Piper Sandler Cuts Sweetgreen (NYSE:SG) Price Target to $27.00

Sweetgreen (NYSE:SG) had its price objective lowered by analysts at Piper Sandler from $39.00 to $27.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price indicates a potential upside of 15.20% from the company’s previous close.

Several other research firms have also commented on SG. TD Securities dropped their target price on Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday. Oppenheimer dropped their price objective on shares of Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a research note on Tuesday, January 7th. Citigroup cut their price objective on shares of Sweetgreen from $49.00 to $43.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. KeyCorp assumed coverage on shares of Sweetgreen in a report on Wednesday, December 11th. They issued a “sector weight” rating for the company. Finally, UBS Group increased their price target on shares of Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Sweetgreen presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.55.

Sweetgreen Stock Performance

SG stock opened at $23.44 on Thursday. Sweetgreen has a one year low of $11.31 and a one year high of $45.12. The stock has a market capitalization of $2.71 billion, a P/E ratio of -30.05 and a beta of 2.37. The company has a 50 day moving average price of $30.47 and a two-hundred day moving average price of $34.25.

Insider Activity at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 33,444 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $40.16, for a total value of $1,343,111.04. Following the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $77,517,956.48. This trade represents a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mitch Reback sold 8,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $33.13, for a total value of $265,040.00. Following the transaction, the chief financial officer now owns 350,981 shares in the company, valued at approximately $11,628,000.53. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 516,817 shares of company stock worth $19,677,637. 21.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors and hedge funds have recently bought and sold shares of SG. FMR LLC raised its stake in shares of Sweetgreen by 3.4% during the fourth quarter. FMR LLC now owns 10,103,969 shares of the company’s stock valued at $323,933,000 after purchasing an additional 329,789 shares during the period. Vanguard Group Inc. grew its holdings in Sweetgreen by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company’s stock valued at $306,009,000 after purchasing an additional 351,240 shares in the last quarter. Invesco Ltd. increased its stake in Sweetgreen by 40.9% during the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock worth $176,850,000 after buying an additional 1,601,666 shares during the period. Wellington Management Group LLP lifted its holdings in Sweetgreen by 30.1% in the 4th quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company’s stock worth $142,106,000 after buying an additional 1,025,341 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in Sweetgreen by 13.3% in the 3rd quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock worth $82,032,000 after buying an additional 272,340 shares in the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

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.