Rhumbline Advisers Acquires 24,700 Shares of CAVA Group, Inc. $CAVA

Rhumbline Advisers lifted its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 9.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 276,491 shares of the company’s stock after purchasing an additional 24,700 shares during the quarter. Rhumbline Advisers owned 0.24% of CAVA Group worth $16,703,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Bison Wealth LLC acquired a new stake in CAVA Group during the 4th quarter worth approximately $208,000. Goldman Sachs Group Inc. boosted its holdings in shares of CAVA Group by 14.3% in the first quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company’s stock valued at $52,432,000 after buying an additional 75,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of CAVA Group by 17.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 236,622 shares of the company’s stock worth $20,447,000 after acquiring an additional 34,860 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of CAVA Group by 44.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 4,013 shares of the company’s stock worth $338,000 after acquiring an additional 1,229 shares during the period. Finally, CWM LLC raised its holdings in shares of CAVA Group by 94.6% during the second quarter. CWM LLC now owns 3,616 shares of the company’s stock worth $305,000 after acquiring an additional 1,758 shares during the period. 73.15% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CAVA. UBS Group upped their target price on shares of CAVA Group from $66.00 to $69.00 and gave the stock a “neutral” rating in a research note on Wednesday. Truist Financial boosted their price target on CAVA Group from $66.00 to $78.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of CAVA Group in a report on Wednesday, January 21st. Telsey Advisory Group began coverage on CAVA Group in a research report on Friday, January 9th. They issued an “outperform” rating and a $85.00 target price on the stock. Finally, Barclays boosted their target price on CAVA Group from $52.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $82.21.

CAVA Group Stock Performance

CAVA opened at $67.89 on Thursday. The business’s 50-day simple moving average is $63.37 and its 200 day simple moving average is $62.22. CAVA Group, Inc. has a 52-week low of $43.41 and a 52-week high of $132.47. The firm has a market capitalization of $7.87 billion, a PE ratio of 58.53, a PEG ratio of 4.65 and a beta of 2.41.

Insider Buying and Selling

In related news, insider Kenneth Robert Bertram sold 994 shares of the firm’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total value of $61,767.16. Following the completion of the sale, the insider directly owned 49,122 shares in the company, valued at approximately $3,052,441.08. This trade represents a 1.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Brett Schulman sold 4,542 shares of CAVA Group stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total value of $282,239.88. Following the transaction, the chief executive officer owned 802,783 shares of the company’s stock, valued at $49,884,935.62. This represents a 0.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,843 shares of company stock worth $2,764,355 in the last quarter. 6.80% of the stock is owned by company insiders.

About CAVA Group

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.