JPMorgan Chase & Co. Sells 403,375 Shares of Sweetgreen, Inc. (NYSE:SG)

JPMorgan Chase & Co. cut its position in shares of Sweetgreen, Inc. (NYSE:SG) by 60.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 267,670 shares of the company’s stock after selling 403,375 shares during the quarter. JPMorgan Chase & Co. owned about 0.23% of Sweetgreen worth $8,582,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in SG. EFG Asset Management North America Corp. lifted its position in Sweetgreen by 59.6% during the fourth quarter. EFG Asset Management North America Corp. now owns 73,405 shares of the company’s stock valued at $2,352,000 after buying an additional 27,400 shares during the period. Segall Bryant & Hamill LLC increased its stake in shares of Sweetgreen by 29.9% in the 4th quarter. Segall Bryant & Hamill LLC now owns 226,871 shares of the company’s stock worth $7,273,000 after acquiring an additional 52,226 shares in the last quarter. Vanguard Group Inc. lifted its position in Sweetgreen by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company’s stock valued at $306,009,000 after acquiring an additional 351,240 shares during the period. LPL Financial LLC lifted its position in Sweetgreen by 400.1% during the 4th quarter. LPL Financial LLC now owns 59,592 shares of the company’s stock valued at $1,911,000 after acquiring an additional 47,676 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new stake in Sweetgreen during the fourth quarter worth about $686,000. 95.75% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Citigroup lowered their target price on shares of Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $45.00 price objective on shares of Sweetgreen in a research note on Tuesday, February 25th. UBS Group cut their target price on Sweetgreen from $45.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. TD Securities lowered their price target on Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, Morgan Stanley set a $24.00 price objective on shares of Sweetgreen in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Sweetgreen presently has an average rating of “Moderate Buy” and a consensus target price of $35.91.

Insider Activity at Sweetgreen

In other news, Director Nathaniel Ru sold 2,123 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $23.80, for a total transaction of $50,527.40. Following the completion of the sale, the director now owns 1,785,099 shares of the company’s stock, valued at $42,485,356.20. This represents a 0.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jonathan Neman sold 5,717 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $23.80, for a total transaction of $136,064.60. Following the completion of the transaction, the chief executive officer now directly owns 1,810,263 shares in the company, valued at approximately $43,084,259.40. The trade was a 0.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,852 shares of company stock worth $787,137 over the last quarter. Company insiders own 21.52% of the company’s stock.

Sweetgreen Stock Performance

SG opened at $20.43 on Wednesday. The company’s 50-day simple moving average is $23.90 and its two-hundred day simple moving average is $31.67. The stock has a market capitalization of $2.40 billion, a P/E ratio of -26.19 and a beta of 2.28. Sweetgreen, Inc. has a 52-week low of $18.62 and a 52-week high of $45.12.

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.