Sweetgreen, Inc. (NYSE:SG) Holdings Cut by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 31.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Wellington Management Group LLP increased its position in Sweetgreen by 7.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,407,163 shares of the company’s stock worth $120,784,000 after purchasing an additional 236,874 shares during the last quarter. Driehaus Capital Management LLC raised its position in Sweetgreen by 231.8% during the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after acquiring an additional 1,878,216 shares in the last quarter. Lord Abbett & CO. LLC lifted its stake in Sweetgreen by 13.3% in the third quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock valued at $82,032,000 after acquiring an additional 272,340 shares during the last quarter. State Street Corp lifted its stake in Sweetgreen by 3.2% in the third quarter. State Street Corp now owns 2,263,025 shares of the company’s stock valued at $80,224,000 after acquiring an additional 69,120 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Sweetgreen by 5.4% in the third quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company’s stock worth $79,757,000 after acquiring an additional 116,243 shares in the last quarter. 95.75% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Sweetgreen

In other news, CEO Jonathan Neman sold 1,010 shares of Sweetgreen stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $40.01, for a total transaction of $40,410.10. Following the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $77,228,422.28. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicolas Jammet sold 170,199 shares of the 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 completion of the transaction, the insider now directly owns 1,760,034 shares of the company’s stock, valued at $66,406,082.82. This trade represents a 8.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 640,838 shares of company stock worth $24,800,733. Company insiders own 21.52% of the company’s stock.

Sweetgreen Price Performance

Shares of Sweetgreen stock opened at $32.06 on Thursday. The firm has a fifty day moving average price of $37.54 and a two-hundred day moving average price of $33.52. Sweetgreen, Inc. has a fifty-two week low of $9.66 and a fifty-two week high of $45.12. The company has a market cap of $3.71 billion, a PE ratio of -41.10 and a beta of 2.32.

Analysts Set New Price Targets

Several research firms recently issued reports on SG. UBS Group lifted their price objective on shares of Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Oppenheimer boosted their price target on Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. The Goldman Sachs Group reissued a “neutral” rating and set a $40.00 price objective on shares of Sweetgreen in a report on Friday, November 8th. TD Cowen restated a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a report on Monday, November 18th. Finally, KeyCorp began coverage on Sweetgreen in a report on Wednesday, December 11th. They set a “sector weight” rating on the stock. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.80.

Sweetgreen Company 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.