The Goldman Sachs Group Issues Positive Forecast for CAVA Group (NYSE:CAVA) Stock Price

Key Points

• Goldman Sachs raised its price target on CAVA from $75 to $86 while maintaining a "neutral" rating, implying about a 2.3% upside from the stock's then-current price.
• Analyst consensus is a Moderate Buy with a consensus price target of $86.62, based on 2 Strong Buy, 14 Buy and 11 Hold ratings.
• CAVA shares traded around $84.09 midday with a $9.79 billion market cap, and the company recently beat quarterly EPS estimates ($0.04 vs. $0.03) as revenue rose 20.9% year-over-year.

CAVA Group (NYSE:CAVA - Get Free Report) had its price objective increased by stock analysts at The Goldman Sachs Group from $75.00 to $86.00 in a report released on Monday,Benzinga reports. The firm presently has a "neutral" rating on the stock. The Goldman Sachs Group's price target indicates a potential upside of 2.28% from the stock's current price.

Other equities analysts have also issued reports about the company. Truist Financial increased their price objective on CAVA Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, February 25th. Argus reissued a "hold" rating on shares of CAVA Group in a report on Friday, February 27th. BNP Paribas Exane assumed coverage on CAVA Group in a report on Monday, March 30th. They set a "neutral" rating and a $91.00 price objective for the company. Mizuho increased their price objective on CAVA Group from $72.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday, April 2nd. Finally, Benchmark raised shares of CAVA Group to a "strong-buy" rating in a report on Thursday, February 5th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $86.62.

CAVA Group Stock Performance

Shares of CAVA Group stock traded down $0.86 during mid-day trading on Monday, hitting $84.09. 928,761 shares of the stock were exchanged, compared to its average volume of 3,521,631. CAVA Group has a 12 month low of $43.41 and a 12 month high of $101.50. The company has a 50-day simple moving average of $76.82 and a 200 day simple moving average of $65.01. The company has a market capitalization of $9.79 billion, a P/E ratio of 155.76, a P/E/G ratio of 7.21 and a beta of 2.03.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its earnings results on Tuesday, February 24th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. CAVA Group had a net margin of 5.40% and a return on equity of 8.43%. The firm had revenue of $274.99 million for the quarter, compared to analysts' expectations of $268.04 million. During the same quarter last year, the firm earned $0.05 EPS. The company's quarterly revenue was up 20.9% compared to the same quarter last year. Analysts predict that CAVA Group will post 0.5 EPS for the current year.

Insider Activity

In other news, insider Kenneth Robert Bertram sold 1,074 shares of the business's stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $67.41, for a total transaction of $72,398.34. Following the completion of the transaction, the insider directly owned 50,116 shares in the company, valued at $3,378,319.56. The trade was a 2.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Theodoros Xenohristos sold 1,039 shares of the business's stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total transaction of $64,563.46. Following the transaction, the insider owned 332,205 shares of the company's stock, valued at $20,643,218.70. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 39,055 shares of company stock worth $2,572,303. Company insiders own 12.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Bison Wealth LLC purchased a new stake in CAVA Group during the fourth quarter valued at about $208,000. Goldman Sachs Group Inc. raised its stake in shares of CAVA Group by 14.3% during the first quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company's stock valued at $52,432,000 after acquiring an additional 75,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of CAVA Group by 17.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 236,622 shares of the company's stock valued at $20,447,000 after acquiring an additional 34,860 shares during the last quarter. Brown Advisory Inc. raised its stake in shares of CAVA Group by 9.3% during the second quarter. Brown Advisory Inc. now owns 2,979 shares of the company's stock valued at $251,000 after acquiring an additional 253 shares during the last quarter. Finally, Cresset Asset Management LLC raised its stake in shares of CAVA Group by 20.3% during the second quarter. Cresset Asset Management LLC now owns 9,165 shares of the company's stock valued at $772,000 after acquiring an additional 1,549 shares during the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

About CAVA Group

CAVA Group, Inc NYSE: CAVA is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.

Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe's Kitchen.

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