Ameritas Advisory Services LLC Buys New Shares in CAVA Group, Inc. $CAVA

Key Points

• Ameritas Advisory Services purchased 31,759 CAVA shares during the second quarter, valued at approximately $2.49 million. Institutional investors collectively own 73.15% of the company.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $89.44, despite some firms lowering their targets.
• CAVA exceeded quarterly expectations with earnings of $0.19 per share and revenue of $368.44 million, up 31.3% year over year. However, the stock traded at $60.18, with a high price-to-earnings ratio of 109.43.

Ameritas Advisory Services LLC purchased a new stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 31,759 shares of the company's stock, valued at approximately $2,492,000.

Several other hedge funds have also recently added to or reduced their stakes in CAVA. BlackRock Inc. purchased a new stake in CAVA Group in the second quarter worth approximately $757,013,000. Capital Research Global Investors increased its stake 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 purchasing an additional 1,805,174 shares during the period. Capital International Investors grew its holdings in shares of CAVA Group by 15.5% in the fourth quarter. Capital International Investors now owns 4,885,317 shares of the company's stock worth $286,718,000 after purchasing an additional 656,581 shares during the last quarter. Morgan Stanley increased its stake in shares of CAVA Group by 33.7% in the fourth quarter. Morgan Stanley now owns 3,318,894 shares of the company's stock worth $194,786,000 after buying an additional 835,628 shares during the period. Finally, State Street Corp increased its stake in shares of CAVA Group by 1.3% in the fourth quarter. State Street Corp now owns 2,920,442 shares of the company's stock worth $171,401,000 after buying an additional 36,508 shares during the period. Institutional investors own 73.15% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CAVA. Barclays increased their target price on shares of CAVA Group from $70.00 to $74.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 20th. Freedom Capital raised CAVA Group to a "hold" rating in a research note on Wednesday, July 1st. UBS Group raised CAVA Group from a "neutral" rating to a "buy" rating and raised their price target for the stock from $85.00 to $90.00 in a research note on Wednesday, June 10th. KeyCorp dropped their target price on shares of CAVA Group from $110.00 to $95.00 and set an "overweight" rating for the company in a research report on Wednesday, August 12th. Finally, Roth Capital restated a "buy" rating and issued a $95.00 price objective (down from $106.00) on shares of CAVA Group in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.44.

Insider Buying and Selling at CAVA Group

In other news, Director Karen Kochevar sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the transaction, the director owned 3,074 shares in the company, valued at approximately $276,660. This represents a 76.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Theodoros Xenohristos sold 3,252 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $89.43, for a total transaction of $290,826.36. Following the sale, the insider directly owned 324,630 shares of the company's stock, valued at $29,031,660.90. This trade represents a 0.99% 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. Insiders sold 67,512 shares of company stock worth $6,050,417 in the last 90 days. Insiders own 6.70% of the company's stock.

CAVA Group Stock Performance

CAVA stock opened at $60.18 on Wednesday. The firm has a 50 day moving average price of $67.26 and a 200-day moving average price of $77.17. CAVA Group, Inc. has a 52-week low of $43.41 and a 52-week high of $98.79. The firm has a market capitalization of $7.03 billion, a price-to-earnings ratio of 109.43, a PEG ratio of 4.76 and a beta of 1.74.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. The firm had revenue of $368.44 million for the quarter, compared to analysts' expectations of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The business's revenue for the quarter was up 31.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.16 EPS. As a group, sell-side analysts forecast that CAVA Group, Inc. will post 0.54 earnings per share 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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