Massachusetts Financial Services Co. MA Has $62.91 Million Stake in Sweetgreen, Inc. (NYSE:SG)

Massachusetts Financial Services Co. MA raised its stake in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) by 53.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,514,316 shares of the company's stock after acquiring an additional 874,942 shares during the period. Massachusetts Financial Services Co. MA owned about 2.14% of Sweetgreen worth $62,908,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Summit Investment Advisors Inc. raised its position in shares of Sweetgreen by 4.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,479 shares of the company's stock worth $336,000 after purchasing an additional 473 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Sweetgreen by 45.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock worth $50,000 after purchasing an additional 494 shares during the period. Hillsdale Investment Management Inc. boosted its holdings in Sweetgreen by 1.2% during the 4th quarter. Hillsdale Investment Management Inc. now owns 50,164 shares of the company's stock valued at $1,608,000 after acquiring an additional 600 shares during the period. Oberweis Asset Management Inc. lifted its holdings in shares of Sweetgreen by 0.6% in the 4th quarter. Oberweis Asset Management Inc. now owns 96,201 shares of the company's stock worth $3,084,000 after buying an additional 610 shares during the period. Finally, Spire Wealth Management raised its position in shares of Sweetgreen by 47.1% in the 1st quarter. Spire Wealth Management now owns 1,983 shares of the company's stock worth $50,000 after acquiring an additional 635 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on SG shares. Oppenheimer cut their price target on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Barclays boosted their price target on Sweetgreen from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Thursday. TD Securities reiterated a "hold" rating and issued a $15.00 price target (down from $25.00) on shares of Sweetgreen in a report on Tuesday, July 1st. TD Cowen restated a "hold" rating and set a $19.00 target price on shares of Sweetgreen in a research note on Tuesday, July 1st. Finally, Piper Sandler dropped their price objective on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $24.92.

Sweetgreen Stock Performance

Shares of NYSE:SG opened at $13.63 on Friday. The stock's 50-day simple moving average is $13.68 and its two-hundred day simple moving average is $21.38. Sweetgreen, Inc. has a 52-week low of $11.86 and a 52-week high of $45.12. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -17.70 and a beta of 2.06.

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

Insiders Place Their Bets

In other Sweetgreen news, Director Clifford Burrows acquired 19,200 shares of the stock in a transaction on Friday, May 23rd. The shares were bought at an average price of $13.11 per share, with a total value of $251,712.00. Following the acquisition, the director owned 19,200 shares of the company's stock, valued at $251,712. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mitch Reback sold 10,088 shares of Sweetgreen 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 transaction, the chief financial officer owned 334,421 shares of the company's stock, valued at $5,093,231.83. This represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.52% of the stock is owned by company 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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