Lord Abbett & CO. LLC Sells 72,185 Shares of Sweetgreen, Inc. (NYSE:SG)

Lord Abbett & CO. LLC decreased its holdings in Sweetgreen, Inc. (NYSE:SG - Free Report) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,241,811 shares of the company's stock after selling 72,185 shares during the quarter. Lord Abbett & CO. LLC owned approximately 1.94% of Sweetgreen worth $71,872,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Stifel Financial Corp acquired a new stake in shares of Sweetgreen in the 3rd quarter valued at approximately $287,000. Tidal Investments LLC lifted its stake in Sweetgreen by 848.2% in the 3rd quarter. Tidal Investments LLC now owns 270,141 shares of the company's stock valued at $9,576,000 after acquiring an additional 241,652 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Sweetgreen by 1,399.0% during the third quarter. Franklin Resources Inc. now owns 111,074 shares of the company's stock worth $4,365,000 after purchasing an additional 103,664 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Sweetgreen by 37.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 671,045 shares of the company's stock worth $23,789,000 after buying an additional 181,805 shares during the last quarter. Finally, Oliver Luxxe Assets LLC grew its stake in Sweetgreen by 3.9% in the fourth quarter. Oliver Luxxe Assets LLC now owns 57,841 shares of the company's stock valued at $1,854,000 after purchasing an additional 2,196 shares in the last quarter. Institutional investors and hedge funds own 95.75% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SG. Morgan Stanley set a $24.00 price objective on Sweetgreen in a research note on Monday, April 14th. UBS Group cut their price target on Sweetgreen from $45.00 to $35.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Royal Bank of Canada reissued an "outperform" rating and issued a $45.00 target price on shares of Sweetgreen in a report on Tuesday, February 25th. TD Securities decreased their price target on Sweetgreen from $45.00 to $33.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group lowered their price objective on shares of Sweetgreen from $37.00 to $32.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Sweetgreen has a consensus rating of "Moderate Buy" and an average price target of $35.91.

Insider Buying and Selling

In other news, CFO Mitch Reback sold 4,000 shares of the stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $21.07, for a total value of $84,280.00. Following the completion of the transaction, the chief financial officer now owns 344,509 shares of the company's stock, valued at approximately $7,258,804.63. This represents a 1.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Rossann Williams sold 4,977 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $23.80, for a total value of $118,452.60. Following the completion of the sale, the chief operating officer now owns 95,516 shares in the company, valued at $2,273,280.80. The trade was a 4.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,852 shares of company stock worth $871,417 in the last ninety days. 21.52% of the stock is owned by insiders.

Sweetgreen Stock Up 0.1 %

Shares of Sweetgreen stock traded up $0.02 during trading on Monday, hitting $19.27. 3,418,255 shares of the stock traded hands, compared to its average volume of 3,349,122. Sweetgreen, Inc. has a 52 week low of $16.29 and a 52 week high of $45.12. The firm's fifty day moving average is $22.51 and its 200-day moving average is $30.68. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of -24.70 and a beta of 2.28.

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.