Franklin Resources Inc. Increases Stock Position in Sweetgreen, Inc. (NYSE:SG)

Franklin Resources Inc. lifted its holdings in shares of Sweetgreen, Inc. (NYSE:SG - Free Report) by 1,399.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,074 shares of the company's stock after purchasing an additional 103,664 shares during the period. Franklin Resources Inc. owned 0.10% of Sweetgreen worth $4,365,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Hollencrest Capital Management acquired a new position in shares of Sweetgreen during the third quarter worth approximately $35,000. Quest Partners LLC acquired a new position in Sweetgreen during the second quarter worth $76,000. KBC Group NV raised its holdings in Sweetgreen by 29.1% during the third quarter. KBC Group NV now owns 3,127 shares of the company's stock worth $111,000 after buying an additional 704 shares during the last quarter. Daiwa Securities Group Inc. acquired a new position in shares of Sweetgreen during the third quarter valued at about $155,000. Finally, Canton Hathaway LLC bought a new stake in shares of Sweetgreen during the third quarter worth about $177,000. 95.75% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Sweetgreen

In related news, insider Nicolas Jammet sold 14,551 shares of Sweetgreen stock in a transaction on Monday, November 25th. The shares were sold at an average price of $45.00, for a total value of $654,795.00. Following the sale, the insider now owns 1,930,233 shares in the company, valued at $86,860,485. The trade was a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jonathan Neman sold 1,010 shares of Sweetgreen stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $40.01, for a total transaction of $40,410.10. Following the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at $77,228,422.28. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 640,838 shares of company stock worth $24,800,733 over the last ninety days. Insiders own 21.52% of the company's stock.

Wall Street Analyst Weigh In

SG has been the topic of a number of recent analyst reports. TD Cowen reissued a "buy" rating and set a $45.00 price target on shares of Sweetgreen in a research report on Monday, November 18th. The Goldman Sachs Group reissued a "neutral" rating and set a $40.00 target price on shares of Sweetgreen in a research report on Friday, November 8th. UBS Group upped their target price on Sweetgreen from $37.00 to $45.00 and gave the company a "buy" rating in a report on Friday, November 8th. Oppenheimer lifted their price target on Sweetgreen from $40.00 to $45.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Finally, KeyCorp began coverage on Sweetgreen in a research note on Wednesday, December 11th. They issued a "sector weight" rating for the company. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $39.80.

Sweetgreen Stock Performance

SG traded up $0.18 on Tuesday, reaching $33.31. The company had a trading volume of 839,567 shares, compared to its average volume of 2,848,624. Sweetgreen, Inc. has a 52-week low of $9.66 and a 52-week high of $45.12. The company has a market cap of $3.85 billion, a price-to-earnings ratio of -42.70 and a beta of 2.32. The business has a 50 day simple moving average of $38.04 and a 200 day simple moving average of $33.53.

Sweetgreen Company 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.