Synovus Financial Corp Decreases Stock Holdings in CAVA Group, Inc. (NYSE:CAVA)

Synovus Financial Corp trimmed its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 11.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,674 shares of the company’s stock after selling 1,089 shares during the period. Synovus Financial Corp’s holdings in CAVA Group were worth $1,074,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Nwam LLC grew its position in shares of CAVA Group by 2.6% in the third quarter. Nwam LLC now owns 3,368 shares of the company’s stock valued at $417,000 after purchasing an additional 85 shares during the last quarter. CIBC Asset Management Inc grew its holdings in CAVA Group by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 3,287 shares of the company’s stock valued at $407,000 after buying an additional 110 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of CAVA Group by 6.3% in the third quarter. Farther Finance Advisors LLC now owns 1,916 shares of the company’s stock worth $237,000 after acquiring an additional 113 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of CAVA Group by 68.3% in the third quarter. GAMMA Investing LLC now owns 308 shares of the company’s stock valued at $38,000 after acquiring an additional 125 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of CAVA Group by 0.5% during the second quarter. Dimensional Fund Advisors LP now owns 39,154 shares of the company’s stock valued at $3,632,000 after acquiring an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CAVA. Wedbush raised their price target on shares of CAVA Group from $155.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Piper Sandler upped their price objective on shares of CAVA Group from $100.00 to $142.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Citigroup lifted their target price on shares of CAVA Group from $140.00 to $163.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. William Blair reiterated an “outperform” rating on shares of CAVA Group in a report on Wednesday, November 13th. Finally, TD Securities raised their price objective on CAVA Group from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Eight equities 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.80.

Insider Buying and Selling

In related news, Director Karen Kochevar sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $140.00, for a total transaction of $2,100,000.00. Following the sale, the director now directly owns 1,307 shares of the company’s stock, valued at approximately $182,980. This represents a 91.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ronald M. Shaich sold 622,549 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $149.40, for a total transaction of $93,008,820.60. Following the completion of the transaction, the director now owns 6,307 shares in the company, valued at approximately $942,265.80. The trade was a 99.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 652,549 shares of company stock valued at $97,242,271 in the last quarter. Company insiders own 12.10% of the company’s stock.

CAVA Group Stock Performance

Shares of NYSE:CAVA opened at $126.80 on Tuesday. CAVA Group, Inc. has a 1 year low of $39.05 and a 1 year high of $172.43. The stock has a 50-day simple moving average of $137.67 and a 200-day simple moving average of $113.38. The stock has a market capitalization of $14.53 billion, a P/E ratio of 275.65 and a beta of 2.93.

CAVA Group (NYSE:CAVA) last issued its earnings results on Tuesday, November 12th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.04. CAVA Group had a return on equity of 9.10% and a net margin of 5.88%. The company had revenue of $243.82 million during the quarter, compared to the consensus estimate of $233.05 million. During the same quarter in the prior year, the business earned $0.06 earnings per share. The company’s revenue was up 38.9% compared to the same quarter last year. Analysts predict that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

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.