Alliancebernstein L.P. Acquires 1,600,630 Shares of CAVA Group, Inc. $CAVA

Alliancebernstein L.P. increased its stake in CAVA Group, Inc. (NYSE:CAVA) by 118.3% during the third quarter, according to its most recent filing with the SEC. The fund owned 2,953,688 shares of the company’s stock after buying an additional 1,600,630 shares during the quarter. Alliancebernstein L.P. owned 2.55% of CAVA Group worth $178,432,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Cornerstone Planning Group LLC grew its position in shares of CAVA Group by 378.7% during the 3rd quarter. Cornerstone Planning Group LLC now owns 450 shares of the company’s stock valued at $27,000 after acquiring an additional 356 shares during the period. Toth Financial Advisory Corp increased its stake in shares of CAVA Group by 656.7% in the third 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 bought a new stake in shares of CAVA Group in the third quarter valued at approximately $33,000. CNB Bank raised its position in shares of CAVA Group by 275.8% in the third quarter. CNB Bank now owns 575 shares of the company’s stock valued at $35,000 after purchasing an additional 422 shares during the period. Finally, Knuff & Co LLC purchased a new stake in shares of CAVA Group during the 3rd quarter valued at approximately $47,000. Institutional investors own 73.15% of the company’s stock.

Insider Activity at CAVA Group

In other CAVA Group news, CAO Adam David Phillips sold 774 shares of the stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total transaction of $48,096.36. Following the completion of the sale, the chief accounting officer owned 10,435 shares of the company’s stock, valued at $648,430.90. This represents a 6.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kelly Costanza sold 1,707 shares of the firm’s 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 completion of the sale, the insider directly owned 119,139 shares in the company, valued at $7,403,297.46. The trade was a 1.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 39,055 shares of company stock worth $2,572,303 over the last ninety days. Insiders own 12.10% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. TD Cowen raised their price objective on shares of CAVA Group from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Johnson Rice set a $72.00 price objective on shares of CAVA Group in a research report on Monday, January 5th. Piper Sandler boosted their price objective on shares of CAVA Group from $71.00 to $85.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. KeyCorp upped their target price on shares of CAVA Group from $65.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Finally, Mizuho lifted their price objective on CAVA Group from $52.00 to $64.00 and gave the company a “neutral” rating in a research note on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, CAVA Group has an average rating of “Moderate Buy” and an average price target of $84.04.

CAVA Group Price Performance

Shares of CAVA opened at $87.41 on Tuesday. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $101.50. The stock has a 50 day simple moving average of $70.89 and a two-hundred day simple moving average of $62.57. The firm has a market cap of $10.17 billion, a P/E ratio of 161.88, a P/E/G ratio of 7.06 and a beta of 2.15.

CAVA Group (NYSE:CAVA) last issued its earnings results on Tuesday, February 24th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The company had revenue of $274.99 million for the quarter, compared to analysts’ expectations of $268.04 million. CAVA Group had a net margin of 5.40% and a return on equity of 8.43%. The firm’s revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.05 EPS. On average, equities analysts anticipate that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

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.