Brokerages Set CAVA Group, Inc. (NYSE:CAVA) Price Target at $89.44

CAVA Group, Inc. (NYSE:CAVA) has received an average recommendation of “Moderate Buy” from the twenty-six research firms that are currently covering the firm, Marketbeat.com reports. Nine equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $89.44.

CAVA has been the topic of several analyst reports. Wall Street Zen upgraded CAVA Group from a “sell” rating to a “hold” rating in a research report on Sunday, May 24th. Argus set a $92.00 price objective on shares of CAVA Group in a research report on Friday, May 22nd. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of CAVA Group in a research note on Wednesday, August 12th. Weiss Ratings lowered shares of CAVA Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, July 24th. Finally, Telsey Advisory Group increased their target price on shares of CAVA Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 20th.

CAVA Group Price Performance

CAVA Group stock opened at $60.63 on Wednesday. CAVA Group has a one year low of $43.41 and a one year high of $98.79. The business has a fifty day moving average price of $68.04 and a 200-day moving average price of $77.15. The firm has a market capitalization of $7.08 billion, a P/E ratio of 110.24, a PEG ratio of 4.84 and a beta of 1.74.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $368.44 million for the quarter, compared to analyst estimates of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The firm’s revenue for the quarter was up 31.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 EPS. Sell-side analysts expect that CAVA Group will post 0.54 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Tricia Tolivar sold 4,969 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $444,377.67. Following the transaction, the chief financial officer owned 234,931 shares of the company’s stock, valued at approximately $21,009,879.33. This represents a 2.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Douglas W. Thompson acquired 6,500 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was acquired at an average price of $66.52 per share, for a total transaction of $432,380.00. Following the transaction, the insider directly owned 19,371 shares of the company’s stock, valued at $1,288,558.92. This represents a 50.50% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders sold 67,512 shares of company stock worth $6,050,417. Company insiders own 6.70% of the company’s stock.

Institutional Trading of CAVA Group

A number of large investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of CAVA Group in the second quarter worth approximately $757,013,000. Capital Research Global Investors raised its stake in CAVA Group by 27.2% in the fourth quarter. Capital Research Global Investors now owns 8,440,040 shares of the company’s stock valued at $495,344,000 after purchasing an additional 1,805,174 shares in the last quarter. California State Teachers Retirement System lifted its position in CAVA Group by 7,511.4% during the second quarter. California State Teachers Retirement System now owns 8,436,678 shares of the company’s stock valued at $662,110,000 after purchasing an additional 8,325,836 shares during the last quarter. Capital International Investors grew its stake in CAVA Group by 15.5% in the 4th quarter. Capital International Investors now owns 4,885,317 shares of the company’s stock worth $286,718,000 after buying an additional 656,581 shares in the last quarter. Finally, Morgan Stanley grew its stake in CAVA Group by 33.7% in the 4th quarter. Morgan Stanley now owns 3,318,894 shares of the company’s stock worth $194,786,000 after buying an additional 835,628 shares in the last quarter. Institutional investors own 73.15% of the company’s stock.

CAVA Group Company 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.