Bullseye Asset Management LLC Acquires 28,000 Shares of CAVA Group, Inc. $CAVA

Key Points

• Bullseye Asset Management more than doubled its CAVA stake in the fourth quarter, buying 28,000 additional shares to own 55,000 shares worth about $3.23 million.
• Insiders have been selling shares, including Kelly Costanza and CAO Adam David Phillips, with total insider sales of 24,235 shares worth about $1.92 million over the last three months.
• CAVA reported strong quarterly results, beating EPS and revenue estimates, while analysts remain broadly positive with a consensus Moderate Buy rating and an average price target of $93.37.

Bullseye Asset Management LLC increased its holdings in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 103.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,000 shares of the company's stock after purchasing an additional 28,000 shares during the quarter. CAVA Group makes up approximately 1.7% of Bullseye Asset Management LLC's holdings, making the stock its 24th largest holding. Bullseye Asset Management LLC's holdings in CAVA Group were worth $3,228,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Los Angeles Capital Management LLC bought a new stake in CAVA Group during the 4th quarter valued at approximately $25,000. Harbor Investment Advisory LLC boosted its position in CAVA Group by 347.8% during the 4th quarter. Harbor Investment Advisory LLC now owns 515 shares of the company's stock valued at $30,000 after acquiring an additional 400 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in CAVA Group during the 3rd quarter valued at approximately $36,000. TD Private Client Wealth LLC boosted its position in CAVA Group by 118.2% during the 4th quarter. TD Private Client Wealth LLC now owns 600 shares of the company's stock valued at $35,000 after acquiring an additional 325 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in CAVA Group by 115.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company's stock valued at $38,000 after acquiring an additional 347 shares in the last quarter. 73.15% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Kelly Costanza sold 10,010 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $79.87, for a total value of $799,498.70. Following the completion of the transaction, the insider directly owned 113,850 shares in the company, valued at $9,093,199.50. The trade was a 8.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Adam David Phillips sold 5,181 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $77.14, for a total transaction of $399,662.34. Following the completion of the transaction, the chief accounting officer owned 9,505 shares of the company's stock, valued at approximately $733,215.70. The trade was a 35.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 24,235 shares of company stock worth $1,920,420 in the last three months. Insiders own 6.70% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen raised CAVA Group from a "sell" rating to a "hold" rating in a research report on Sunday, May 24th. Weiss Ratings raised CAVA Group from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, May 20th. Morgan Stanley lifted their price objective on CAVA Group from $85.00 to $86.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 20th. Roth Mkm reissued a "buy" rating and issued a $106.00 price target on shares of CAVA Group in a research report on Wednesday, May 20th. Finally, UBS Group raised CAVA Group from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $85.00 to $90.00 in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, CAVA Group currently has an average rating of "Moderate Buy" and an average target price of $93.37.

CAVA Group Stock Up 3.1%

Shares of CAVA opened at $91.01 on Friday. The business's 50 day moving average price is $83.51 and its 200-day moving average price is $72.88. CAVA Group, Inc. has a 52 week low of $43.41 and a 52 week high of $98.79. The stock has a market cap of $10.60 billion, a P/E ratio of 175.02, a P/E/G ratio of 6.24 and a beta of 1.70.

CAVA Group (NYSE:CAVA - Get Free Report) last announced its quarterly earnings data on Tuesday, May 19th. The company reported $0.20 earnings per share for the quarter, topping 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 analyst estimates of $360.89 million. During the same period in the previous year, the business earned $0.22 EPS. The firm's revenue for the quarter was up 32.1% on a year-over-year basis. On average, equities analysts anticipate that CAVA Group, Inc. will post 0.55 EPS for the current year.

About CAVA Group

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.

Want to see what other hedge funds are holding CAVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CAVA Group, Inc. (NYSE:CAVA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.