Jennison Associates LLC Decreases Holdings in CAVA Group, Inc. (NYSE:CAVA)

Jennison Associates LLC trimmed its position in shares of CAVA Group, Inc. (NYSE:CAVA) by 50.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 605,835 shares of the company’s stock after selling 616,405 shares during the period. Jennison Associates LLC’s holdings in CAVA Group were worth $42,439,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CAVA. Montag A & Associates Inc. purchased a new position in shares of CAVA Group during the 4th quarter valued at about $26,000. PNC Financial Services Group Inc. raised its holdings in shares of CAVA Group by 190.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 870 shares of the company’s stock valued at $27,000 after buying an additional 570 shares in the last quarter. CWM LLC raised its holdings in shares of CAVA Group by 101.2% during the 1st quarter. CWM LLC now owns 505 shares of the company’s stock valued at $35,000 after buying an additional 254 shares in the last quarter. PSI Advisors LLC raised its holdings in shares of CAVA Group by 1,133.3% during the 1st quarter. PSI Advisors LLC now owns 925 shares of the company’s stock valued at $65,000 after buying an additional 850 shares in the last quarter. Finally, Toth Financial Advisory Corp raised its holdings in shares of CAVA Group by 197.6% during the 1st quarter. Toth Financial Advisory Corp now owns 1,506 shares of the company’s stock valued at $105,000 after buying an additional 1,000 shares in the last quarter. 73.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on CAVA shares. TD Cowen raised their price target on CAVA Group from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Robert W. Baird raised their price target on CAVA Group from $90.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 29th. Argus upgraded CAVA Group from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Wednesday, April 10th. Jefferies Financial Group raised their price target on CAVA Group from $72.00 to $94.00 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. Finally, Piper Sandler lowered CAVA Group from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $63.00 to $92.00 in a research report on Thursday, May 30th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $81.50.

Insider Activity

In other news, insider Kenneth Robert Bertram sold 5,250 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $95.28, for a total value of $500,220.00. Following the completion of the transaction, the insider now owns 67,005 shares in the company, valued at approximately $6,384,236.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other CAVA Group news, CFO Tricia K. Tolivar sold 5,949 shares of CAVA Group stock in a transaction on Monday, July 1st. The stock was sold at an average price of $94.47, for a total transaction of $562,002.03. Following the completion of the transaction, the chief financial officer now owns 297,600 shares in the company, valued at $28,114,272. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kenneth Robert Bertram sold 5,250 shares of CAVA Group stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $95.28, for a total value of $500,220.00. Following the transaction, the insider now owns 67,005 shares of the company’s stock, valued at approximately $6,384,236.40. The disclosure for this sale can be found here. Insiders sold a total of 1,420,564 shares of company stock worth $124,690,835 in the last quarter.

CAVA Group Trading Down 0.3 %

Shares of CAVA stock traded down $0.24 during trading hours on Monday, reaching $94.75. The company’s stock had a trading volume of 2,880,108 shares, compared to its average volume of 2,602,900. The stock has a market capitalization of $10.80 billion and a P/E ratio of 231.10. CAVA Group, Inc. has a one year low of $29.05 and a one year high of $98.69. The firm’s fifty day simple moving average is $85.44 and its 200 day simple moving average is $65.85.

CAVA Group (NYSE:CAVA) last released its earnings results on Tuesday, May 28th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.08. The company had revenue of $259.01 million during the quarter, compared to analysts’ expectations of $246.02 million. CAVA Group had a return on equity of 5.18% and a net margin of 3.75%. The company’s revenue was up 27.5% on a year-over-year basis. As a group, equities research analysts forecast that CAVA Group, Inc. will post 0.34 earnings per share for the current fiscal year.

CAVA Group Company Profile

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.