Principal Financial Group Inc. Has $203,000 Stake in Sweetgreen, Inc. (NYSE:SG)

Principal Financial Group Inc. lowered its stake in Sweetgreen, Inc. (NYSE:SG - Free Report) by 92.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,128 shares of the company's stock after selling 93,999 shares during the quarter. Principal Financial Group Inc.'s holdings in Sweetgreen were worth $203,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in SG. Sequoia Financial Advisors LLC raised its holdings in Sweetgreen by 50.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 13,280 shares of the company's stock valued at $332,000 after buying an additional 4,474 shares during the last quarter. Stifel Financial Corp raised its holdings in Sweetgreen by 55.3% during the 4th quarter. Stifel Financial Corp now owns 12,562 shares of the company's stock worth $403,000 after purchasing an additional 4,474 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Sweetgreen by 4.6% during the 4th 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 during the period. Envestnet Asset Management Inc. grew its position in shares of Sweetgreen by 54.9% during the 4th 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 during the period. Finally, LPL Financial LLC grew its position in shares of Sweetgreen by 400.1% during the 4th 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 during the period. Institutional investors own 95.75% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on SG. Piper Sandler reduced their price target on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. UBS Group lowered their price objective on Sweetgreen from $35.00 to $30.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. JPMorgan Chase & Co. lowered their price objective on Sweetgreen from $20.00 to $16.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 25th. Bank of America decreased their price target on Sweetgreen from $27.00 to $22.00 and set a "buy" rating on the stock in a research report on Friday. Finally, Barclays boosted their price objective on Sweetgreen from $16.00 to $17.00 and gave the stock an "equal weight" rating in a report on Thursday. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Sweetgreen has an average rating of "Hold" and an average target price of $23.31.

Sweetgreen Stock Performance

NYSE:SG opened at $14.35 on Monday. The firm has a market cap of $1.68 billion, a PE ratio of -18.64 and a beta of 2.06. Sweetgreen, Inc. has a fifty-two week low of $11.86 and a fifty-two week high of $45.12. The business has a 50 day moving average price of $13.66 and a 200-day moving average price of $21.11.

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

Insiders Place Their Bets

In other Sweetgreen news, Director Clifford Burrows acquired 19,200 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average cost of $13.11 per share, with a total value of $251,712.00. Following the completion of the transaction, the director directly owned 19,200 shares of the company's stock, valued at approximately $251,712. This represents a ∞ increase in their position. 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 the 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 sale, the chief financial officer directly owned 334,421 shares in the company, valued at $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. 21.52% of the stock is currently owned by corporate insiders.

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.

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