PNC Financial Services Group Inc. Sells 455 Shares of Sweetgreen, Inc. (NYSE:SG)

PNC Financial Services Group Inc. lowered its holdings in Sweetgreen, Inc. (NYSE:SG) by 5.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,702 shares of the company’s stock after selling 455 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sweetgreen were worth $247,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SG. Cypress Wealth Services LLC grew its stake in Sweetgreen by 6.1% during the fourth quarter. Cypress Wealth Services LLC now owns 8,423 shares of the company’s stock worth $270,000 after buying an additional 483 shares during the last quarter. Arizona State Retirement System grew its stake in Sweetgreen by 2.1% during the fourth quarter. Arizona State Retirement System now owns 29,535 shares of the company’s stock worth $947,000 after buying an additional 613 shares during the last quarter. Pier Capital LLC grew its stake in Sweetgreen by 0.3% during the third quarter. Pier Capital LLC now owns 293,333 shares of the company’s stock worth $10,399,000 after buying an additional 761 shares during the last quarter. Fishman Jay A Ltd. MI grew its stake in Sweetgreen by 7.7% during the fourth quarter. Fishman Jay A Ltd. MI now owns 12,525 shares of the company’s stock worth $402,000 after buying an additional 900 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its stake in Sweetgreen by 3,571.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock worth $33,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 95.75% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Sweetgreen in a research note on Tuesday, February 25th. UBS Group reduced their target price on shares of Sweetgreen from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. TD Securities reduced their target price on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Piper Sandler reduced their target price on shares of Sweetgreen from $39.00 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Finally, Oppenheimer reduced their target price on shares of Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Sweetgreen has a consensus rating of “Moderate Buy” and an average target price of $36.27.

Insider Transactions at Sweetgreen

In other news, Director Nathaniel Ru sold 2,123 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $23.80, for a total transaction of $50,527.40. Following the completion of the sale, the director now owns 1,785,099 shares of the company’s stock, valued at $42,485,356.20. This represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jonathan Neman sold 5,717 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $23.80, for a total transaction of $136,064.60. Following the completion of the transaction, the chief executive officer now directly owns 1,810,263 shares of the company’s stock, valued at approximately $43,084,259.40. This trade represents a 0.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,852 shares of company stock valued at $1,052,177 over the last quarter. Corporate insiders own 21.52% of the company’s stock.

Sweetgreen Stock Performance

Shares of NYSE:SG opened at $24.97 on Friday. Sweetgreen, Inc. has a 52 week low of $18.77 and a 52 week high of $45.12. The company has a market capitalization of $2.93 billion, a PE ratio of -32.01 and a beta of 2.44. The company has a 50 day moving average price of $27.30 and a two-hundred day moving average price of $33.02.

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.