Principal Financial Group Inc. Reduces Stake in Sweetgreen, Inc. (NYSE:SG)

Principal Financial Group Inc. cut its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 31.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,513 shares of the company’s stock after selling 67,768 shares during the period. Principal Financial Group Inc. owned 0.13% of Sweetgreen worth $5,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Quest Partners LLC purchased a new stake in Sweetgreen during the 2nd quarter valued at $76,000. Atomi Financial Group Inc. bought a new position in Sweetgreen during the third quarter valued at $216,000. Versor Investments LP purchased a new stake in shares of Sweetgreen in the second quarter valued at $217,000. Precision Wealth Strategies LLC bought a new stake in shares of Sweetgreen in the 3rd quarter worth about $227,000. Finally, LVW Advisors LLC bought a new stake in shares of Sweetgreen in the 3rd quarter worth about $229,000. 95.75% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Bank of America increased their price objective on shares of Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. TD Cowen reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Sweetgreen in a research report on Monday. Morgan Stanley lifted their target price on Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Friday, August 9th. UBS Group upped their price target on shares of Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Oppenheimer raised their price target on shares of Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.80.

Sweetgreen Stock Up 0.1 %

Shares of NYSE:SG opened at $37.91 on Thursday. The company has a market capitalization of $4.39 billion, a price-to-earnings ratio of -48.60 and a beta of 2.32. The firm has a 50 day moving average of $36.62 and a 200 day moving average of $32.17. Sweetgreen, Inc. has a 52 week low of $9.21 and a 52 week high of $42.77.

Insider Transactions at Sweetgreen

In related news, Director Bradley E. Singer sold 42,730 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $38.09, for a total transaction of $1,627,585.70. Following the transaction, the director now directly owns 139,052 shares in the company, valued at $5,296,490.68. The trade was a 23.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Nicolas Jammet sold 169,767 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.77, for a total value of $6,072,565.59. Following the transaction, the insider now directly owns 1,930,233 shares in the company, valued at $69,044,434.41. This represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 503,671 shares of company stock valued at $18,138,774. Corporate insiders own 21.52% of the company’s stock.

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.