Principal Financial Group Inc. Purchases 32,892 Shares of CAVA Group, Inc. $CAVA

Principal Financial Group Inc. raised its holdings in CAVA Group, Inc. (NYSE:CAVA) by 17.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 220,772 shares of the company’s stock after acquiring an additional 32,892 shares during the period. Principal Financial Group Inc. owned about 0.19% of CAVA Group worth $13,337,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Atlantic Union Bankshares Corp acquired a new position in shares of CAVA Group in the second quarter valued at approximately $31,000. Toth Financial Advisory Corp raised its holdings in shares of CAVA Group by 656.7% during the third quarter. Toth Financial Advisory Corp now owns 507 shares of the company’s stock worth $31,000 after acquiring an additional 440 shares during the period. Western Pacific Wealth Management LP bought a new stake in CAVA Group in the 3rd quarter valued at $33,000. CNB Bank boosted its stake in CAVA Group by 275.8% in the 3rd quarter. CNB Bank now owns 575 shares of the company’s stock worth $35,000 after purchasing an additional 422 shares during the period. Finally, Whittier Trust Co. boosted its stake in CAVA Group by 60.9% in the 2nd quarter. Whittier Trust Co. now owns 457 shares of the company’s stock worth $38,000 after purchasing an additional 173 shares during the period. 73.15% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on CAVA. The Goldman Sachs Group reissued a “neutral” rating and issued a $68.00 price objective on shares of CAVA Group in a research report on Wednesday, November 5th. UBS Group lifted their price target on shares of CAVA Group from $58.00 to $66.00 and gave the company a “neutral” rating in a research note on Tuesday, January 6th. Mizuho boosted their price target on shares of CAVA Group from $52.00 to $64.00 and gave the stock a “neutral” rating in a research report on Friday, January 9th. Piper Sandler reduced their price objective on shares of CAVA Group from $100.00 to $71.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Finally, Morgan Stanley lowered their target price on CAVA Group from $86.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, CAVA Group has a consensus rating of “Moderate Buy” and an average price target of $81.50.

CAVA Group Price Performance

CAVA opened at $68.87 on Wednesday. The business has a fifty day simple moving average of $62.03 and a 200 day simple moving average of $62.99. The company has a market capitalization of $7.99 billion, a PE ratio of 59.37, a price-to-earnings-growth ratio of 5.32 and a beta of 2.41. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $139.62.

Insiders Place Their Bets

In related news, CAO Adam David Phillips sold 774 shares of the stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total transaction of $48,096.36. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brett Schulman sold 4,542 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 802,783 shares in the company, valued at approximately $49,884,935.62. This trade represents a 0.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 42,843 shares of company stock valued at $2,764,355 in the last quarter. Company insiders own 12.10% of the company’s stock.

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.