Shake Shack, Inc. $SHAK Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Shake Shack stake by 48.7% in the third quarter, purchasing 106,075 additional shares and bringing its holdings to 323,692 shares worth about $19 million.
• Institutional ownership remains high at 86.07%, with several other investors—including Sei Investments, Wasatch Advisors and Bank of America—also raising their positions.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $87, while Shake Shack recently beat quarterly earnings expectations and reported 17.2% year-over-year revenue growth.

Assenagon Asset Management S.A. grew its stake in Shake Shack, Inc. (NYSE:SHAK - Free Report) by 48.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 323,692 shares of the company's stock after purchasing an additional 106,075 shares during the period. Assenagon Asset Management S.A. owned about 0.76% of Shake Shack worth $18,994,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SHAK. Sei Investments Co. increased its stake in Shake Shack by 187.7% in the first quarter. Sei Investments Co. now owns 41,683 shares of the company's stock valued at $3,688,000 after acquiring an additional 27,194 shares during the period. Fund 1 Investments LLC bought a new position in Shake Shack during the second quarter worth about $840,000. Raiffeisen Bank International AG bought a new position in Shake Shack during the second quarter worth about $1,644,000. Wasatch Advisors LP lifted its stake in Shake Shack by 16.5% during the first quarter. Wasatch Advisors LP now owns 407,283 shares of the company's stock worth $36,032,000 after purchasing an additional 57,612 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Shake Shack by 9.3% during the first quarter. Bank of America Corp DE now owns 899,013 shares of the company's stock valued at $79,536,000 after purchasing an additional 76,724 shares in the last quarter. Institutional investors own 86.07% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on SHAK. Deutsche Bank Aktiengesellschaft cut their target price on shares of Shake Shack from $105.00 to $93.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. UBS Group dropped their price target on Shake Shack from $79.00 to $68.00 and set a "neutral" rating for the company in a report on Monday, August 3rd. DA Davidson raised their price target on Shake Shack from $70.00 to $85.00 and gave the company a "buy" rating in a report on Thursday, August 6th. BNP Paribas Exane lifted their price objective on Shake Shack from $77.00 to $81.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Finally, Mizuho set a $90.00 price objective on Shake Shack in a research note on Thursday, August 6th. Sixteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Shake Shack currently has an average rating of "Moderate Buy" and a consensus target price of $87.00.

Shake Shack Stock Up 0.3%

Shares of Shake Shack stock opened at $70.23 on Monday. The firm has a market cap of $3.01 billion, a PE ratio of 74.71, a P/E/G ratio of 7.66 and a beta of 1.68. The business's 50 day simple moving average is $66.21 and its 200 day simple moving average is $68.85. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.64 and a current ratio of 1.67. Shake Shack, Inc. has a 52-week low of $51.60 and a 52-week high of $107.46.

Shake Shack (NYSE:SHAK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.31 by $0.12. The firm had revenue of $417.62 million during the quarter, compared to the consensus estimate of $417.18 million. Shake Shack had a return on equity of 9.29% and a net margin of 2.56%. The business's revenue was up 17.2% compared to the same quarter last year. During the same period last year, the company earned $0.44 earnings per share. On average, analysts predict that Shake Shack, Inc. will post 1.13 earnings per share for the current fiscal year.

Shake Shack Company Profile

Shake Shack Inc operates a fast-casual restaurant brand known for made-to-order burgers, chicken sandwiches, hot dogs, crinkle-cut fries, frozen custard, milkshakes, and beverages including beer and wine at select locations. Its menu emphasizes premium ingredients and includes vegetarian and other non-meat options.

The company began as a seasonal hot dog cart in Madison Square Park in New York City in 2001 and opened its first permanent restaurant there in 2004. Shake Shack has since expanded through a combination of company-operated and licensed restaurants, with locations across the United States and in international markets, including parts of Asia, Europe and the Middle East.

Shake Shack also offers digital ordering, delivery, catering and merchandise.

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