Morgan Stanley Lowers CAVA Group (NYSE:CAVA) Price Target to $97.00

CAVA Group (NYSE:CAVA) had its target price cut by stock analysts at Morgan Stanley from $107.00 to $97.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 40.68% from the stock’s previous close.

Several other research analysts also recently weighed in on CAVA. Bank of America increased their price target on CAVA Group from $112.00 to $121.00 and gave the stock a “buy” rating in a research note on Monday, May 19th. UBS Group cut their price target on CAVA Group from $96.00 to $75.00 and set a “neutral” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. cut their price target on CAVA Group from $115.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, June 25th. TD Cowen cut their target price on CAVA Group from $120.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Barclays cut their target price on CAVA Group from $91.00 to $74.00 and set an “equal weight” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, CAVA Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.44.

CAVA Group Stock Performance

CAVA stock opened at $68.95 on Wednesday. The company has a market capitalization of $7.97 billion, a price-to-earnings ratio of 57.94, a PEG ratio of 3.58 and a beta of 2.65. CAVA Group has a fifty-two week low of $65.70 and a fifty-two week high of $172.43. The stock has a fifty day moving average of $83.04 and a 200-day moving average of $91.77.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.03. The company had revenue of $280.62 million during the quarter, compared to the consensus estimate of $285.65 million. CAVA Group had a return on equity of 9.83% and a net margin of 12.98%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.17 EPS. Equities analysts predict that CAVA Group will post 0.5 EPS for the current year.

Insider Transactions at CAVA Group

In other CAVA Group news, CAO Adam David Phillips sold 739 shares of the firm’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $75.16, for a total value of $55,543.24. Following the sale, the chief accounting officer owned 11,063 shares of the company’s stock, valued at $831,495.08. This trade represents a 6.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Theodoros Xenohristos sold 3,062 shares of the firm’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $230,139.92. Following the completion of the sale, the insider directly owned 350,209 shares in the company, valued at approximately $26,321,708.44. The trade was a 0.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 58,603 shares of company stock worth $4,522,089. 6.80% of the stock is owned by insiders.

Institutional Trading of CAVA Group

Institutional investors and hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. raised its holdings in shares of CAVA Group by 20.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 10,871 shares of the company’s stock valued at $1,226,000 after buying an additional 1,874 shares in the last quarter. Cerity Partners LLC raised its holdings in shares of CAVA Group by 32.9% during the 4th quarter. Cerity Partners LLC now owns 15,299 shares of the company’s stock valued at $1,730,000 after buying an additional 3,791 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of CAVA Group by 23.7% during the 4th quarter. Legal & General Group Plc now owns 90,002 shares of the company’s stock valued at $10,152,000 after buying an additional 17,254 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of CAVA Group by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 33,176 shares of the company’s stock valued at $3,742,000 after buying an additional 210 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of CAVA Group by 116.7% during the 4th quarter. Barclays PLC now owns 84,755 shares of the company’s stock valued at $9,560,000 after buying an additional 591,866 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

About CAVA Group

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.