Cerity Partners LLC Reduces Position in Sweetgreen, Inc. (NYSE:SG)

Cerity Partners LLC trimmed its position in Sweetgreen, Inc. (NYSE:SG) by 59.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,156 shares of the company’s stock after selling 34,102 shares during the quarter. Cerity Partners LLC’s holdings in Sweetgreen were worth $745,000 at the end of the most recent reporting period.

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

Insider Transactions at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 5,717 shares of the firm’s stock in a transaction 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 owns 1,810,263 shares of the company’s stock, valued at approximately $43,084,259.40. This trade represents a 0.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mitch Reback sold 4,000 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $21.07, for a total value of $84,280.00. Following the completion of the sale, the chief financial officer now owns 344,509 shares in the company, valued at $7,258,804.63. This represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,852 shares of company stock valued at $871,417 in the last 90 days. 21.52% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SG shares. Citigroup cut their target price on Sweetgreen from $43.00 to $39.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Morgan Stanley set a $24.00 price objective on Sweetgreen in a report on Monday, April 14th. Royal Bank of Canada reiterated an “outperform” rating and issued a $45.00 price target on shares of Sweetgreen in a research report on Tuesday, February 25th. UBS Group lowered their price objective on shares of Sweetgreen from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Finally, Oppenheimer reduced their target price on shares of Sweetgreen from $41.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.91.

Sweetgreen Stock Performance

SG opened at $18.54 on Friday. The company has a market cap of $2.17 billion, a price-to-earnings ratio of -23.77 and a beta of 2.28. Sweetgreen, Inc. has a one year low of $18.46 and a one year high of $45.12. The business’s fifty day moving average is $23.35 and its two-hundred day moving average is $31.33.

About Sweetgreen

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.