Fred Alger Management LLC Increases Stake in CAVA Group, Inc. (NYSE:CAVA)

Fred Alger Management LLC increased its holdings in CAVA Group, Inc. (NYSE:CAVA) by 14.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 54,929 shares of the company’s stock after buying an additional 7,025 shares during the period. Fred Alger Management LLC’s holdings in CAVA Group were worth $6,803,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. SpiderRock Advisors LLC lifted its holdings in shares of CAVA Group by 8.9% in the 3rd quarter. SpiderRock Advisors LLC now owns 479,319 shares of the company’s stock valued at $59,364,000 after buying an additional 39,319 shares during the period. Xponance Inc. raised its position in CAVA Group by 95.2% during the second quarter. Xponance Inc. now owns 9,846 shares of the company’s stock valued at $913,000 after acquiring an additional 4,803 shares in the last quarter. PFG Investments LLC lifted its holdings in CAVA Group by 36.8% in the third quarter. PFG Investments LLC now owns 15,907 shares of the company’s stock valued at $1,970,000 after acquiring an additional 4,275 shares during the period. Intech Investment Management LLC acquired a new position in CAVA Group in the second quarter valued at approximately $1,728,000. Finally, Aigen Investment Management LP purchased a new stake in CAVA Group in the 3rd quarter worth approximately $1,293,000. 73.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Karen Kochevar sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $142.23, for a total value of $2,133,450.00. Following the completion of the sale, the director now owns 1,307 shares of the company’s stock, valued at approximately $185,894.61. This trade represents a 91.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Loop Capital boosted their target price on shares of CAVA Group from $122.00 to $147.00 and gave the company a “hold” rating in a research note on Thursday, November 14th. Robert W. Baird lifted their price objective on shares of CAVA Group from $125.00 to $148.00 and gave the company an “outperform” rating in a report on Monday, November 4th. TD Cowen increased their target price on shares of CAVA Group from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. UBS Group initiated coverage on CAVA Group in a research note on Friday, September 27th. They issued a “neutral” rating and a $135.00 price target for the company. Finally, Citigroup increased their price target on CAVA Group from $140.00 to $163.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, CAVA Group has an average rating of “Moderate Buy” and an average price target of $143.80.

CAVA Group Stock Performance

Shares of CAVA opened at $140.90 on Friday. The stock has a 50 day moving average price of $135.37 and a 200 day moving average price of $109.20. CAVA Group, Inc. has a one year low of $31.47 and a one year high of $172.43. The stock has a market capitalization of $16.14 billion, a price-to-earnings ratio of 306.30 and a beta of 3.23.

CAVA Group (NYSE:CAVA) last announced its earnings results on Tuesday, November 12th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.04. The company had revenue of $243.82 million for the quarter, compared to analysts’ expectations of $233.05 million. CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The firm’s quarterly revenue was up 38.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.06 EPS. On average, analysts predict that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

CAVA Group 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.