Assetmark Inc. Increases Position in CAVA Group, Inc. $CAVA

Assetmark Inc. raised its position in CAVA Group, Inc. (NYSE:CAVA) by 96,953.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 98,024 shares of the company’s stock after buying an additional 97,923 shares during the period. Assetmark Inc. owned about 0.08% of CAVA Group worth $5,922,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Champlain Investment Partners LLC lifted its holdings in CAVA Group by 108.3% in the 2nd quarter. Champlain Investment Partners LLC now owns 1,351,955 shares of the company’s stock valued at $113,875,000 after purchasing an additional 703,020 shares in the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of CAVA Group in the second quarter valued at approximately $57,824,000. Norges Bank purchased a new position in CAVA Group during the second quarter worth approximately $56,277,000. Alliancebernstein L.P. grew its holdings in CAVA Group by 58.7% in the 2nd quarter. Alliancebernstein L.P. now owns 1,353,058 shares of the company’s stock valued at $113,968,000 after buying an additional 500,367 shares in the last quarter. Finally, Baird Financial Group Inc. increased its stake in shares of CAVA Group by 1,209.9% in the 2nd quarter. Baird Financial Group Inc. now owns 506,258 shares of the company’s stock worth $42,642,000 after acquiring an additional 467,608 shares during the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Benchmark upgraded shares of CAVA Group to a “strong-buy” rating in a research report on Thursday, February 5th. Stifel Nicolaus set a $75.00 price target on shares of CAVA Group in a research report on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of CAVA Group in a research report on Wednesday, January 21st. TD Cowen reissued a “buy” rating on shares of CAVA Group in a research note on Monday, January 5th. Finally, Argus lowered their price target on CAVA Group from $76.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $82.08.

CAVA Group Stock Down 0.4%

Shares of CAVA Group stock opened at $63.25 on Wednesday. The company has a market capitalization of $7.34 billion, a P/E ratio of 54.53, a P/E/G ratio of 4.67 and a beta of 2.41. CAVA Group, Inc. has a 52-week low of $43.41 and a 52-week high of $134.73. The company has a 50 day moving average of $63.08 and a 200 day moving average of $62.18.

Insider Activity

In related news, CEO Brett Schulman sold 4,542 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 transaction 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 trade represents a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Adam David Phillips sold 774 shares of the stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total transaction of $48,096.36. Following the transaction, the chief accounting officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 42,843 shares of company stock worth $2,764,355 over the last 90 days. 12.10% of the stock is owned by corporate insiders.

CAVA Group Company 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.