Pitcairn Co. Sells 11,982 Shares of CAVA Group, Inc. $CAVA

Pitcairn Co. lowered its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 49.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,464 shares of the company’s stock after selling 11,982 shares during the quarter. Pitcairn Co.’s holdings in CAVA Group were worth $753,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in CAVA Group by 3.5% in the 3rd quarter. Vanguard Group Inc. now owns 9,345,976 shares of the company’s stock valued at $564,590,000 after acquiring an additional 313,938 shares in the last quarter. State Street Corp grew its holdings in shares of CAVA Group by 5.0% during the 2nd quarter. State Street Corp now owns 2,543,335 shares of the company’s stock worth $214,225,000 after purchasing an additional 122,163 shares in the last quarter. Champlain Investment Partners LLC grew its holdings in shares of CAVA Group by 58.8% during the 3rd quarter. Champlain Investment Partners LLC now owns 2,146,502 shares of the company’s stock worth $129,670,000 after purchasing an additional 794,547 shares in the last quarter. William Blair Investment Management LLC bought a new position in shares of CAVA Group in the third quarter worth $114,098,000. Finally, Geode Capital Management LLC increased its position in shares of CAVA Group by 16.2% in the second quarter. Geode Capital Management LLC now owns 1,622,898 shares of the company’s stock worth $136,715,000 after purchasing an additional 226,785 shares during the period. Institutional investors own 73.15% of the company’s stock.

Insider Buying and Selling

In related news, CAO Adam David Phillips sold 774 shares of CAVA Group stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 10,435 shares of the company’s stock, valued at approximately $648,430.90. The trade was a 6.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kelly Costanza sold 1,707 shares of the company’s 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 $106,072.98. Following the transaction, the insider owned 119,139 shares of the company’s stock, valued at approximately $7,403,297.46. This represents 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 in the last quarter. Corporate insiders own 6.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CAVA. Piper Sandler upped their price objective on shares of CAVA Group from $71.00 to $85.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Royal Bank Of Canada raised their target price on shares of CAVA Group from $80.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. Citigroup boosted their target price on shares of CAVA Group from $74.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. UBS Group upped their price target on shares of CAVA Group from $69.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Finally, Argus reiterated a “hold” rating on shares of CAVA Group in a research report on Friday, February 27th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, CAVA Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.65.

CAVA Group Stock Down 0.8%

Shares of CAVA stock opened at $78.74 on Friday. The business has a fifty day simple moving average of $68.23 and a 200 day simple moving average of $62.00. The company has a market cap of $9.16 billion, a P/E ratio of 145.82, a P/E/G ratio of 6.76 and a beta of 2.16. CAVA Group, Inc. has a twelve month low of $43.41 and a twelve month high of $101.50.

CAVA Group (NYSE:CAVA) last released its earnings results on Tuesday, February 24th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $274.99 million for the quarter, compared to analysts’ expectations of $268.04 million. CAVA Group had a return on equity of 8.43% and a net margin of 5.40%.The business’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.05 earnings per share. As a group, equities research analysts anticipate that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal 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.