Neuberger Berman Group LLC Has $403,000 Stock Holdings in CAVA Group, Inc. $CAVA

Key Points

• Neuberger Berman Group LLC significantly reduced its stake in CAVA Group, cutting holdings by 96.9% and owning just 4,664 shares post-sale, valued at approximately $403,000.
• Brokerages have adjusted their price targets for CAVA Group, with JPMorgan Chase & Co. lowering its target from $115.00 to $95.00, maintaining an "overweight" rating.
• CAVA Group reported earnings of $0.16 per share for the last quarter, exceeding analyst expectations, although revenue fell short at $280.62 million against estimates of $285.65 million.

Neuberger Berman Group LLC decreased its holdings in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 96.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,664 shares of the company's stock after selling 143,953 shares during the period. Neuberger Berman Group LLC's holdings in CAVA Group were worth $403,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CAVA. GAMMA Investing LLC boosted its stake in CAVA Group by 17,386.7% during the first quarter. GAMMA Investing LLC now owns 73,794 shares of the company's stock valued at $6,377,000 after buying an additional 73,372 shares during the last quarter. PNC Financial Services Group Inc. raised its position in CAVA Group by 123.4% during the first quarter. PNC Financial Services Group Inc. now owns 5,458 shares of the company's stock valued at $472,000 after purchasing an additional 3,015 shares during the period. Charles Schwab Investment Management Inc. raised its position in CAVA Group by 5.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 554,934 shares of the company's stock valued at $47,952,000 after purchasing an additional 27,066 shares during the period. SG Americas Securities LLC raised its position in CAVA Group by 768.4% during the first quarter. SG Americas Securities LLC now owns 220,816 shares of the company's stock valued at $19,081,000 after purchasing an additional 195,389 shares during the period. Finally, Crossmark Global Holdings Inc. purchased a new stake in CAVA Group during the first quarter valued at approximately $257,000. Institutional investors own 73.15% of the company's stock.

CAVA Group Trading Down 0.9%

CAVA traded down $0.6370 on Wednesday, hitting $67.8130. 2,495,455 shares of the company's stock were exchanged, compared to its average volume of 3,849,326. The firm has a market cap of $7.86 billion, a PE ratio of 57.03, a P/E/G ratio of 3.49 and a beta of 2.65. CAVA Group, Inc. has a twelve month low of $65.70 and a twelve month high of $172.43. The stock has a fifty day moving average of $82.49 and a two-hundred day moving average of $90.14.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its quarterly earnings data 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. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. The business had revenue of $280.62 million during the quarter, compared to analysts' expectations of $285.65 million. During the same period last year, the firm posted $0.17 earnings per share. The business's revenue was up 20.2% on a year-over-year basis. On average, analysts predict that CAVA Group, Inc. will post 0.5 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Wall Street Zen cut shares of CAVA Group from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Morgan Stanley decreased their price objective on CAVA Group from $107.00 to $97.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. UBS Group cut their price objective on CAVA Group from $96.00 to $75.00 and set a "neutral" rating for the company in a research note on Wednesday, August 13th. Piper Sandler decreased their price objective on CAVA Group from $122.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, August 13th. Finally, Bank of America dropped their target price on CAVA Group from $121.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $100.44.

Insider Transactions at CAVA Group

In other news, CEO Brett Schulman sold 31,856 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $2,394,296.96. Following the transaction, the chief executive officer directly owned 792,318 shares in the company, valued at approximately $59,550,620.88. This represents a 3.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kelly Costanza sold 2,799 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $210,372.84. Following the completion of the transaction, the insider owned 122,548 shares in the company, valued at $9,210,707.68. This represents a 2.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 48,360 shares of company stock worth $3,634,738. Corporate insiders own 12.10% of the company's stock.

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.