Piper Sandler Cuts Sweetgreen (NYSE:SG) Price Target to $27.00

Sweetgreen (NYSE:SG) had its price objective lowered by Piper Sandler from $39.00 to $27.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms have also recently weighed in on SG. Morgan Stanley dropped their price target on shares of Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 21st. Oppenheimer dropped their price target on shares of Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a research note on Tuesday, January 7th. UBS Group increased their price objective on shares of Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. KeyCorp began coverage on shares of Sweetgreen in a research report on Wednesday, December 11th. They set a “sector weight” rating for the company. Finally, TD Securities lowered their price objective on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.27.

Sweetgreen Price Performance

Sweetgreen stock opened at $22.67 on Thursday. The firm has a 50 day simple moving average of $29.99 and a 200-day simple moving average of $34.09. Sweetgreen has a 1-year low of $12.32 and a 1-year high of $45.12. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -29.07 and a beta of 2.37.

Insiders Place Their Bets

In other news, insider Nicolas Jammet sold 170,199 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $37.73, for a total value of $6,421,608.27. Following the sale, the insider now directly owns 1,760,034 shares in the company, valued at approximately $66,406,082.82. This trade represents a 8.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mitch Reback sold 10,926 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $26.43, for a total transaction of $288,774.18. Following the completion of the sale, the chief financial officer now owns 344,055 shares in the company, valued at $9,093,373.65. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 516,817 shares of company stock worth $19,677,637 in the last ninety days. 21.52% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sweetgreen

Hedge funds and other institutional investors have recently modified their holdings of the company. Summit Investment Advisors Inc. raised its stake in Sweetgreen by 4.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,479 shares of the company’s stock worth $336,000 after acquiring an additional 473 shares in the last quarter. Cypress Wealth Services LLC raised its stake in Sweetgreen by 6.1% during the 4th quarter. Cypress Wealth Services LLC now owns 8,423 shares of the company’s stock worth $270,000 after acquiring an additional 483 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Sweetgreen by 45.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock worth $50,000 after acquiring an additional 494 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Sweetgreen by 2.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 27,913 shares of the company’s stock worth $990,000 after acquiring an additional 537 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its stake in Sweetgreen by 1.2% during the 4th quarter. Hillsdale Investment Management Inc. now owns 50,164 shares of the company’s stock worth $1,608,000 after acquiring an additional 600 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors and hedge funds.

About Sweetgreen

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.