Allspring Global Investments Holdings LLC Trims Stake in Sweetgreen, Inc. (NYSE:SG)

Allspring Global Investments Holdings LLC cut its holdings in Sweetgreen, Inc. (NYSE:SG - Free Report) by 13.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,083,339 shares of the company's stock after selling 175,145 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.94% of Sweetgreen worth $34,764,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SG. Wellington Management Group LLP raised its stake in shares of Sweetgreen by 7.5% in the third quarter. Wellington Management Group LLP now owns 3,407,163 shares of the company's stock worth $120,784,000 after purchasing an additional 236,874 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in shares of Sweetgreen by 13.3% in the third quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company's stock worth $82,032,000 after purchasing an additional 272,340 shares during the last quarter. State Street Corp raised its stake in shares of Sweetgreen by 3.2% in the third quarter. State Street Corp now owns 2,263,025 shares of the company's stock worth $80,224,000 after purchasing an additional 69,120 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Sweetgreen by 5.4% in the third quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company's stock worth $79,757,000 after purchasing an additional 116,243 shares during the last quarter. Finally, Stephens Investment Management Group LLC raised its stake in shares of Sweetgreen by 139.9% in the third quarter. Stephens Investment Management Group LLC now owns 939,335 shares of the company's stock worth $33,299,000 after purchasing an additional 547,816 shares during the last quarter. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Sweetgreen

In related news, Director Bradley E. Singer sold 42,730 shares of Sweetgreen stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $38.09, for a total transaction of $1,627,585.70. Following the transaction, the director now owns 139,052 shares in the company, valued at approximately $5,296,490.68. This trade represents a 23.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Nicolas Jammet sold 14,551 shares of Sweetgreen stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $45.00, for a total value of $654,795.00. Following the transaction, the insider now owns 1,930,233 shares in the company, valued at approximately $86,860,485. The trade was a 0.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 582,381 shares of company stock valued at $22,522,748 over the last ninety days. Insiders own 21.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SG. Oppenheimer dropped their target price on Sweetgreen from $45.00 to $41.00 and set an "outperform" rating on the stock in a report on Tuesday, January 7th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $40.00 target price on shares of Sweetgreen in a report on Friday, November 8th. KeyCorp initiated coverage on Sweetgreen in a report on Wednesday, December 11th. They set a "sector weight" rating on the stock. UBS Group raised their price objective on Sweetgreen from $37.00 to $45.00 and gave the company a "buy" rating in a report on Friday, November 8th. Finally, TD Cowen reissued a "buy" rating and issued a $45.00 price objective on shares of Sweetgreen in a report on Monday, November 18th. Four 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, Sweetgreen presently has an average rating of "Moderate Buy" and an average price target of $40.60.

Sweetgreen Stock Performance

Shares of NYSE:SG traded down $2.26 during trading on Tuesday, reaching $24.93. The stock had a trading volume of 3,213,945 shares, compared to its average volume of 2,770,148. The business has a fifty day moving average price of $32.28 and a 200-day moving average price of $34.50. The stock has a market cap of $2.88 billion, a PE ratio of -31.75 and a beta of 2.37. Sweetgreen, Inc. has a 1-year low of $10.93 and a 1-year high of $45.12.

Sweetgreen Profile

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.