Commonwealth Equity Services LLC Reduces Holdings in Shake Shack Inc. (NYSE:SHAK)

Commonwealth Equity Services LLC trimmed its holdings in shares of Shake Shack Inc. (NYSE:SHAK) by 4.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,635 shares of the company’s stock after selling 338 shares during the period. Commonwealth Equity Services LLC’s holdings in Shake Shack were worth $687,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SHAK. CWM LLC boosted its position in Shake Shack by 24.7% during the second quarter. CWM LLC now owns 1,046 shares of the company’s stock worth $94,000 after acquiring an additional 207 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Shake Shack by 5.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 3,855 shares of the company’s stock valued at $347,000 after purchasing an additional 212 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Shake Shack in the 1st quarter valued at $25,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Shake Shack by 3.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,340 shares of the company’s stock valued at $751,000 after purchasing an additional 274 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its holdings in shares of Shake Shack by 1.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 18,900 shares of the company’s stock valued at $1,701,000 after purchasing an additional 300 shares during the last quarter. 86.07% of the stock is owned by hedge funds and other institutional investors.

Shake Shack Trading Up 3.4 %

Shares of NYSE:SHAK opened at $107.41 on Friday. The company has a 50 day moving average of $96.85 and a 200-day moving average of $97.43. The firm has a market cap of $4.56 billion, a P/E ratio of 195.29, a P/E/G ratio of 3.02 and a beta of 1.83. Shake Shack Inc. has a twelve month low of $52.79 and a twelve month high of $111.29. The company has a current ratio of 2.06, a quick ratio of 2.03 and a debt-to-equity ratio of 0.51.

Shake Shack (NYSE:SHAK) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.27 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.27. The company had revenue of $316.50 million during the quarter, compared to analyst estimates of $314.37 million. Shake Shack had a net margin of 2.23% and a return on equity of 5.63%. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 EPS. As a group, analysts anticipate that Shake Shack Inc. will post 0.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SHAK. Morgan Stanley reduced their target price on shares of Shake Shack from $108.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. The Goldman Sachs Group lifted their target price on shares of Shake Shack from $110.00 to $125.00 and gave the company a “buy” rating in a report on Friday, August 2nd. TD Cowen restated a “buy” rating and set a $125.00 target price on shares of Shake Shack in a report on Wednesday. Truist Financial reaffirmed a “buy” rating and set a $127.00 price target on shares of Shake Shack in a research note on Wednesday, August 28th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $115.00 price target on shares of Shake Shack in a research note on Wednesday, August 28th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Shake Shack has a consensus rating of “Hold” and a consensus price target of $107.56.

Insider Activity at Shake Shack

In related news, CFO Katherine Irene Fogertey sold 321 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $98.57, for a total transaction of $31,640.97. Following the completion of the sale, the chief financial officer now directly owns 36,822 shares of the company’s stock, valued at $3,629,544.54. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Jeffrey Flug sold 304 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $90.39, for a total transaction of $27,478.56. Following the sale, the director now owns 3,347 shares in the company, valued at $302,535.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Katherine Irene Fogertey sold 321 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $98.57, for a total transaction of $31,640.97. Following the completion of the transaction, the chief financial officer now owns 36,822 shares in the company, valued at approximately $3,629,544.54. The disclosure for this sale can be found here. Insiders sold a total of 12,213 shares of company stock valued at $1,311,175 over the last ninety days. Insiders own 9.73% of the company’s stock.

Shake Shack Company Profile

Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, chicken, hot dogs, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. The company was founded in 2001 and is headquartered in New York, New York.