Sei Investments Co. Purchases 173,034 Shares of CAVA Group, Inc. $CAVA

Sei Investments Co. raised its position in CAVA Group, Inc. (NYSE:CAVA) by 228.2% in the first quarter, HoldingsChannel.com reports. The fund owned 248,848 shares of the company’s stock after purchasing an additional 173,034 shares during the quarter. Sei Investments Co.’s holdings in CAVA Group were worth $20,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of CAVA. Bison Wealth LLC acquired a new stake in CAVA Group in the 4th quarter valued at about $208,000. Goldman Sachs Group Inc. increased its position in CAVA Group by 14.3% during the first quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company’s stock worth $52,432,000 after buying an additional 75,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in 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 worth $20,447,000 after buying an additional 34,860 shares during the last quarter. Brown Advisory Inc. raised its stake in CAVA Group by 9.3% in the second quarter. Brown Advisory Inc. now owns 2,979 shares of the company’s stock valued at $251,000 after buying an additional 253 shares during the period. Finally, Cresset Asset Management LLC raised its stake in CAVA Group by 20.3% in the second quarter. Cresset Asset Management LLC now owns 9,165 shares of the company’s stock valued at $772,000 after buying an additional 1,549 shares during the period. Institutional investors own 73.15% of the company’s stock.

CAVA Group Stock Performance

NYSE:CAVA opened at $65.40 on Thursday. CAVA Group, Inc. has a 52 week low of $43.41 and a 52 week high of $98.79. The firm has a market cap of $7.62 billion, a price-to-earnings ratio of 125.77, a P/E/G ratio of 4.47 and a beta of 1.69. The firm’s 50-day simple moving average is $75.76 and its 200 day simple moving average is $77.22.

CAVA Group (NYSE:CAVA) last announced its earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The firm had revenue of $438.27 million for the quarter, compared to analyst estimates of $360.89 million. During the same quarter in the prior year, the business posted $0.22 EPS. The business’s revenue was up 32.1% compared to the same quarter last year. Sell-side analysts anticipate that CAVA Group, Inc. will post 0.54 EPS for the current year.

Insiders Place Their Bets

In related news, insider Kelly Costanza sold 12,490 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $90.00, for a total transaction of $1,124,100.00. Following the sale, the insider owned 98,490 shares of the company’s stock, valued at $8,864,100. This represents a 11.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Adam David Phillips sold 757 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $67,698.51. Following the transaction, the chief accounting officer owned 6,848 shares in the company, valued at approximately $612,416.64. This trade represents a 9.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 91,747 shares of company stock valued at $7,970,838 in the last quarter. Company insiders own 6.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Mizuho lifted their target price on CAVA Group from $72.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, April 2nd. Piper Sandler increased their price target on CAVA Group from $85.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, May 20th. JPMorgan Chase & Co. raised their price target on CAVA Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, April 24th. Weiss Ratings cut shares of CAVA Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, July 24th. Finally, Benchmark upped their price objective on shares of CAVA Group from $80.00 to $110.00 and gave the company a “buy” rating in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $93.04.

CAVA Group Profile

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.