now owns 255,374 shares of the company’s stock valued at $22,984,000 after buying an additional 210,717 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Shake Shack by 41.9% during the 2nd quarter. Renaissance Technologies LLC now owns 437,600 shares of the company’s stock worth $39,384,000 after buying an additional 129,200 shares during the period. 86.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on SHAK. Robert W. Baird lifted their price target on shares of Shake Shack from $93.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Piper Sandler lowered shares of Shake Shack from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $121.00 to $114.00 in a research report on Monday, August 19th. Oppenheimer boosted their target price on shares of Shake Shack from $122.00 to $135.00 and gave the stock an “outperform” rating in a research note on Monday, October 28th. Bank of America raised their price target on shares of Shake Shack from $104.00 to $116.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $102.00 price objective (down from $105.00) on shares of Shake Shack in a research note on Tuesday, September 24th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $112.94.

Insider Buying and Selling at Shake Shack

In other Shake Shack news, Director Daniel Harris Meyer sold 22,691 shares of Shake Shack stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $124.47, for a total value of $2,824,348.77. Following the sale, the director now owns 437,646 shares in the company, valued at $54,473,797.62. The trade was a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Katherine Irene Fogertey sold 321 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $103.93, for a total value of $33,361.53. Following the transaction, the chief financial officer now owns 36,180 shares of the company’s stock, valued at approximately $3,760,187.40. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 63,433 shares of company stock worth $7,654,856 in the last ninety days. 9.73% of the stock is owned by insiders.

Shake Shack Stock Performance

NYSE SHAK opened at $133.55 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.98 and a current ratio of 2.01. The stock’s fifty day moving average is $115.98 and its two-hundred day moving average is $102.14. The firm has a market capitalization of $5.67 billion, a P/E ratio of 785.59, a price-to-earnings-growth ratio of 3.01 and a beta of 1.81. Shake Shack Inc. has a fifty-two week low of $59.94 and a fifty-two week high of $134.90.

Shake Shack (NYSE:SHAK) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.05. Shake Shack had a net margin of 0.68% and a return on equity of 6.28%. The firm had revenue of $316.92 million for the quarter, compared to analysts’ expectations of $316.03 million. During the same quarter in the previous year, the company posted $0.17 EPS. The company’s revenue was up 14.7% compared to the same quarter last year. On average, research analysts anticipate that Shake Shack Inc. will post 0.82 earnings per share for the current year.

Shake Shack Profile

Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, chicken, hot dogs, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. The company was founded in 2001 and is headquartered in New York, New York.