Raymond James Financial Inc. Acquires New Position in Sweetgreen, Inc. (NYSE:SG)

Raymond James Financial Inc. acquired a new stake in Sweetgreen, Inc. (NYSE:SG - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 70,643 shares of the company's stock, valued at approximately $2,265,000. Raymond James Financial Inc. owned 0.06% of Sweetgreen at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Bank of Nova Scotia acquired a new stake in shares of Sweetgreen during the fourth quarter worth $810,000. Invesco Ltd. lifted its stake in shares of Sweetgreen by 40.9% in the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock worth $176,850,000 after acquiring an additional 1,601,666 shares during the period. FMR LLC boosted its holdings in shares of Sweetgreen by 3.4% in the fourth quarter. FMR LLC now owns 10,103,969 shares of the company's stock valued at $323,933,000 after acquiring an additional 329,789 shares in the last quarter. MIG Capital LLC acquired a new position in shares of Sweetgreen during the fourth quarter worth about $310,000. Finally, Envestnet Asset Management Inc. raised its holdings in Sweetgreen by 54.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company's stock worth $523,000 after purchasing an additional 5,783 shares in the last quarter. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

Sweetgreen Stock Performance

SG stock traded up $1.22 during trading on Friday, hitting $20.90. The stock had a trading volume of 3,562,137 shares, compared to its average volume of 3,365,518. Sweetgreen, Inc. has a 1-year low of $16.29 and a 1-year high of $45.12. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of -26.79 and a beta of 2.28. The company's 50 day moving average price is $22.21 and its two-hundred day moving average price is $30.09.

Insider Activity at Sweetgreen

In other Sweetgreen news, CFO Mitch Reback sold 10,926 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total transaction of $288,774.18. Following the transaction, the chief financial officer now owns 344,055 shares in the company, valued at $9,093,373.65. The trade was a 3.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jonathan Neman sold 5,717 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $23.80, for a total value of $136,064.60. Following the completion of the transaction, the chief executive officer now owns 1,810,263 shares of the company's stock, valued at approximately $43,084,259.40. This represents a 0.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,852 shares of company stock valued at $871,417. Company insiders own 21.52% of the company's stock.

Wall Street Analyst Weigh In

SG has been the subject of a number of analyst reports. Morgan Stanley set a $24.00 target price on Sweetgreen in a research note on Monday, April 14th. TD Securities decreased their target price on shares of Sweetgreen from $45.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Piper Sandler reduced their price objective on shares of Sweetgreen from $39.00 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group lowered their target price on shares of Sweetgreen from $37.00 to $32.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Finally, UBS Group decreased their price target on Sweetgreen from $45.00 to $35.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Sweetgreen presently has a consensus rating of "Moderate Buy" and an average target price of $35.91.

About Sweetgreen

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.