Sierra Summit Advisors LLC Invests $660,000 in Sprouts Farmers Market, Inc. (NASDAQ:SFM)

Key Points

• Sierra Summit Advisors LLC has acquired 4,325 shares of Sprouts Farmers Market, Inc. (NASDAQ:SFM) valued at approximately $660,000 in the first quarter of 2023.
• Sprouts Farmers Market reported earnings of $1.35 per share, exceeding the consensus estimate of $1.23, with quarterly revenue reaching $2.22 billion, a 17.3% increase year-over-year.
• Investment analysts have a consensus rating of "Moderate Buy" for Sprouts Farmers Market, with multiple firms setting target prices between $155.00 and $190.00.

Sierra Summit Advisors LLC purchased a new position in Sprouts Farmers Market, Inc. (NASDAQ:SFM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 4,325 shares of the company's stock, valued at approximately $660,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SFM. Crossmark Global Holdings Inc. increased its stake in shares of Sprouts Farmers Market by 1.2% in the 1st quarter. Crossmark Global Holdings Inc. now owns 7,201 shares of the company's stock valued at $1,099,000 after acquiring an additional 84 shares in the last quarter. Whipplewood Advisors LLC boosted its holdings in Sprouts Farmers Market by 92.0% during the 1st quarter. Whipplewood Advisors LLC now owns 192 shares of the company's stock worth $29,000 after acquiring an additional 92 shares during the last quarter. Summit Investment Advisors Inc. boosted its holdings in Sprouts Farmers Market by 0.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 30,664 shares of the company's stock worth $3,896,000 after acquiring an additional 95 shares during the last quarter. Avantax Advisory Services Inc. boosted its holdings in Sprouts Farmers Market by 2.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 4,899 shares of the company's stock worth $748,000 after acquiring an additional 99 shares during the last quarter. Finally, JT Stratford LLC boosted its holdings in Sprouts Farmers Market by 0.9% during the 4th quarter. JT Stratford LLC now owns 11,091 shares of the company's stock worth $1,409,000 after acquiring an additional 100 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Royal Bank Of Canada boosted their target price on shares of Sprouts Farmers Market from $173.00 to $176.00 and gave the company a "sector perform" rating in a research note on Thursday, July 31st. Roth Capital set a $155.00 target price on shares of Sprouts Farmers Market and gave the company a "neutral" rating in a research note on Thursday, May 1st. Wall Street Zen upgraded shares of Sprouts Farmers Market from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. Wells Fargo & Company upgraded shares of Sprouts Farmers Market from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $175.00 to $180.00 in a research note on Tuesday, August 5th. Finally, UBS Group set a $180.00 target price on shares of Sprouts Farmers Market in a research note on Thursday, July 31st. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $172.20.

Sprouts Farmers Market Trading Down 0.8%

Shares of Sprouts Farmers Market stock traded down $1.11 on Wednesday, reaching $146.72. The stock had a trading volume of 1,963,809 shares, compared to its average volume of 1,737,156. Sprouts Farmers Market, Inc. has a 1 year low of $95.25 and a 1 year high of $182.00. The company has a market cap of $14.34 billion, a P/E ratio of 30.19, a price-to-earnings-growth ratio of 1.68 and a beta of 0.78. The business's 50 day moving average is $160.89 and its two-hundred day moving average is $158.76.

Sprouts Farmers Market (NASDAQ:SFM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.12. Sprouts Farmers Market had a net margin of 5.77% and a return on equity of 36.53%. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the prior year, the firm posted $0.94 earnings per share. The company's revenue for the quarter was up 17.3% on a year-over-year basis. On average, equities analysts anticipate that Sprouts Farmers Market, Inc. will post 4.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Timmi Zalatoris sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $164.38, for a total value of $328,760.00. Following the sale, the insider directly owned 13,263 shares of the company's stock, valued at $2,180,171.94. This trade represents a 13.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Terri F. Graham sold 1,278 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $180.00, for a total transaction of $230,040.00. Following the completion of the sale, the director directly owned 32,910 shares in the company, valued at $5,923,800. This represents a 3.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,225 shares of company stock valued at $10,950,283 over the last three months. Corporate insiders own 1.10% of the company's stock.

Sprouts Farmers Market Company Profile

Sprouts Farmers Market, Inc, together with its subsidiaries, engages in the retailing of fresh, natural, and organic food products under the Sprouts brand in the United States. It offers perishable product categories, including fresh produce, meat and meat alternatives, seafood, deli, bakery, floral, and dairy and dairy alternatives; and non-perishable product categories, such as grocery, vitamins and supplements, bulk items, frozen foods, beer and wine, and natural health and body care.