CAVA Group, Inc. $CAVA Shares Acquired by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in CAVA Group, Inc. by 5.1% during the first quarter, owning approximately 0.48% of the company, worth around $47.95 million.
• Analyst ratings for CAVA Group have fluctuated, with Citigroup and Morgan Stanley lowering their price targets, while TD Securities maintains a "buy" rating with a target of $120.00.
• CAVA Group reported earnings of $0.16 per share for the latest quarter, surpassing expectations, though its revenues fell short of estimates at $280.62 million.

Charles Schwab Investment Management Inc. lifted its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 5.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 554,934 shares of the company's stock after acquiring an additional 27,066 shares during the period. Charles Schwab Investment Management Inc. owned 0.48% of CAVA Group worth $47,952,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of CAVA Group by 13.2% in the 1st quarter. Vanguard Group Inc. now owns 9,065,782 shares of the company's stock worth $783,374,000 after acquiring an additional 1,054,180 shares in the last quarter. Jennison Associates LLC raised its position in shares of CAVA Group by 246.1% in the 1st quarter. Jennison Associates LLC now owns 8,519,459 shares of the company's stock worth $736,166,000 after acquiring an additional 6,057,727 shares in the last quarter. Lord Abbett & CO. LLC raised its position in shares of CAVA Group by 2.3% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,389,327 shares of the company's stock worth $156,716,000 after acquiring an additional 31,077 shares in the last quarter. Man Group plc raised its position in shares of CAVA Group by 563.7% in the 4th quarter. Man Group plc now owns 935,075 shares of the company's stock worth $105,476,000 after acquiring an additional 794,187 shares in the last quarter. Finally, Driehaus Capital Management LLC raised its position in shares of CAVA Group by 5.1% in the 4th quarter. Driehaus Capital Management LLC now owns 760,097 shares of the company's stock worth $85,739,000 after acquiring an additional 36,770 shares in the last quarter. 73.15% of the stock is owned by institutional investors.

CAVA Group Trading Down 1.7%

Shares of CAVA stock traded down $1.1880 during mid-day trading on Thursday, reaching $67.3620. The stock had a trading volume of 3,879,208 shares, compared to its average volume of 6,208,525. The business's fifty day moving average is $82.10 and its 200-day moving average is $89.51. The firm has a market cap of $7.81 billion, a price-to-earnings ratio of 56.61, a PEG ratio of 3.43 and a beta of 2.65. CAVA Group, Inc. has a 1-year low of $65.70 and a 1-year high of $172.43.

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

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wall Street Zen lowered CAVA Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. UBS Group reduced 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. Barclays reduced their price target on CAVA Group from $91.00 to $74.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Bank of America reduced their target price on CAVA Group from $121.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, August 13th. Finally, TD Cowen reduced their target price on CAVA Group from $120.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, CAVA Group has a consensus rating of "Moderate Buy" and a consensus target price of $100.44.

Insider Transactions at CAVA Group

In related news, insider Kelly Costanza sold 2,799 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $210,372.84. Following the sale, the insider directly owned 122,548 shares of the company's stock, valued at $9,210,707.68. This trade represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brett Schulman sold 31,856 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $75.16, for a total value of $2,394,296.96. Following the sale, the chief executive officer directly owned 792,318 shares in the company, valued at approximately $59,550,620.88. This trade represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,360 shares of company stock valued at $3,634,738. 6.80% of the stock is owned by company insiders.

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.