Sovos Brands (NASDAQ:SOVO) Price Target Lowered to $16.00 at Piper Sandler

Sovos Brands (NASDAQ:SOVOGet Rating) had its price objective dropped by equities research analysts at Piper Sandler from $17.00 to $16.00 in a note issued to investors on Friday, The Fly reports. Piper Sandler’s target price points to a potential upside of 21.21% from the stock’s current price.

SOVO has been the topic of a number of other research reports. UBS Group cut Sovos Brands from a “buy” rating to a “neutral” rating and reduced their target price for the company from $17.00 to $16.00 in a research note on Thursday. William Blair reaffirmed an “outperform” rating on shares of Sovos Brands in a research note on Wednesday, November 2nd.

Sovos Brands Stock Down 5.5 %

SOVO opened at $13.20 on Friday. The stock has a market cap of $1.33 billion and a PE ratio of -45.52. The company has a quick ratio of 1.48, a current ratio of 2.21 and a debt-to-equity ratio of 0.97. Sovos Brands has a 52 week low of $9.52 and a 52 week high of $17.41. The business’s fifty day simple moving average is $14.09 and its 200 day simple moving average is $14.39.

Sovos Brands (NASDAQ:SOVOGet Rating) last released its earnings results on Wednesday, November 2nd. The company reported $0.14 EPS for the quarter, meeting analysts’ consensus estimates of $0.14. The business had revenue of $208.91 million for the quarter, compared to analysts’ expectations of $199.65 million. Sovos Brands had a positive return on equity of 10.66% and a negative net margin of 3.55%. The firm’s revenue was up 16.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.10 earnings per share. As a group, research analysts expect that Sovos Brands will post 0.58 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Robert L. Graves sold 38,685 shares of the firm’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $13.89, for a total transaction of $537,334.65. Following the transaction, the director now directly owns 4,024,884 shares of the company’s stock, valued at $55,905,638.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Robert L. Graves sold 38,685 shares of the firm’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $13.89, for a total transaction of $537,334.65. Following the transaction, the director now directly owns 4,024,884 shares of the company’s stock, valued at $55,905,638.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert L. Graves sold 21,535 shares of the stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $13.92, for a total transaction of $299,767.20. Following the sale, the director now owns 3,941,393 shares of the company’s stock, valued at $54,864,190.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 104,113 shares of company stock valued at $1,449,848. 9.20% of the stock is currently owned by insiders.

Institutional Trading of Sovos Brands

A number of institutional investors have recently modified their holdings of the company. Amalgamated Bank boosted its holdings in shares of Sovos Brands by 37.2% during the third quarter. Amalgamated Bank now owns 5,816 shares of the company’s stock worth $83,000 after purchasing an additional 1,578 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Sovos Brands by 1.3% during the first quarter. Victory Capital Management Inc. now owns 134,220 shares of the company’s stock worth $2,027,000 after purchasing an additional 1,758 shares during the period. New York State Common Retirement Fund boosted its holdings in shares of Sovos Brands by 0.9% during the third quarter. New York State Common Retirement Fund now owns 207,565 shares of the company’s stock worth $2,956,000 after purchasing an additional 1,876 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Sovos Brands by 13.3% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 17,500 shares of the company’s stock worth $249,000 after purchasing an additional 2,050 shares during the period. Finally, Level Four Advisory Services LLC boosted its holdings in shares of Sovos Brands by 7.5% during the first quarter. Level Four Advisory Services LLC now owns 34,727 shares of the company’s stock worth $492,000 after purchasing an additional 2,420 shares during the period. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

About Sovos Brands

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Sovos Brands, Inc, through its subsidiaries, manufactures and distributes consumer food products in the United States. The company operates in two segments, Dinners & Sauces, and Breakfast & Snacks. It provides pasta sauces, dry pasta, soups, frozen entrees, yogurts, pancake and waffle mixes, other baking mixes, and frozen waffles under the Rao's, Michael Angelo's, noosa, and Birch Benders brands.

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