18,913 Shares in CAVA Group, Inc. $CAVA Bought by First Trust Advisors LP

Key Points

• First Trust Advisors LP purchased 18,913 CAVA Group shares worth approximately $1.53 million in the first quarter. Institutional investors collectively own 73.15% of the company, with several major funds significantly increasing their positions.
• Analysts remain broadly bullish, with CAVA receiving a consensus “Moderate Buy” rating and an average price target of $92.46. Recent targets range from $90 to $105.
• CAVA reported quarterly revenue of $438.27 million, up 32.1% year over year, and EPS of $0.20, exceeding estimates of $0.17. Meanwhile, insiders sold roughly $7.25 million worth of shares over the past 90 days, including sales by the CEO and a director.

First Trust Advisors LP purchased a new stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 18,913 shares of the company's stock, valued at approximately $1,530,000.

Other institutional investors have also added to or reduced their stakes in the company. Capital Research Global Investors grew its holdings in CAVA Group by 27.2% in the 4th quarter. Capital Research Global Investors now owns 8,440,040 shares of the company's stock worth $495,344,000 after acquiring an additional 1,805,174 shares during the last quarter. Marshall Wace LLP raised its stake in shares of CAVA Group by 689.8% during the fourth quarter. Marshall Wace LLP now owns 1,387,774 shares of the company's stock valued at $81,448,000 after acquiring an additional 1,212,068 shares during the last quarter. Primecap Management Co. CA raised its stake in shares of CAVA Group by 1,378.3% during the fourth quarter. Primecap Management Co. CA now owns 1,260,250 shares of the company's stock valued at $73,964,000 after acquiring an additional 1,175,000 shares during the last quarter. Norges Bank purchased a new stake in shares of CAVA Group during the fourth quarter worth about $50,278,000. Finally, Morgan Stanley boosted its holdings in shares of CAVA Group by 33.7% during the fourth quarter. Morgan Stanley now owns 3,318,894 shares of the company's stock worth $194,786,000 after purchasing an additional 835,628 shares during the period. Hedge funds and other institutional investors own 73.15% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CAVA shares. Sanford C. Bernstein reissued an "outperform" rating and issued a $95.00 target price on shares of CAVA Group in a research note on Wednesday, May 20th. UBS Group raised CAVA Group from a "neutral" rating to a "buy" rating and upped their price target for the company from $85.00 to $90.00 in a research report on Wednesday, June 10th. Piper Sandler increased their price objective on CAVA Group from $85.00 to $92.00 and gave the stock an "overweight" rating in a report on Wednesday, May 20th. Argus set a $92.00 price objective on CAVA Group in a research report on Friday, May 22nd. Finally, KeyCorp boosted their target price on CAVA Group from $95.00 to $105.00 and gave the company an "overweight" rating in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, CAVA Group currently has an average rating of "Moderate Buy" and a consensus price target of $92.46.

Insider Buying and Selling at CAVA Group

In other news, Director Karen Kochevar sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $90.00, for a total value of $900,000.00. Following the sale, the director directly owned 3,074 shares of the company's stock, valued at $276,660. The trade was a 76.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brett Schulman sold 33,174 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $2,966,750.82. Following the completion of the sale, the chief executive officer owned 798,669 shares in the company, valued at $71,424,968.67. The trade was a 3.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 82,703 shares of company stock valued at $7,249,579. 6.70% of the stock is currently owned by company insiders.

CAVA Group Price Performance

NYSE:CAVA opened at $62.33 on Monday. The firm's 50-day moving average price is $73.56 and its 200-day moving average price is $76.89. The company has a market capitalization of $7.26 billion, a PE ratio of 119.86, a P/E/G ratio of 4.28 and a beta of 1.75. CAVA Group, Inc. has a 1-year low of $43.41 and a 1-year high of $98.79.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The company had revenue of $438.27 million during the quarter, compared to analysts' expectations of $360.89 million. During the same period last year, the company posted $0.22 EPS. CAVA Group's revenue was up 32.1% on a year-over-year basis. Equities analysts anticipate that CAVA Group, Inc. will post 0.54 EPS for the current fiscal year.

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.

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