Connor Clark & Lunn Investment Management Ltd. Lowers Position in Sweetgreen, Inc. (NYSE:SG)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 20.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 92,387 shares of the company’s stock after selling 23,565 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Sweetgreen were worth $3,275,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Driehaus Capital Management LLC boosted its position in shares of Sweetgreen by 231.8% in the second quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock worth $81,028,000 after buying an additional 1,878,216 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Sweetgreen in the 2nd quarter worth about $33,449,000. Renaissance Technologies LLC acquired a new position in Sweetgreen in the second quarter valued at approximately $29,109,000. Baillie Gifford & Co. boosted its position in Sweetgreen by 6.2% during the 2nd quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock valued at $371,516,000 after purchasing an additional 721,740 shares during the period. Finally, Stephens Investment Management Group LLC boosted its holdings in shares of Sweetgreen by 139.9% during the third quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company’s stock valued at $33,299,000 after acquiring an additional 547,816 shares during the period. 95.75% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SG. Bank of America boosted 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 increased their price target on Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Citigroup lifted their price objective on shares of Sweetgreen from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. TD Cowen reissued a “buy” rating and set a $45.00 target price on shares of Sweetgreen in a research note on Monday, November 18th. Finally, Morgan Stanley boosted their target price on Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $39.80.

Sweetgreen Trading Up 5.2 %

Shares of SG opened at $43.40 on Monday. The stock has a market capitalization of $5.02 billion, a P/E ratio of -55.64 and a beta of 2.32. Sweetgreen, Inc. has a 1-year low of $9.21 and a 1-year high of $44.75. The business’s 50-day moving average price is $36.93 and its 200 day moving average price is $32.51.

Insiders Place Their Bets

In related news, CEO Jonathan Neman sold 7,400 shares of Sweetgreen stock in a transaction on Monday, September 9th. The stock was sold at an average price of $28.81, for a total transaction of $213,194.00. Following the completion of the sale, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at approximately $55,609,868.68. This trade represents a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nathaniel Ru sold 9,250 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $28.74, for a total value of $265,845.00. Following the completion of the sale, the insider now directly owns 1,952,129 shares of the company’s stock, valued at approximately $56,104,187.46. The trade was a 0.47 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 164,132 shares of company stock worth $5,993,464. Corporate insiders own 21.52% of the company’s stock.

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.