CAVA Group, Inc. (NYSE:CAVA) Position Lifted by CIBC Asset Management Inc

CIBC Asset Management Inc raised its stake in CAVA Group, Inc. (NYSE:CAVA) by 5.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 3,461 shares of the company’s stock after acquiring an additional 174 shares during the period. CIBC Asset Management Inc’s holdings in CAVA Group were worth $390,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Allworth Financial LP grew its stake in CAVA Group by 369.2% in the fourth quarter. Allworth Financial LP now owns 244 shares of the company’s stock worth $30,000 after purchasing an additional 192 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of CAVA Group in the 4th quarter worth approximately $47,000. GAMMA Investing LLC increased its holdings in shares of CAVA Group by 37.0% in the 4th quarter. GAMMA Investing LLC now owns 422 shares of the company’s stock valued at $48,000 after acquiring an additional 114 shares during the last quarter. R Squared Ltd acquired a new stake in shares of CAVA Group during the 4th quarter valued at approximately $49,000. Finally, Principal Securities Inc. lifted its stake in CAVA Group by 263.3% during the fourth quarter. Principal Securities Inc. now owns 436 shares of the company’s stock worth $49,000 after purchasing an additional 316 shares during the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

Insiders Place Their Bets

In other CAVA Group news, Director Ronald M. Shaich sold 622,549 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $149.40, for a total transaction of $93,008,820.60. Following the completion of the sale, the director now directly owns 6,307 shares in the company, valued at $942,265.80. This represents a 99.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Adam David Phillips sold 615 shares of CAVA Group stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $124.39, for a total value of $76,499.85. Following the completion of the transaction, the chief accounting officer now owns 10,884 shares in the company, valued at $1,353,860.76. The trade was a 5.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 651,784 shares of company stock valued at $96,522,922 over the last quarter. Insiders own 12.10% of the company’s stock.

CAVA Group Trading Down 8.9 %

CAVA stock opened at $108.05 on Monday. The firm has a market cap of $12.38 billion, a PE ratio of 234.89 and a beta of 3.25. CAVA Group, Inc. has a 1 year low of $48.55 and a 1 year high of $172.43. The company has a fifty day simple moving average of $123.05 and a 200 day simple moving average of $125.76.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Sanford C. Bernstein initiated coverage on shares of CAVA Group in a research note on Wednesday, November 20th. They set a “market perform” rating and a $145.00 target price for the company. Robert W. Baird boosted their price objective on shares of CAVA Group from $125.00 to $148.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Morgan Stanley raised their target price on shares of CAVA Group from $123.00 to $135.00 and gave the stock an “equal weight” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. upped their target price on CAVA Group from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Finally, TD Cowen raised their price target on CAVA Group from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.60.

CAVA Group Profile

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.