Sweetgreen (NYSE:SG) Price Target Increased to $40.00 by Analysts at Oppenheimer

Sweetgreen (NYSE:SG) had its price target boosted by Oppenheimer from $36.00 to $40.00 in a research note released on Thursday, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other equities research analysts have also issued reports on SG. UBS Group upped their price target on Sweetgreen from $31.00 to $37.00 and gave the company a buy rating in a research report on Friday, August 9th. Bank of America cut their price target on shares of Sweetgreen from $36.00 to $33.00 and set a buy rating for the company in a report on Wednesday, July 17th. Morgan Stanley raised their price objective on Sweetgreen from $25.00 to $27.00 and gave the stock an equal weight rating in a research report on Friday, August 9th. JPMorgan Chase & Co. upped their target price on shares of Sweetgreen from $32.00 to $37.00 and gave the company an overweight rating in a research report on Friday, June 14th. Finally, Royal Bank of Canada upped their price objective on shares of Sweetgreen from $35.00 to $45.00 and gave the stock an outperform rating in a report on Friday, June 7th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $34.00.

Sweetgreen Price Performance

Sweetgreen stock opened at $37.37 on Thursday. Sweetgreen has a 12 month low of $8.64 and a 12 month high of $37.88. The stock has a market capitalization of $4.23 billion, a PE ratio of -40.18 and a beta of 2.30. The business has a 50 day simple moving average of $28.60 and a 200-day simple moving average of $24.38.

Sweetgreen (NYSE:SG) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $184.60 million during the quarter, compared to analyst estimates of $180.79 million. Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The company’s quarterly revenue was up 21.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.20) earnings per share. On average, equities research analysts anticipate that Sweetgreen will post -0.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Sweetgreen news, CEO Jonathan Neman sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the sale, the chief executive officer now owns 2,100,000 shares in the company, valued at $64,050,000. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Adrienne Gemperle sold 6,808 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $30.95, for a total transaction of $210,707.60. Following the transaction, the insider now directly owns 118,710 shares in the company, valued at $3,674,074.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jonathan Neman sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the transaction, the chief executive officer now owns 2,100,000 shares in the company, valued at approximately $64,050,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 165,645 shares of company stock valued at $5,068,315. 21.52% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Driehaus Capital Management LLC raised its position in shares of Sweetgreen by 231.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock worth $81,028,000 after purchasing an additional 1,878,216 shares during the last quarter. Hood River Capital Management LLC purchased a new position in shares of Sweetgreen during the first quarter valued at approximately $29,105,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Sweetgreen during the 2nd quarter worth $33,449,000. Renaissance Technologies LLC acquired a new stake in shares of Sweetgreen during the second quarter worth $29,109,000. Finally, Teca Partners LP purchased a new stake in shares of Sweetgreen in the fourth quarter valued at $8,475,000. 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.