Envestnet Asset Management Inc. Increases Stock Holdings in CAVA Group, Inc. (NYSE:CAVA)

Envestnet Asset Management Inc. lifted its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 343.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 48,221 shares of the company’s stock after buying an additional 37,350 shares during the period. Envestnet Asset Management Inc.’s holdings in CAVA Group were worth $4,167,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in CAVA Group by 20.4% during the 4th quarter. Vanguard Group Inc. now owns 8,011,602 shares of the company’s stock worth $903,709,000 after purchasing an additional 1,357,187 shares in the last quarter. FMR LLC lifted its holdings in CAVA Group by 14.1% during the 4th quarter. FMR LLC now owns 3,976,353 shares of the company’s stock worth $448,533,000 after purchasing an additional 491,320 shares in the last quarter. Federated Hermes Inc. lifted its holdings in CAVA Group by 33.0% during the 4th quarter. Federated Hermes Inc. now owns 1,464,987 shares of the company’s stock worth $165,243,000 after purchasing an additional 363,814 shares in the last quarter. Lord Abbett & CO. LLC lifted its holdings in CAVA Group by 2.3% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,389,327 shares of the company’s stock worth $156,716,000 after purchasing an additional 31,077 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in CAVA Group by 62.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,246,209 shares of the company’s stock worth $140,572,000 after purchasing an additional 480,900 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

CAVA Group Trading Up 2.1%

Shares of NYSE:CAVA opened at $88.04 on Friday. The company has a 50 day moving average of $82.74 and a 200-day moving average of $95.03. The firm has a market cap of $10.18 billion, a P/E ratio of 73.36, a P/E/G ratio of 4.30 and a beta of 2.65. CAVA Group, Inc. has a twelve month low of $70.00 and a twelve month high of $172.43.

CAVA Group (NYSE:CAVA) last released its earnings results on Thursday, May 15th. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.08. The business had revenue of $331.83 million for the quarter, compared to the consensus estimate of $327.98 million. CAVA Group had a net margin of 13.70% and a return on equity of 10.61%. The business’s revenue for the quarter was up 28.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.12 EPS. Equities research analysts forecast that CAVA Group, Inc. will post 0.5 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Melius assumed coverage on CAVA Group in a research note on Monday, July 14th. They issued a “hold” rating and a $95.00 target price on the stock. UBS Group decreased their target price on CAVA Group from $125.00 to $112.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 13th. Stifel Nicolaus decreased their target price on CAVA Group from $175.00 to $125.00 and set a “buy” rating on the stock in a research note on Wednesday, June 18th. Wall Street Zen lowered CAVA Group from a “hold” rating to a “sell” rating in a research note on Friday, June 27th. Finally, JPMorgan Chase & Co. decreased their target price on CAVA Group from $115.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $115.06.

Insider Buying and Selling

In other CAVA Group news, CAO Adam David Phillips sold 739 shares of the company’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $55,543.24. Following the sale, the chief accounting officer directly owned 11,063 shares of the company’s stock, valued at approximately $831,495.08. This represents a 6.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer Somers sold 2,861 shares of the company’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $215,032.76. Following the transaction, the insider owned 137,048 shares in the company, valued at $10,300,527.68. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,951 shares of company stock worth $5,409,027. 6.80% of the stock is currently owned by corporate insiders.

About CAVA Group

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.