Lord Abbett & CO. LLC Sells 993,292 Shares of CAVA Group, Inc. $CAVA

Key Points

• Lord Abbett & CO. LLC significantly reduced its stake in CAVA Group by 71.5%, selling 993,292 shares and now owning about 0.34% valued at $34.2 million.
• CEO Brett Schulman sold 31,856 shares of CAVA stock, resulting in a decrease of 3.87% in his ownership, and CFO Tricia K. Tolivar also sold 4,845 shares, reflecting growing insider selling activity.
• CAVA's stock price has dropped by 2.1%, with analyst price targets ranging from $74.00 to $100.00, underscoring mixed sentiment from analysts regarding the company's future performance.

Lord Abbett & CO. LLC lowered its position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 71.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 396,035 shares of the company's stock after selling 993,292 shares during the quarter. Lord Abbett & CO. LLC owned about 0.34% of CAVA Group worth $34,221,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CAVA. Utah Retirement Systems lifted its stake in CAVA Group by 2.5% in the fourth quarter. Utah Retirement Systems now owns 4,100 shares of the company's stock valued at $462,000 after buying an additional 100 shares during the period. Whittier Trust Co. of Nevada Inc. increased its stake in shares of CAVA Group by 37.3% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 530 shares of the company's stock valued at $46,000 after acquiring an additional 144 shares in the last quarter. Miracle Mile Advisors LLC lifted its position in shares of CAVA Group by 1.9% during the 1st quarter. Miracle Mile Advisors LLC now owns 8,247 shares of the company's stock valued at $713,000 after acquiring an additional 150 shares during the period. Kovitz Investment Group Partners LLC boosted its stake in CAVA Group by 7.0% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 2,435 shares of the company's stock worth $275,000 after acquiring an additional 159 shares in the last quarter. Finally, Regent Peak Wealth Advisors LLC increased its position in shares of CAVA Group by 6.2% during the first quarter. Regent Peak Wealth Advisors LLC now owns 3,166 shares of the company's stock worth $274,000 after acquiring an additional 186 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other CAVA Group news, CFO Tricia K. Tolivar sold 4,845 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $364,150.20. Following the completion of the transaction, the chief financial officer directly owned 236,345 shares of the company's stock, valued at $17,763,690.20. This trade represents a 2.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brett Schulman sold 31,856 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $2,394,296.96. Following the completion of the transaction, the chief executive officer directly owned 792,318 shares in the company, valued at approximately $59,550,620.88. The trade was a 3.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,360 shares of company stock worth $3,634,738. Company insiders own 12.10% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CAVA shares. Stifel Nicolaus dropped their price target on shares of CAVA Group from $175.00 to $125.00 and set a "buy" rating on the stock in a research report on Wednesday, June 18th. JPMorgan Chase & Co. cut their target price on CAVA Group from $115.00 to $95.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 25th. Citigroup lowered their price target on CAVA Group from $102.00 to $88.00 and set a "neutral" rating for the company in a research report on Wednesday, August 13th. UBS Group decreased their price target on CAVA Group from $96.00 to $75.00 and set a "neutral" rating for the company in a research report on Wednesday, August 13th. Finally, KeyCorp cut their price objective on CAVA Group from $100.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $100.44.

CAVA Group Stock Performance

NYSE CAVA traded down $1.2050 during trading on Wednesday, hitting $67.2450. 1,426,822 shares of the company's stock traded hands, compared to its average volume of 3,841,496. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of 56.46, a PEG ratio of 3.49 and a beta of 2.65. CAVA Group, Inc. has a 12-month low of $65.70 and a 12-month high of $172.43. The business has a 50 day moving average of $82.49 and a 200-day moving average of $90.14.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. The company had revenue of $280.62 million for the quarter, compared to analyst estimates of $285.65 million. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. The company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.17 earnings per share. On average, analysts expect that CAVA Group, Inc. will post 0.5 EPS for the current year.

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.