Allspring Global Investments Holdings LLC Sells 175,145 Shares of Sweetgreen, Inc. (NYSE:SG)

Allspring Global Investments Holdings LLC lowered its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 13.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,083,339 shares of the company’s stock after selling 175,145 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.94% of Sweetgreen worth $34,764,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. GLOBALT Investments LLC GA bought a new position in shares of Sweetgreen during the 3rd quarter valued at approximately $591,000. Verition Fund Management LLC increased its position in shares of Sweetgreen by 189.6% during 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. Zweig DiMenna Associates LLC bought a new position in shares of Sweetgreen during the 3rd quarter valued at approximately $3,329,000. Stephens Investment Management Group LLC increased its position in shares of Sweetgreen by 139.9% during the 3rd quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock valued at $33,299,000 after purchasing an additional 547,816 shares during the last quarter. Finally, Cox Capital Mgt LLC increased its position in shares of Sweetgreen by 76.0% during the 4th quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company’s stock valued at $1,728,000 after purchasing an additional 23,278 shares during the last quarter. Institutional investors own 95.75% of the company’s stock.

Insider Buying and Selling

In related news, insider Nicolas Jammet sold 170,199 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $37.73, for a total transaction of $6,421,608.27. Following the transaction, the insider now directly owns 1,760,034 shares of the company’s stock, valued at $66,406,082.82. This represents a 8.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Wouleta Ayele sold 4,347 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $34.05, for a total value of $148,015.35. Following the transaction, the chief technology officer now directly owns 140,302 shares in the company, valued at $4,777,283.10. This represents a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 601,607 shares of company stock worth $23,177,393 in the last three months. 21.52% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SG shares. TD Cowen restated a “buy” rating and set a $45.00 price objective on shares of Sweetgreen in a report on Monday, November 18th. Oppenheimer dropped their price objective on Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a report on Tuesday, January 7th. KeyCorp started coverage on Sweetgreen in a report on Wednesday, December 11th. They set a “sector weight” rating for the company. Morgan Stanley dropped their price objective on Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating for the company in a report on Tuesday, January 21st. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $40.00 price objective on shares of Sweetgreen in a report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $40.60.

Sweetgreen Price Performance

Shares of NYSE SG opened at $27.17 on Friday. The stock has a market capitalization of $3.14 billion, a P/E ratio of -34.84 and a beta of 2.37. Sweetgreen, Inc. has a 1-year low of $10.93 and a 1-year high of $45.12. The business has a fifty day moving average price of $32.49 and a 200 day moving average price of $34.41.

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.