Shake Shack, Inc. $SHAK Shares Sold by Jennison Associates LLC

Jennison Associates LLC reduced its holdings in shares of Shake Shack, Inc. (NYSE:SHAK) by 34.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 386,724 shares of the company’s stock after selling 201,601 shares during the period. Jennison Associates LLC’s holdings in Shake Shack were worth $34,213,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. purchased a new position in Shake Shack in the 1st quarter valued at approximately $26,000. Hilton Head Capital Partners LLC purchased a new stake in shares of Shake Shack during the fourth quarter worth $25,000. Assetmark Inc. increased its position in shares of Shake Shack by 457.6% during the fourth quarter. Assetmark Inc. now owns 368 shares of the company’s stock worth $30,000 after acquiring an additional 302 shares during the period. UMB Bank n.a. raised its stake in shares of Shake Shack by 42.2% in the fourth quarter. UMB Bank n.a. now owns 391 shares of the company’s stock valued at $32,000 after acquiring an additional 116 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of Shake Shack in the third quarter valued at $38,000. 86.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHAK has been the subject of several analyst reports. Barclays lowered their target price on Shake Shack from $118.00 to $96.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Raymond James Financial lowered Shake Shack from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from $125.00 to $85.00 in a research report on Wednesday, June 3rd. BNP Paribas Exane decreased their price objective on Shake Shack from $100.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, June 4th. Mizuho set a $100.00 price objective on Shake Shack in a research report on Friday, May 8th. Finally, Piper Sandler cut their target price on shares of Shake Shack from $79.00 to $66.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 14th. Fifteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $89.39.

Insider Buying and Selling

In other Shake Shack news, Director Jeffrey Flug purchased 1,000 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was bought at an average cost of $61.30 per share, with a total value of $61,300.00. Following the acquisition, the director directly owned 5,470 shares of the company’s stock, valued at approximately $335,311. This represents a 22.37% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel Harris Meyer acquired 32,258 shares of the stock in a transaction dated Friday, May 15th. The shares were acquired at an average cost of $61.88 per share, with a total value of $1,996,125.04. Following the completion of the transaction, the director owned 378,670 shares in the company, valued at approximately $23,432,099.60. This represents a 9.31% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 50,616 shares of company stock valued at $3,109,782 over the last 90 days. 8.32% of the stock is currently owned by corporate insiders.

Shake Shack Price Performance

Shake Shack stock opened at $56.89 on Tuesday. The company has a current ratio of 1.69, a quick ratio of 1.66 and a debt-to-equity ratio of 0.45. The company has a fifty day simple moving average of $58.53 and a 200-day simple moving average of $80.67. The stock has a market cap of $2.43 billion, a P/E ratio of 58.05, a price-to-earnings-growth ratio of 3.24 and a beta of 1.63. Shake Shack, Inc. has a 12-month low of $51.60 and a 12-month high of $142.20.

Shake Shack Profile

Shake Shack, Inc (NYSE: SHAK) is a publicly traded hospitality company known for its modern take on the classic American roadside burger stand. The company operates a chain of quick-casual restaurants offering premium hamburgers, hot dogs, crinkle-cut fries, frozen custard, milkshakes and a curated selection of beer and wine. Shake Shack emphasizes high-quality ingredients, including 100% all-natural Angus beef with no hormones or antibiotics, and works with local suppliers where possible to maintain its commitment to fresh, responsibly sourced food.

Shake Shack traces its origins to a hot dog cart opened in New York City’s Madison Square Park in 2001 by Danny Meyer’s Union Square Hospitality Group.