Envestnet Asset Management Inc. Acquires 81,393 Shares of CAVA Group, Inc. $CAVA

Envestnet Asset Management Inc. raised its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 57.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 222,499 shares of the company’s stock after purchasing an additional 81,393 shares during the period. Envestnet Asset Management Inc. owned 0.19% of CAVA Group worth $13,441,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of CAVA. Cornerstone Planning Group LLC lifted its holdings in CAVA Group by 378.7% in the third quarter. Cornerstone Planning Group LLC now owns 450 shares of the company’s stock worth $27,000 after buying an additional 356 shares during the period. Atlantic Union Bankshares Corp bought a new position in shares of CAVA Group during the second quarter valued at approximately $31,000. Toth Financial Advisory Corp boosted its position in shares of CAVA Group by 656.7% in the 3rd quarter. Toth Financial Advisory Corp now owns 507 shares of the company’s stock worth $31,000 after purchasing an additional 440 shares in the last quarter. Western Pacific Wealth Management LP purchased a new stake in shares of CAVA Group in the 3rd quarter worth approximately $33,000. Finally, CNB Bank increased its position in CAVA Group by 275.8% during the 3rd quarter. CNB Bank now owns 575 shares of the company’s stock valued at $35,000 after buying an additional 422 shares in the last quarter. Institutional investors own 73.15% of the company’s stock.

CAVA Group Stock Performance

Shares of CAVA Group stock opened at $63.48 on Tuesday. The company has a fifty day moving average of $62.87 and a 200 day moving average of $62.33. The company has a market capitalization of $7.36 billion, a P/E ratio of 54.72, a P/E/G ratio of 4.67 and a beta of 2.41. CAVA Group, Inc. has a fifty-two week low of $43.41 and a fifty-two week high of $134.73.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CAVA shares. Citigroup increased their target price on CAVA Group from $60.00 to $74.00 and gave the stock a “neutral” rating in a research note on Thursday, February 12th. Morgan Stanley reduced their price objective on shares of CAVA Group from $86.00 to $80.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 20th. The Goldman Sachs Group reiterated a “neutral” rating and set a $68.00 price target on shares of CAVA Group in a report on Wednesday, November 5th. Barclays boosted their price objective on shares of CAVA Group from $52.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 7th. Finally, Royal Bank Of Canada set a $70.00 target price on CAVA Group in a research note on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.08.

Insider Buying and Selling at CAVA Group

In other news, insider Kelly Costanza sold 1,707 shares of CAVA Group stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total value of $106,072.98. Following the sale, the insider directly owned 119,139 shares of the company’s stock, valued at approximately $7,403,297.46. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kenneth Robert Bertram sold 994 shares of the stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total value of $61,767.16. Following the transaction, the insider owned 49,122 shares of the company’s stock, valued at $3,052,441.08. This represents a 1.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 42,843 shares of company stock worth $2,764,355. Insiders own 12.10% of the company’s stock.

CAVA Group Company Profile

CAVA Group, Inc (NYSE: CAVA) is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.

Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe’s Kitchen.