Swiss National Bank Trims Stock Holdings in Sweetgreen, Inc. (NYSE:SG)

Swiss National Bank reduced its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 0.4% during the third quarter, Holdings Channel reports. The institutional investor owned 196,100 shares of the company’s stock after selling 800 shares during the period. Swiss National Bank’s holdings in Sweetgreen were worth $6,952,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Hollencrest Capital Management bought a new position in Sweetgreen in the 3rd quarter worth $35,000. Quest Partners LLC purchased a new position in shares of Sweetgreen in the second quarter valued at about $76,000. KBC Group NV boosted its stake in shares of Sweetgreen by 29.1% in the third quarter. KBC Group NV now owns 3,127 shares of the company’s stock worth $111,000 after acquiring an additional 704 shares during the period. Atomi Financial Group Inc. purchased a new stake in shares of Sweetgreen during the third quarter worth about $216,000. Finally, Versor Investments LP bought a new stake in Sweetgreen during the 2nd quarter valued at approximately $217,000. 95.75% of the stock is currently owned by institutional investors.

Sweetgreen Price Performance

Shares of NYSE SG opened at $43.27 on Wednesday. The stock has a market capitalization of $5.01 billion, a P/E ratio of -55.47 and a beta of 2.32. Sweetgreen, Inc. has a 1-year low of $9.21 and a 1-year high of $45.12. The business’s 50 day moving average is $37.13 and its two-hundred day moving average is $32.65.

Analysts Set New Price Targets

Several research analysts have weighed in on SG shares. Piper Sandler restated a “neutral” rating and issued a $39.00 price target (up from $33.00) on shares of Sweetgreen in a research note on Monday, August 19th. The Goldman Sachs Group restated a “neutral” rating and set a $40.00 target price on shares of Sweetgreen in a research report on Friday, November 8th. Oppenheimer lifted their price target on shares of Sweetgreen from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. UBS Group increased their price objective on shares of Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, Citigroup raised their price objective on Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $39.80.

Insider Activity

In related news, CEO Jonathan Neman sold 1,010 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $40.01, for a total transaction of $40,410.10. Following the completion of the transaction, the chief executive officer now owns 1,930,228 shares in the company, valued at $77,228,422.28. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicolas Jammet sold 16,751 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $40.04, for a total value of $670,710.04. Following the completion of the sale, the insider now owns 1,930,233 shares in the company, valued at approximately $77,286,529.32. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 164,132 shares of company stock valued at $5,993,464. 21.52% of the stock is currently owned by insiders.

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.