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

Massachusetts Financial Services Co. MA raised its position in Sweetgreen, Inc. (NYSE:SG - Free Report) by 53.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,514,316 shares of the company's stock after acquiring an additional 874,942 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 2.14% of Sweetgreen worth $62,908,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC increased its position in Sweetgreen by 50.8% during the first quarter. Sequoia Financial Advisors LLC now owns 13,280 shares of the company's stock worth $332,000 after acquiring an additional 4,474 shares during the period. Stifel Financial Corp grew its stake in Sweetgreen by 55.3% during the fourth quarter. Stifel Financial Corp now owns 12,562 shares of the company's stock worth $403,000 after buying an additional 4,474 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Sweetgreen by 4.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,191 shares of the company's stock worth $936,000 after buying an additional 1,278 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Sweetgreen by 54.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company's stock worth $523,000 after buying an additional 5,783 shares in the last quarter. Finally, LPL Financial LLC grew its stake in Sweetgreen by 400.1% during the fourth quarter. LPL Financial LLC now owns 59,592 shares of the company's stock worth $1,911,000 after buying an additional 47,676 shares in the last quarter. Institutional investors and hedge funds own 95.75% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SG shares. Barclays raised their price target on shares of Sweetgreen from $16.00 to $17.00 and gave the company an "equal weight" rating in a research note on Thursday. JPMorgan Chase & Co. cut their target price on shares of Sweetgreen from $20.00 to $16.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 25th. UBS Group cut their target price on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. TD Cowen reiterated a "hold" rating and set a $19.00 target price on shares of Sweetgreen in a research report on Tuesday, July 1st. Finally, TD Securities reiterated a "hold" rating and set a $15.00 target price (down from $25.00) on shares of Sweetgreen in a research report on Tuesday, July 1st. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $23.31.

Sweetgreen Stock Down 2.1%

Shares of NYSE:SG traded down $0.31 during trading on Monday, hitting $14.01. The stock had a trading volume of 6,267,872 shares, compared to its average volume of 3,848,322. The stock has a 50-day simple moving average of $13.66 and a two-hundred day simple moving average of $21.11. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -18.19 and a beta of 2.06. Sweetgreen, Inc. has a 12-month low of $11.86 and a 12-month high of $45.12.

Sweetgreen (NYSE:SG - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.21). The firm had revenue of $166.30 million for 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 quarter in the prior year, the company earned ($0.23) EPS. As a group, sell-side analysts forecast that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

Insider Activity

In other Sweetgreen news, Director Clifford Burrows bought 19,200 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were purchased at an average cost of $13.11 per share, for a total transaction of $251,712.00. Following the transaction, the director directly owned 19,200 shares in the company, valued at $251,712. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mitch Reback sold 10,088 shares of Sweetgreen stock in a transaction on Friday, May 16th. The shares were 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 in the company, valued at approximately $5,093,231.83. This trade represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 21.52% of the company's stock.

About Sweetgreen

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.