Norges Bank Purchases New Shares in CAVA Group, Inc. (NYSE:CAVA)

Norges Bank purchased a new position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 572,145 shares of the company's stock, valued at approximately $64,538,000. Norges Bank owned 0.50% of CAVA Group at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CAVA. Conway Capital Management Inc. acquired a new stake in shares of CAVA Group in the third quarter valued at about $5,524,000. Charles Schwab Investment Management Inc. raised its stake in shares of CAVA Group by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 527,868 shares of the company's stock valued at $59,544,000 after purchasing an additional 11,776 shares during the period. Entropy Technologies LP acquired a new position in shares of CAVA Group during the fourth quarter worth $2,097,000. Empowered Funds LLC purchased a new position in shares of CAVA Group in the fourth quarter valued at $5,007,000. Finally, Legacy Capital Wealth Partners LLC grew its holdings in CAVA Group by 71.9% during the 4th quarter. Legacy Capital Wealth Partners LLC now owns 13,658 shares of the company's stock valued at $1,541,000 after purchasing an additional 5,712 shares in the last quarter. 73.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CAVA has been the subject of several recent analyst reports. TD Securities lowered their target price on CAVA Group from $150.00 to $130.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Piper Sandler upgraded CAVA Group from a "neutral" rating to an "overweight" rating and lowered their price objective for the company from $142.00 to $115.00 in a research note on Friday, February 28th. Robert W. Baird set a $105.00 target price on CAVA Group and gave the company an "outperform" rating in a research report on Monday. William Blair reissued an "outperform" rating on shares of CAVA Group in a research report on Wednesday, February 26th. Finally, Citigroup cut their price target on shares of CAVA Group from $163.00 to $140.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, CAVA Group presently has an average rating of "Moderate Buy" and an average price target of $127.56.

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Insider Activity at CAVA Group

In other news, insider Theodoros Xenohristos sold 851 shares of CAVA Group stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $119.18, for a total value of $101,422.18. Following the transaction, the insider now owns 358,995 shares of the company's stock, valued at $42,785,024.10. The trade was a 0.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Adam David Phillips sold 615 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $124.39, for a total transaction of $76,499.85. Following the sale, the chief accounting officer now directly owns 10,884 shares of the company's stock, valued at approximately $1,353,860.76. This represents a 5.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,235 shares of company stock worth $3,514,101 in the last three months. 12.10% of the stock is owned by company insiders.

CAVA Group Stock Performance

Shares of CAVA Group stock traded down $0.87 during trading on Tuesday, hitting $78.44. 3,264,766 shares of the stock were exchanged, compared to its average volume of 3,092,978. CAVA Group, Inc. has a 12 month low of $58.22 and a 12 month high of $172.43. The stock's fifty day moving average is $101.31 and its 200 day moving average is $119.61. The stock has a market cap of $9.07 billion, a PE ratio of 170.51 and a beta of 3.33.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its earnings results on Tuesday, February 25th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $227.40 million during the quarter, compared to the consensus estimate of $223.34 million. CAVA Group had a return on equity of 9.10% and a net margin of 5.88%. Sell-side analysts anticipate that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

CAVA Group Company Profile

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.