CAVA Group (NYSE:CAVA) Price Target Raised to $80.00

CAVA Group (NYSE:CAVA) had its target price raised by investment analysts at Truist Financial from $78.00 to $80.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 14.26% from the company’s current price.

A number of other equities analysts have also recently commented on the stock. Sanford C. Bernstein set a $70.00 price objective on shares of CAVA Group in a research note on Wednesday, January 7th. Stifel Nicolaus set a $75.00 price target on CAVA Group in a research report on Wednesday, November 5th. Royal Bank Of Canada set a $70.00 price objective on CAVA Group in a research report on Wednesday, November 5th. Citigroup lifted their target price on CAVA Group from $60.00 to $74.00 and gave the stock a “neutral” rating in a report on Thursday, February 12th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $68.00 price target on shares of CAVA Group in a report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, CAVA Group currently has an average rating of “Moderate Buy” and a consensus target price of $82.29.

CAVA Group Stock Performance

NYSE CAVA opened at $70.02 on Monday. The stock has a 50 day moving average price of $64.03 and a 200-day moving average price of $61.79. CAVA Group has a one year low of $43.41 and a one year high of $119.01. The company has a market capitalization of $8.12 billion, a P/E ratio of 60.36, a P/E/G ratio of 5.15 and a beta of 2.41.

Insider Activity

In other news, CAO Adam David Phillips sold 774 shares of CAVA Group stock in a transaction 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 completion of the sale, the chief accounting officer directly owned 10,435 shares in the company, valued at approximately $648,430.90. This trade represents a 6.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kenneth Robert Bertram sold 994 shares of the company’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 $61,767.16. Following the completion of the transaction, the insider owned 49,122 shares in the company, valued at approximately $3,052,441.08. The trade was a 1.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 42,843 shares of company stock worth $2,764,355 in the last three months. Corporate insiders own 12.10% of the company’s stock.

Hedge Funds Weigh In On CAVA Group

A number of hedge funds have recently added to or reduced their stakes in CAVA. Bison Wealth LLC bought a new stake in shares of CAVA Group during the fourth quarter valued at approximately $208,000. Goldman Sachs Group Inc. increased its holdings in CAVA Group by 14.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company’s stock worth $52,432,000 after purchasing an additional 75,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in CAVA Group by 17.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 236,622 shares of the company’s stock worth $20,447,000 after purchasing an additional 34,860 shares during the period. CWM LLC raised its position in CAVA Group by 94.6% during the 2nd quarter. CWM LLC now owns 3,616 shares of the company’s stock valued at $305,000 after purchasing an additional 1,758 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of CAVA Group in the 2nd quarter worth $160,000. 73.15% of the stock is currently owned by institutional investors.

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.