Legato Capital Management LLC Lowers Holdings in Sweetgreen, Inc. (NYSE:SG)

Key Points

• Legato Capital Management LLC has reduced its holdings in Sweetgreen, Inc. by 59.8%, now owning 22,726 shares valued at approximately $569,000 as of the latest SEC filing.
• Several institutions have increased their positions, with Headlands Technologies LLC lifting its stake by 156.0% and Tower Research Capital LLC increasing by 45.7% during the fourth quarter.
• Sweetgreen's stock has a current market capitalization of $1.73 billion, with recent earnings reporting a revenue of $166.30 million for the quarter, reflecting a year-over-year increase of 5.3%.

Legato Capital Management LLC trimmed its holdings in Sweetgreen, Inc. (NYSE:SG - Free Report) by 59.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,726 shares of the company's stock after selling 33,867 shares during the period. Legato Capital Management LLC's holdings in Sweetgreen were worth $569,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Headlands Technologies LLC lifted its position in shares of Sweetgreen by 156.0% in the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock valued at $39,000 after acquiring an additional 741 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Sweetgreen by 45.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock worth $50,000 after buying an additional 494 shares in the last quarter. Spire Wealth Management lifted its position in shares of Sweetgreen by 47.1% in the first quarter. Spire Wealth Management now owns 1,983 shares of the company's stock worth $50,000 after buying an additional 635 shares in the last quarter. Thematics Asset Management purchased a new stake in shares of Sweetgreen in the fourth quarter worth about $69,000. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Sweetgreen in the first quarter worth about $71,000. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

Sweetgreen Price Performance

Shares of NYSE SG opened at $14.78 on Friday. The stock has a market capitalization of $1.73 billion, a P/E ratio of -19.19 and a beta of 2.06. The business's 50 day moving average is $13.61 and its two-hundred day moving average is $20.64. Sweetgreen, Inc. has a 1-year low of $11.86 and a 1-year high of $45.12.

Sweetgreen (NYSE:SG - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, meeting analysts' consensus estimates of ($0.21). The firm had revenue of $166.30 million for the quarter, compared to analysts' expectations of $164.68 million. Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. The company's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.23) earnings per share. As a group, equities research analysts anticipate that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Barclays boosted their target price on Sweetgreen from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Piper Sandler decreased their target price on Sweetgreen from $27.00 to $20.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Morgan Stanley decreased their target price on Sweetgreen from $22.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. TD Cowen reiterated a "hold" rating and issued a $19.00 target price on shares of Sweetgreen in a research report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. decreased their target price on Sweetgreen from $20.00 to $16.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 25th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $23.31.

Insider Buying and Selling

In related news, CFO Mitch Reback sold 10,088 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.23, for a total value of $153,640.24. Following the completion of the sale, the chief financial officer owned 334,421 shares in the company, valued at approximately $5,093,231.83. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Clifford Burrows purchased 19,200 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average price of $13.11 per share, with a total value of $251,712.00. Following the acquisition, the director directly owned 19,200 shares of the company's stock, valued at $251,712. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 21.52% of the stock is currently owned by insiders.

Sweetgreen Company Profile

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.

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