Massachusetts Financial Services Co. MA Acquires Shares of 1,639,374 Sweetgreen, Inc. (NYSE:SG)

Massachusetts Financial Services Co. MA bought a new position in shares of Sweetgreen, Inc. (NYSE:SG) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,639,374 shares of the company’s stock, valued at approximately $52,558,000. Massachusetts Financial Services Co. MA owned about 1.42% of Sweetgreen as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Steward Partners Investment Advisory LLC grew its holdings in Sweetgreen by 3,571.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock valued at $33,000 after buying an additional 1,000 shares in the last quarter. Headlands Technologies LLC grew its stake in shares of Sweetgreen by 156.0% in the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company’s stock valued at $39,000 after acquiring an additional 741 shares in the last quarter. Millstone Evans Group LLC acquired a new stake in Sweetgreen in the 4th quarter worth about $53,000. Denver PWM LLC bought a new stake in Sweetgreen in the 4th quarter valued at about $60,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Sweetgreen during the 4th quarter worth approximately $62,000. Institutional investors own 95.75% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SG. KeyCorp began coverage on Sweetgreen in a research note on Wednesday, December 11th. They issued a “sector weight” rating for the company. Piper Sandler cut their target price on Sweetgreen from $39.00 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Oppenheimer decreased their price target on Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. TD Securities cut their price objective on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $45.00 target price on shares of Sweetgreen in a report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $36.27.

Sweetgreen Stock Performance

NYSE SG opened at $20.88 on Friday. The firm’s fifty day moving average price is $25.95 and its two-hundred day moving average price is $32.57. The stock has a market cap of $2.45 billion, a PE ratio of -26.76 and a beta of 2.28. Sweetgreen, Inc. has a fifty-two week low of $18.62 and a fifty-two week high of $45.12.

Insider Buying and Selling

In other Sweetgreen news, Director Nathaniel Ru sold 2,123 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $23.80, for a total value of $50,527.40. Following the completion of the transaction, the director now directly owns 1,785,099 shares in the company, valued at approximately $42,485,356.20. This represents a 0.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Rossann Williams sold 4,977 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $23.80, for a total transaction of $118,452.60. Following the transaction, the chief operating officer now directly owns 95,516 shares of the company’s stock, valued at $2,273,280.80. The trade was a 4.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,852 shares of company stock worth $1,052,177 in the last 90 days. Insiders own 21.52% of the company’s stock.

Sweetgreen 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.