CAVA Group, Inc. $CAVA Shares Sold by Neuberger Berman Group LLC

Key Points

• Neuberger Berman cut its stake by 98.4%, selling 315,858 CAVA shares in Q3 and leaving 5,210 shares valued at about $315,000.
• Analyst sentiment is broadly positive with a consensus rating of "Moderate Buy" and an average price target of $83.65 after several firms raised targets into the $75–$85 range.
• Company insiders sold shares recently (39,055 shares worth $2.57M over the quarter, including sales by Kelly Costanza and CFO Tricia Tolivar), while institutional investors own about 73.15% of the stock and insiders hold 6.8%.

Neuberger Berman Group LLC cut its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 98.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,210 shares of the company's stock after selling 315,858 shares during the period. Neuberger Berman Group LLC's holdings in CAVA Group were worth $315,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Smith Moore & CO. boosted its stake in shares of CAVA Group by 8.2% during the 3rd quarter. Smith Moore & CO. now owns 4,703 shares of the company's stock worth $284,000 after acquiring an additional 356 shares in the last quarter. Orion Porfolio Solutions LLC increased its stake in CAVA Group by 15.5% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 21,468 shares of the company's stock valued at $1,297,000 after purchasing an additional 2,875 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in CAVA Group by 59.0% during the third quarter. Dimensional Fund Advisors LP now owns 777,754 shares of the company's stock worth $46,976,000 after purchasing an additional 288,515 shares during the last quarter. Champlain Investment Partners LLC boosted its position in CAVA Group by 58.8% during the third quarter. Champlain Investment Partners LLC now owns 2,146,502 shares of the company's stock worth $129,670,000 after purchasing an additional 794,547 shares in the last quarter. Finally, 111 Capital purchased a new stake in CAVA Group during the third quarter worth $262,000. 73.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CAVA. Citigroup raised their price target on CAVA Group from $74.00 to $75.00 and gave the company a "neutral" rating in a research report on Wednesday, February 25th. Sanford C. Bernstein increased their price objective on shares of CAVA Group from $75.00 to $84.00 and gave the company an "outperform" rating in a research note on Wednesday, February 25th. Truist Financial raised their target price on shares of CAVA Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, February 25th. Argus restated a "hold" rating on shares of CAVA Group in a research report on Friday, February 27th. Finally, DA Davidson initiated coverage on shares of CAVA Group in a report on Friday. They issued a "neutral" rating and a $80.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $83.65.

CAVA Group Trading Down 0.8%

CAVA Group stock opened at $78.74 on Monday. The stock has a market cap of $9.16 billion, a PE ratio of 145.82, a P/E/G ratio of 6.76 and a beta of 2.16. The stock has a 50-day moving average price of $68.23 and a 200 day moving average price of $61.96. CAVA Group, Inc. has a 52 week low of $43.41 and a 52 week high of $101.50.

CAVA Group (NYSE:CAVA - Get Free Report) last announced its earnings results on Tuesday, February 24th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. CAVA Group had a net margin of 5.40% and a return on equity of 8.43%. The firm had revenue of $274.99 million during the quarter, compared to the consensus estimate of $268.04 million. During the same quarter in the previous year, the company posted $0.05 EPS. The firm's revenue for the quarter was up 20.9% on a year-over-year basis. On average, equities analysts predict that CAVA Group, Inc. will post 0.5 EPS for the current year.

Insiders Place Their Bets

In related news, insider Kelly Costanza sold 1,707 shares of the company's stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total transaction of $106,072.98. Following the transaction, the insider owned 119,139 shares of the company's stock, valued at approximately $7,403,297.46. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Tricia K. Tolivar sold 2,404 shares of the firm's stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total transaction of $149,384.56. Following the sale, the chief financial officer owned 231,934 shares in the company, valued at approximately $14,412,378.76. This trade represents a 1.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 39,055 shares of company stock valued at $2,572,303. 6.80% of the stock is currently owned by insiders.

CAVA Group 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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