Franklin Resources Inc. Sells 91,798 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Franklin Resources Inc. trimmed its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 8.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,023,176 shares of the company's stock after selling 91,798 shares during the quarter. Franklin Resources Inc. owned 1.69% of First Watch Restaurant Group worth $19,041,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Clearbridge Investments LLC bought a new position in First Watch Restaurant Group during the fourth quarter worth about $12,732,000. Vanguard Group Inc. lifted its holdings in shares of First Watch Restaurant Group by 25.6% during the 4th quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock valued at $43,764,000 after purchasing an additional 479,741 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of First Watch Restaurant Group by 22.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company's stock valued at $30,988,000 after purchasing an additional 366,227 shares during the period. Point72 Asset Management L.P. bought a new stake in First Watch Restaurant Group during the 3rd quarter worth approximately $4,719,000. Finally, WCM Investment Management LLC raised its holdings in First Watch Restaurant Group by 44.2% during the 4th quarter. WCM Investment Management LLC now owns 947,240 shares of the company's stock worth $17,552,000 after buying an additional 290,173 shares during the period. Institutional investors and hedge funds own 96.11% of the company's stock.

Insiders Place Their Bets

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 42,039 shares of First Watch Restaurant Group stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $706,675.59. Following the completion of the transaction, the chief executive officer now directly owns 389,832 shares of the company's stock, valued at $6,553,075.92. The trade was a 9.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $96,539.83. Following the completion of the transaction, the insider now directly owns 37,768 shares in the company, valued at $634,880.08. The trade was a 13.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 5.00% of the company's stock.

First Watch Restaurant Group Stock Up 0.5 %

Shares of NASDAQ FWRG traded up $0.09 during trading hours on Friday, hitting $17.54. The company had a trading volume of 558,258 shares, compared to its average volume of 663,325. The stock has a market capitalization of $1.06 billion, a P/E ratio of 53.15, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $25.98. The firm's 50 day moving average is $18.59 and its 200-day moving average is $18.29. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.02 by ($0.01). The firm had revenue of $263.30 million during the quarter, compared to analyst estimates of $262.82 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business's revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.04 EPS. On average, analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Barclays reiterated an "overweight" rating and issued a $21.00 price target (down previously from $24.00) on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. TD Cowen raised shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 target price for the company in a research note on Tuesday, April 1st. TD Securities raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and lifted their price target for the company from $21.00 to $22.00 in a research note on Tuesday, April 1st. Benchmark reaffirmed a "buy" rating on shares of First Watch Restaurant Group in a research report on Wednesday, March 12th. Finally, Bank of America increased their price objective on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, March 12th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $22.45.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.