Allspring Global Investments Holdings LLC Takes $55.10 Million Position in CAVA Group, Inc. $CAVA

Allspring Global Investments Holdings LLC bought a new position in CAVA Group, Inc. (NYSE:CAVA) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 687,587 shares of the company’s stock, valued at approximately $55,103,000. Allspring Global Investments Holdings LLC owned about 0.59% of CAVA Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CAVA. Los Angeles Capital Management LLC purchased a new stake in shares of CAVA Group during the 4th quarter valued at approximately $25,000. Harbor Investment Advisory LLC increased its position in shares of CAVA Group by 347.8% during the fourth quarter. Harbor Investment Advisory LLC now owns 515 shares of the company’s stock valued at $30,000 after acquiring an additional 400 shares during the last quarter. TD Private Client Wealth LLC increased its position in shares of CAVA Group by 118.2% during the fourth quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock valued at $35,000 after acquiring an additional 325 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of CAVA Group by 57.4% in the 4th quarter. Allworth Financial LP now owns 650 shares of the company’s stock worth $38,000 after acquiring an additional 237 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of CAVA Group by 115.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company’s stock worth $38,000 after acquiring an additional 347 shares during the last quarter. 73.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, insider Theodoros Xenohristos sold 3,252 shares of CAVA Group stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $290,826.36. Following the transaction, the insider owned 324,630 shares of the company’s stock, valued at $29,031,660.90. The trade was a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Adam David Phillips sold 757 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $67,698.51. Following the completion of the sale, the chief accounting officer owned 6,848 shares of the company’s stock, valued at approximately $612,416.64. This represents a 9.95% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 91,747 shares of company stock valued at $7,970,838. 6.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CAVA. The Goldman Sachs Group upped their price target on CAVA Group from $75.00 to $86.00 and gave the stock a “neutral” rating in a research note on Monday, April 13th. Guggenheim started coverage on CAVA Group in a research report on Thursday, March 26th. They issued a “buy” rating and a $100.00 target price for the company. UBS Group upgraded shares of CAVA Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $85.00 to $90.00 in a research note on Wednesday, June 10th. Roth Capital reissued a “buy” rating and set a $106.00 price target on shares of CAVA Group in a research report on Wednesday, May 20th. Finally, Stifel Nicolaus raised their price objective on shares of CAVA Group from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $93.54.

CAVA Group Stock Up 1.0%

CAVA stock opened at $68.81 on Friday. The stock has a market cap of $8.01 billion, a price-to-earnings ratio of 132.33, a PEG ratio of 4.72 and a beta of 1.69. CAVA Group, Inc. has a fifty-two week low of $43.41 and a fifty-two week high of $98.79. The business has a 50 day moving average price of $77.98 and a 200 day moving average price of $77.06.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Tuesday, May 19th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. The company had revenue of $438.27 million for the quarter, compared to analysts’ expectations of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter last year, the company earned $0.22 earnings per share. As a group, sell-side analysts anticipate that CAVA Group, Inc. will post 0.55 EPS for the current year.

CAVA Group 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.