Allspring Global Investments Holdings LLC Makes New Investment in CAVA Group, Inc. $CAVA

Allspring Global Investments Holdings LLC acquired a new stake in CAVA Group, Inc. (NYSE:CAVA) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 687,587 shares of the company’s stock, valued at approximately $55,103,000.

A number of other institutional investors have also recently modified their holdings of CAVA. Bison Wealth LLC purchased a new position in CAVA Group in the fourth quarter valued at about $208,000. Goldman Sachs Group Inc. grew its position in shares of CAVA Group by 14.3% in the first quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company’s stock valued at $52,432,000 after purchasing an additional 75,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of CAVA Group by 17.3% in 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 valued at $20,447,000 after purchasing an additional 34,860 shares during the last quarter. Brown Advisory Inc. increased its stake in shares of CAVA Group by 9.3% during the 2nd quarter. Brown Advisory Inc. now owns 2,979 shares of the company’s stock worth $251,000 after purchasing an additional 253 shares in the last quarter. Finally, Cresset Asset Management LLC increased its stake in shares of CAVA Group by 20.3% during the 2nd quarter. Cresset Asset Management LLC now owns 9,165 shares of the company’s stock worth $772,000 after purchasing an additional 1,549 shares in the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

CAVA Group Trading Up 1.0%

NYSE CAVA opened at $68.81 on Friday. The company’s fifty day simple moving average is $77.98 and its 200-day simple moving average is $77.06. The stock has a market cap of $8.01 billion, a P/E ratio of 132.33, a PEG ratio of 4.72 and a beta of 1.69. CAVA Group, Inc. has a 52 week low of $43.41 and a 52 week high of $98.79.

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. The business had revenue of $438.27 million for the quarter, compared to analyst estimates of $360.89 million. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The company’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.22 earnings per share. On average, research analysts expect that CAVA Group, Inc. will post 0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other CAVA Group news, insider Theodoros Xenohristos sold 3,252 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $290,826.36. Following the sale, the insider owned 324,630 shares in the company, valued at $29,031,660.90. This represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Tricia K. Tolivar sold 4,969 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer directly owned 234,931 shares in the company, valued at approximately $21,009,879.33. This represents a 2.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 91,747 shares of company stock worth $7,970,838. Company insiders own 6.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CAVA. KeyCorp upped their price objective on CAVA Group from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Weiss Ratings upgraded CAVA Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, May 20th. Roth Capital reiterated a “buy” rating and issued a $106.00 target price on shares of CAVA Group in a research note on Wednesday, May 20th. Morgan Stanley raised shares of CAVA Group from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $86.00 to $90.00 in a research note on Wednesday. Finally, Royal Bank Of Canada lifted their target price on CAVA Group from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, CAVA Group has an average rating of “Moderate Buy” and a consensus target price of $93.54.

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.