LPL Financial LLC Grows Position in CAVA Group, Inc. (NYSE:CAVA)

LPL Financial LLC raised its holdings in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 26.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 183,939 shares of the company's stock after buying an additional 38,809 shares during the period. LPL Financial LLC owned about 0.16% of CAVA Group worth $15,894,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Utah Retirement Systems lifted its stake in shares of CAVA Group by 2.5% during the 4th quarter. Utah Retirement Systems now owns 4,100 shares of the company's stock valued at $462,000 after buying an additional 100 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in shares of CAVA Group by 37.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 530 shares of the company's stock worth $46,000 after acquiring an additional 144 shares during the last quarter. Miracle Mile Advisors LLC boosted its position in shares of CAVA Group by 1.9% during the first quarter. Miracle Mile Advisors LLC now owns 8,247 shares of the company's stock worth $713,000 after acquiring an additional 150 shares during the last quarter. Kovitz Investment Group Partners LLC boosted its position in shares of 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 during the last quarter. Finally, Regent Peak Wealth Advisors LLC boosted 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 during the last quarter. 73.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CAVA. Robert W. Baird upped their target price on shares of CAVA Group from $105.00 to $115.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. UBS Group set a $196.00 target price on shares of CAVA Group in a research report on Tuesday. Morgan Stanley set a $107.00 price objective on shares of CAVA Group and gave the company an "equal weight" rating in a research report on Monday, July 14th. Citigroup increased their price objective on shares of CAVA Group from $114.00 to $115.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Sanford C. Bernstein upgraded shares of CAVA Group from a "market perform" rating to an "outperform" rating and set a $115.00 price objective for the company in a research report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, CAVA Group currently has a consensus rating of "Moderate Buy" and an average target price of $119.72.

Insiders Place Their Bets

In other CAVA Group news, CEO Brett Schulman sold 31,856 shares of the business'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 sale, the chief executive officer owned 792,318 shares of the company's stock, valued at approximately $59,550,620.88. The trade was a 3.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Tricia K. Tolivar sold 4,845 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $364,150.20. Following the sale, the chief financial officer directly owned 236,345 shares in the company, valued at approximately $17,763,690.20. This represents a 2.01% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,603 shares of company stock worth $4,522,089. Insiders own 6.80% of the company's stock.

CAVA Group Price Performance

NYSE CAVA traded down $3.79 during trading on Friday, reaching $85.11. 4,082,840 shares of the company's stock traded hands, compared to its average volume of 3,109,148. The firm has a market cap of $9.84 billion, a price-to-earnings ratio of 70.93, a price-to-earnings-growth ratio of 4.44 and a beta of 2.65. The company's 50 day simple moving average is $83.36 and its two-hundred day simple moving average is $93.07. CAVA Group, Inc. has a 12-month low of $70.00 and a 12-month high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The company reported $0.22 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.08. CAVA Group had a net margin of 13.70% and a return on equity of 10.61%. The business had revenue of $331.83 million for the quarter, compared to analysts' expectations of $327.98 million. During the same period last year, the business earned $0.12 EPS. The company's revenue was up 28.1% compared to the same quarter last year. Research analysts expect that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

CAVA Group Company Profile

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.