Franklin Resources Inc. Lowers Stake in CAVA Group, Inc. (NYSE:CAVA)

Franklin Resources Inc. decreased its position in shares of CAVA Group, Inc. (NYSE:CAVA) by 4.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 947,553 shares of the company’s stock after selling 39,172 shares during the period. Franklin Resources Inc. owned 0.83% of CAVA Group worth $106,884,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CAVA. Jennison Associates LLC boosted its holdings in shares of CAVA Group by 36,658.7% during the fourth quarter. Jennison Associates LLC now owns 2,461,732 shares of the company’s stock worth $277,683,000 after purchasing an additional 2,455,035 shares during the last quarter. Vanguard Group Inc. grew its holdings in CAVA Group by 20.4% in the 4th quarter. Vanguard Group Inc. now owns 8,011,602 shares of the company’s stock valued at $903,709,000 after buying an additional 1,357,187 shares during the period. Geode Capital Management LLC increased its stake in shares of CAVA Group by 121.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,222,834 shares of the company’s stock valued at $151,492,000 after acquiring an additional 669,599 shares during the last quarter. Norges Bank purchased a new position in shares of CAVA Group during the 4th quarter worth about $64,538,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of CAVA Group in the fourth quarter worth approximately $59,516,000. Institutional investors and hedge funds own 73.15% of the company’s stock.

Insider Transactions at CAVA Group

In related news, insider Theodoros Xenohristos sold 851 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $119.18, for a total transaction of $101,422.18. Following the completion of the sale, the insider now owns 358,995 shares of the company’s stock, valued at $42,785,024.10. This represents a 0.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brett Schulman sold 20,564 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $119.18, for a total transaction of $2,450,817.52. Following the sale, the chief executive officer now owns 776,369 shares in the company, valued at approximately $92,527,657.42. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,235 shares of company stock worth $3,514,101. 12.10% of the stock is currently owned by corporate insiders.

CAVA Group Price Performance

CAVA opened at $90.41 on Thursday. The stock has a market capitalization of $10.45 billion, a PE ratio of 196.54 and a beta of 3.58. CAVA Group, Inc. has a 12-month low of $58.22 and a 12-month high of $172.43. The firm’s fifty day moving average price is $106.07 and its 200 day moving average price is $121.20.

CAVA Group (NYSE:CAVA) last issued its earnings results on Tuesday, February 25th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $227.40 million during the quarter, compared to analyst estimates of $223.34 million. CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. On average, equities research analysts forecast that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CAVA shares. JPMorgan Chase & Co. upgraded shares of CAVA Group from a “neutral” rating to an “overweight” rating and set a $110.00 price target on the stock in a report on Thursday, March 20th. Bank of America initiated coverage on CAVA Group in a research report on Monday. They set a “buy” rating and a $112.00 price target for the company. Piper Sandler upgraded CAVA Group from a “neutral” rating to an “overweight” rating and cut their price objective for the stock from $142.00 to $115.00 in a report on Friday, February 28th. Loop Capital dropped their target price on shares of CAVA Group from $147.00 to $100.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Finally, TD Securities reduced their price target on shares of CAVA Group from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, CAVA Group has an average rating of “Moderate Buy” and an average target price of $130.25.

CAVA Group Profile

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.