Assenagon Asset Management S.A. Cuts Stock Position in Shake Shack, Inc. $SHAK

Assenagon Asset Management S.A. trimmed its position in shares of Shake Shack, Inc. (NYSE:SHAK) by 86.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,976 shares of the company’s stock after selling 190,659 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Shake Shack were worth $2,740,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. purchased a new stake in shares of Shake Shack during the first quarter worth $26,000. Hilton Head Capital Partners LLC purchased a new position in Shake Shack in the fourth quarter valued at $25,000. Assetmark Inc. boosted its holdings in Shake Shack by 457.6% in the fourth quarter. Assetmark Inc. now owns 368 shares of the company’s stock valued at $30,000 after purchasing an additional 302 shares during the period. UMB Bank n.a. grew its stake in Shake Shack by 42.2% during the 4th quarter. UMB Bank n.a. now owns 391 shares of the company’s stock worth $32,000 after purchasing an additional 116 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Shake Shack during the 3rd quarter worth about $38,000. 86.07% of the stock is owned by institutional investors and hedge funds.

Shake Shack Price Performance

Shares of NYSE SHAK opened at $56.01 on Wednesday. The stock’s 50-day simple moving average is $68.61 and its 200-day simple moving average is $83.20. The firm has a market capitalization of $2.40 billion, a PE ratio of 57.15, a price-to-earnings-growth ratio of 2.43 and a beta of 1.63. Shake Shack, Inc. has a fifty-two week low of $51.60 and a fifty-two week high of $144.65. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.66 and a current ratio of 1.69.

Insider Buying and Selling

In related news, Director Daniel Harris Meyer acquired 32,258 shares of Shake Shack stock in a transaction dated Friday, May 15th. The stock was acquired at an average price of $61.88 per share, for a total transaction of $1,996,125.04. Following the transaction, the director owned 378,670 shares of the company’s stock, valued at $23,432,099.60. This represents a 9.31% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sumaiya Balbale bought 4,068 shares of the stock in a transaction dated Friday, May 15th. The stock was bought at an average price of $61.42 per share, with a total value of $249,856.56. Following the acquisition, the director owned 13,407 shares in the company, valued at approximately $823,457.94. This represents a 43.56% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 50,616 shares of company stock valued at $3,109,782 over the last three months. 8.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SHAK has been the subject of several recent research reports. BTIG Research reiterated a “neutral” rating on shares of Shake Shack in a research note on Wednesday, May 20th. Citigroup restated a “buy” rating on shares of Shake Shack in a research note on Wednesday, June 3rd. Wells Fargo & Company reduced their target price on shares of Shake Shack from $80.00 to $65.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 3rd. The Goldman Sachs Group reiterated a “buy” rating on shares of Shake Shack in a research note on Friday, May 8th. Finally, Robert W. Baird lowered their price target on shares of Shake Shack from $76.00 to $60.00 and set a “neutral” rating for the company in a report on Thursday, June 4th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Shake Shack presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.00.

Shake Shack Company Profile

Shake Shack, Inc (NYSE: SHAK) is a publicly traded hospitality company known for its modern take on the classic American roadside burger stand. The company operates a chain of quick-casual restaurants offering premium hamburgers, hot dogs, crinkle-cut fries, frozen custard, milkshakes and a curated selection of beer and wine. Shake Shack emphasizes high-quality ingredients, including 100% all-natural Angus beef with no hormones or antibiotics, and works with local suppliers where possible to maintain its commitment to fresh, responsibly sourced food.

Shake Shack traces its origins to a hot dog cart opened in New York City’s Madison Square Park in 2001 by Danny Meyer’s Union Square Hospitality Group.