Arizona State Retirement System Invests $844,000 in Sweetgreen, Inc. (NYSE:SG)

Arizona State Retirement System acquired a new stake in Sweetgreen, Inc. (NYSE:SG) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 28,009 shares of the company’s stock, valued at approximately $844,000.

A number of other hedge funds also recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its position in shares of Sweetgreen by 2.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 41,398 shares of the company’s stock worth $468,000 after purchasing an additional 830 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Sweetgreen by 11.7% in the first quarter. Principal Financial Group Inc. now owns 12,762 shares of the company’s stock worth $322,000 after buying an additional 1,337 shares in the last quarter. Swiss National Bank lifted its stake in shares of Sweetgreen by 0.9% in the first quarter. Swiss National Bank now owns 176,600 shares of the company’s stock worth $4,461,000 after buying an additional 1,500 shares in the last quarter. ProShare Advisors LLC boosted its position in Sweetgreen by 9.9% during the first quarter. ProShare Advisors LLC now owns 17,584 shares of the company’s stock worth $444,000 after acquiring an additional 1,585 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its holdings in Sweetgreen by 1.0% in the 4th quarter. Panagora Asset Management Inc. now owns 182,254 shares of the company’s stock valued at $2,059,000 after acquiring an additional 1,733 shares during the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Citigroup boosted their target price on shares of Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Bank of America raised their price objective on Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Oppenheimer upped their price objective on shares of Sweetgreen from $36.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. UBS Group boosted their target price on Sweetgreen from $31.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Finally, Royal Bank of Canada boosted their price target on shares of Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Sweetgreen has an average rating of “Moderate Buy” and a consensus price target of $38.20.

Insider Activity

In other news, CFO Mitch Reback sold 9,156 shares of Sweetgreen stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $36.61, for a total value of $335,201.16. Following the sale, the chief financial officer now owns 379,181 shares of the company’s stock, valued at $13,881,816.41. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Sweetgreen news, CTO Wouleta Ayele sold 2,831 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $36.31, for a total transaction of $102,793.61. Following the transaction, the chief technology officer now directly owns 144,649 shares in the company, valued at $5,252,205.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mitch Reback sold 9,156 shares of Sweetgreen stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $36.61, for a total transaction of $335,201.16. Following the sale, the chief financial officer now owns 379,181 shares of the company’s stock, valued at $13,881,816.41. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 387,766 shares of company stock valued at $13,727,906. Company insiders own 21.52% of the company’s stock.

Sweetgreen Stock Performance

SG opened at $34.58 on Friday. The stock has a market capitalization of $3.95 billion, a P/E ratio of -37.18 and a beta of 2.32. Sweetgreen, Inc. has a one year low of $8.64 and a one year high of $38.53. The business’s 50-day simple moving average is $29.45 and its 200-day simple moving average is $27.19.

Sweetgreen (NYSE:SG) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The business had revenue of $184.60 million for the quarter, compared to analyst estimates of $180.79 million. Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The firm’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.20) EPS. On average, equities research analysts forecast that Sweetgreen, Inc. will post -0.75 EPS for the current fiscal year.

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.