ArrowMark Colorado Holdings LLC Lowers Stock Holdings in Sweetgreen, Inc. (NYSE:SG)

ArrowMark Colorado Holdings LLC cut its holdings in shares of Sweetgreen, Inc. (NYSE:SG) by 17.5% during the third quarter, Holdings Channel reports. The firm owned 651,162 shares of the company’s stock after selling 138,027 shares during the quarter. ArrowMark Colorado Holdings LLC’s holdings in Sweetgreen were worth $23,084,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Sweetgreen during the third quarter worth $193,000. PDT Partners LLC increased its stake in shares of Sweetgreen by 443.1% during the third quarter. PDT Partners LLC now owns 98,803 shares of the company’s stock worth $3,503,000 after buying an additional 80,612 shares during the period. Verition Fund Management LLC increased its position in shares of Sweetgreen by 189.6% in the 3rd quarter. Verition Fund Management LLC now owns 173,501 shares of the company’s stock valued at $6,151,000 after purchasing an additional 113,586 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Sweetgreen by 8.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,841 shares of the company’s stock valued at $881,000 after purchasing an additional 1,950 shares in the last quarter. Finally, FORA Capital LLC lifted its position in shares of Sweetgreen by 49.7% during the 3rd quarter. FORA Capital LLC now owns 55,775 shares of the company’s stock worth $1,977,000 after purchasing an additional 18,512 shares during the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Citigroup increased their target price on Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $39.00 price target (up from $33.00) on shares of Sweetgreen in a report on Monday, August 19th. TD Cowen reissued a “buy” rating and set a $45.00 price objective on shares of Sweetgreen in a report on Monday, November 18th. Oppenheimer upped their target price on shares of Sweetgreen from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Bank of America boosted their price target on shares of Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.80.

Insider Buying and Selling at Sweetgreen

In other news, CEO Jonathan Neman sold 1,010 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $40.01, for a total transaction of $40,410.10. Following the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $77,228,422.28. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nicolas Jammet sold 21,275 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $35.10, for a total transaction of $746,752.50. Following the completion of the sale, the insider now owns 1,930,233 shares of the company’s stock, valued at $67,751,178.30. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 197,892 shares of company stock valued at $7,499,763. 21.52% of the stock is owned by corporate insiders.

Sweetgreen Stock Down 3.4 %

Shares of NYSE:SG opened at $40.98 on Monday. Sweetgreen, Inc. has a fifty-two week low of $9.31 and a fifty-two week high of $45.12. The firm’s 50-day simple moving average is $37.69 and its 200-day simple moving average is $32.93. The company has a market cap of $4.74 billion, a price-to-earnings ratio of -52.54 and a beta of 2.32.

Sweetgreen Profile

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.