Barclays Increases Sweetgreen (NYSE:SG) Price Target to $17.00

Sweetgreen (NYSE:SG - Get Free Report) had its target price upped by investment analysts at Barclays from $16.00 to $17.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Barclays's price target points to a potential upside of 18.47% from the company's previous close.

SG has been the subject of several other reports. Wells Fargo & Company reissued an "overweight" rating and set a $19.00 price objective on shares of Sweetgreen in a report on Tuesday, July 1st. TD Securities reaffirmed a "hold" rating and set a $15.00 price target (down previously from $25.00) on shares of Sweetgreen in a research report on Tuesday, July 1st. TD Cowen reissued a "hold" rating and issued a $19.00 price objective on shares of Sweetgreen in a report on Tuesday, July 1st. Morgan Stanley cut their price objective on Sweetgreen from $22.00 to $17.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Finally, Oppenheimer cut their price objective on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $23.31.

Sweetgreen Stock Performance

Shares of NYSE:SG traded up $0.76 during trading hours on Thursday, hitting $14.35. 5,415,387 shares of the company's stock traded hands, compared to its average volume of 3,838,553. Sweetgreen has a 52 week low of $11.86 and a 52 week high of $45.12. The company's fifty day simple moving average is $13.66 and its two-hundred day simple moving average is $21.11. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -18.64 and a beta of 2.06.

Sweetgreen (NYSE:SG - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.21) earnings per share for the quarter, meeting the consensus estimate of ($0.21). The firm had revenue of $166.30 million for the quarter, compared to analyst estimates of $164.68 million. Sweetgreen had a negative net margin of 13.04% and a negative return on equity of 19.72%. The company's revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.23) earnings per share. On average, analysts anticipate that Sweetgreen will post -0.74 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other Sweetgreen news, Director Clifford Burrows bought 19,200 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were purchased at an average price of $13.11 per share, for a total transaction of $251,712.00. Following the completion of the transaction, the director directly owned 19,200 shares in the company, valued at approximately $251,712. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Mitch Reback sold 10,088 shares of Sweetgreen stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.23, for a total value of $153,640.24. Following the sale, the chief financial officer directly owned 334,421 shares in the company, valued at $5,093,231.83. The trade was a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 21.52% of the company's stock.

Institutional Investors Weigh In On Sweetgreen

Several hedge funds and other institutional investors have recently modified their holdings of the company. Massachusetts Financial Services Co. MA purchased a new position in Sweetgreen in the fourth quarter worth $52,558,000. Invesco Ltd. lifted its position in shares of Sweetgreen by 40.9% during the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock valued at $176,850,000 after buying an additional 1,601,666 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Sweetgreen by 30.0% during the 1st quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company's stock valued at $144,180,000 after buying an additional 1,330,094 shares during the last quarter. Champlain Investment Partners LLC purchased a new position in shares of Sweetgreen during the 1st quarter valued at $31,558,000. Finally, Durable Capital Partners LP lifted its holdings in Sweetgreen by 29.5% during the 1st quarter. Durable Capital Partners LP now owns 4,525,109 shares of the company's stock worth $113,218,000 after purchasing an additional 1,030,176 shares in the last quarter. Institutional investors own 95.75% of the company's stock.

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.