CAVA Group (NYSE:CAVA) Given New $100.00 Price Target at Piper Sandler

Key Points

• Piper Sandler has lowered CAVA Group's price target from $122.00 to $100.00, maintaining an "overweight" rating, which suggests a potential upside of 41.88% from the stock's previous close.
• Despite the price target revisions from various analysts, CAVA currently holds a consensus rating of "Moderate Buy" with a consensus price target of $102.72.
• CAVA Group recently reported $0.16 EPS for the quarter, surpassing estimates, but its revenues of $280.62 million fell short of expectations by approximately $5 million.

CAVA Group (NYSE:CAVA - Get Free Report) had its target price cut by Piper Sandler from $122.00 to $100.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price objective indicates a potential upside of 41.88% from the stock's previous close.

CAVA has been the topic of a number of other research reports. Bank of America boosted their price objective on CAVA Group from $112.00 to $121.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Citigroup lowered their target price on CAVA Group from $102.00 to $88.00 and set a "neutral" rating for the company in a research note on Wednesday. Barclays lowered their target price on CAVA Group from $91.00 to $74.00 and set an "equal weight" rating for the company in a research note on Wednesday. Sanford C. Bernstein set a $74.00 target price on CAVA Group in a research note on Wednesday. Finally, Morgan Stanley lowered their target price on CAVA Group from $107.00 to $97.00 and set an "equal weight" rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, CAVA Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $102.72.

CAVA Group Trading Down 16.6%

NYSE:CAVA traded down $14.02 on Wednesday, hitting $70.48. 31,864,234 shares of the stock were exchanged, compared to its average volume of 3,729,650. The stock has a market cap of $8.15 billion, a PE ratio of 58.82, a PEG ratio of 4.11 and a beta of 2.65. The stock has a fifty day moving average of $83.46 and a 200-day moving average of $92.30. CAVA Group has a fifty-two week low of $65.70 and a fifty-two week high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. The company had revenue of $280.62 million during the quarter, compared to analyst estimates of $285.65 million. CAVA Group had a return on equity of 10.61% and a net margin of 13.70%. The firm's revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.17 earnings per share. As a group, analysts predict that CAVA Group will post 0.5 earnings per share for the current year.

Insider Transactions at CAVA Group

In other CAVA Group news, insider Jennifer Somers sold 2,861 shares of CAVA Group stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $215,032.76. Following the completion of the transaction, the insider directly owned 137,048 shares of the company's stock, valued at approximately $10,300,527.68. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brett Schulman sold 31,856 shares of CAVA Group stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $2,394,296.96. Following the transaction, the chief executive officer directly owned 792,318 shares of the company's stock, valued at approximately $59,550,620.88. The trade was a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 58,603 shares of company stock worth $4,522,089. 12.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. increased its position in shares of CAVA Group by 20.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 10,871 shares of the company's stock valued at $1,226,000 after buying an additional 1,874 shares in the last quarter. Cerity Partners LLC lifted its position in CAVA Group by 32.9% during the 4th quarter. Cerity Partners LLC now owns 15,299 shares of the company's stock worth $1,730,000 after buying an additional 3,791 shares in the last quarter. Legal & General Group Plc lifted its position in CAVA Group by 23.7% during the 4th quarter. Legal & General Group Plc now owns 90,002 shares of the company's stock worth $10,152,000 after buying an additional 17,254 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in CAVA Group by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 33,176 shares of the company's stock worth $3,742,000 after buying an additional 210 shares in the last quarter. Finally, Barclays PLC raised its position in CAVA Group by 116.7% during the fourth quarter. Barclays PLC now owns 84,755 shares of the company's stock worth $9,560,000 after acquiring an additional 591,866 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors.

About CAVA Group

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.

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