Cinctive Capital Management LP Takes $3.67 Million Position in The Simply Good Foods Company $SMPL

Key Points

• Cinctive Capital Management LP has acquired a new stake in The Simply Good Foods Company, purchasing 106,534 shares valued at approximately $3.67 million.
• Institutional investors collectively own 88.45% of Simply Good Foods, with multiple hedge funds increasing their stakes significantly in the first quarter.
• The company's latest quarterly earnings showed revenue growth of 13.8% year-over-year, reaching $380.96 million, while reporting earnings per share that met analyst expectations at $0.51.

Cinctive Capital Management LP bought a new stake in The Simply Good Foods Company (NASDAQ:SMPL - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 106,534 shares of the financial services provider's stock, valued at approximately $3,674,000. Cinctive Capital Management LP owned 0.11% of Simply Good Foods at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in SMPL. Wellington Management Group LLP raised its stake in shares of Simply Good Foods by 18.3% in the 1st quarter. Wellington Management Group LLP now owns 4,195,497 shares of the financial services provider's stock valued at $144,703,000 after acquiring an additional 649,258 shares during the period. Victory Capital Management Inc. raised its stake in shares of Simply Good Foods by 52.1% in the 1st quarter. Victory Capital Management Inc. now owns 1,539,208 shares of the financial services provider's stock valued at $53,087,000 after acquiring an additional 527,089 shares during the period. Balyasny Asset Management L.P. raised its stake in shares of Simply Good Foods by 3,306.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 460,827 shares of the financial services provider's stock valued at $17,963,000 after acquiring an additional 447,300 shares during the period. Stephens Investment Management Group LLC purchased a new position in shares of Simply Good Foods in the 1st quarter valued at $14,509,000. Finally, Nuveen LLC purchased a new position in shares of Simply Good Foods in the 1st quarter valued at $14,151,000. Hedge funds and other institutional investors own 88.45% of the company's stock.

Simply Good Foods Price Performance

Shares of SMPL stock opened at $28.53 on Friday. The firm has a market cap of $2.87 billion, a P/E ratio of 19.95, a P/E/G ratio of 2.65 and a beta of 0.59. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.95 and a quick ratio of 2.46. The Simply Good Foods Company has a 1-year low of $28.14 and a 1-year high of $40.53. The firm has a fifty day moving average of $30.76 and a two-hundred day moving average of $33.58.

Simply Good Foods (NASDAQ:SMPL - Get Free Report) last announced its quarterly earnings data on Thursday, July 10th. The financial services provider reported $0.51 earnings per share for the quarter, hitting the consensus estimate of $0.51. The company had revenue of $380.96 million during the quarter, compared to analyst estimates of $381.68 million. Simply Good Foods had a net margin of 9.97% and a return on equity of 10.29%. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the business earned $0.50 EPS. As a group, research analysts anticipate that The Simply Good Foods Company will post 1.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Simply Good Foods news, CEO Geoff E. Tanner purchased 6,050 shares of Simply Good Foods stock in a transaction dated Wednesday, July 23rd. The shares were bought at an average cost of $33.11 per share, for a total transaction of $200,315.50. Following the transaction, the chief executive officer owned 98,190 shares in the company, valued at $3,251,070.90. This represents a 6.57% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 9.35% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SMPL. Mizuho lowered their price target on shares of Simply Good Foods from $47.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, July 15th. Wall Street Zen lowered shares of Simply Good Foods from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. DA Davidson lowered their price target on shares of Simply Good Foods from $42.00 to $38.00 and set a "neutral" rating for the company in a report on Monday, June 9th. UBS Group set a $36.00 price target on shares of Simply Good Foods and gave the company a "neutral" rating in a report on Tuesday, July 1st. Finally, Citigroup lowered their price target on shares of Simply Good Foods from $43.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, June 18th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $39.88.

Simply Good Foods Company Profile

The Simply Good Foods Company operates as a consumer-packaged food and beverage company in North America and internationally. The company develops, markets, and sells snacks and meal replacements. It offers protein bars, ready-to-drink shakes, sweet and salty snacks, cookies, protein chips, and recipes under the Atkins and Quest brand names.

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