Pier Capital LLC Has $7.25 Million Stock Position in Sweetgreen, Inc. (NYSE:SG)

Pier Capital LLC trimmed its stake in Sweetgreen, Inc. (NYSE:SG - Free Report) by 22.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 226,231 shares of the company's stock after selling 67,102 shares during the quarter. Pier Capital LLC owned approximately 0.20% of Sweetgreen worth $7,253,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Sweetgreen by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company's stock worth $306,009,000 after acquiring an additional 351,240 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Sweetgreen by 7.5% during the third quarter. Wellington Management Group LLP now owns 3,407,163 shares of the company's stock worth $120,784,000 after acquiring an additional 236,874 shares during the period. Lord Abbett & CO. LLC increased its stake in shares of Sweetgreen by 13.3% during 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 period. State Street Corp lifted its holdings in Sweetgreen by 3.2% during the 3rd 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. Finally, Geode Capital Management LLC boosted its stake in Sweetgreen by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company's stock valued at $79,757,000 after purchasing an additional 116,243 shares during the period. Institutional investors and hedge funds own 95.75% of the company's stock.

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Sweetgreen Stock Down 3.6 %

Shares of SG stock traded down $0.95 during trading hours on Friday, reaching $25.58. The company's stock had a trading volume of 3,078,849 shares, compared to its average volume of 3,152,761. Sweetgreen, Inc. has a fifty-two week low of $18.77 and a fifty-two week high of $45.12. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of -32.79 and a beta of 2.44. The firm's 50 day simple moving average is $26.62 and its 200-day simple moving average is $32.91.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SG shares. The Goldman Sachs Group dropped their target price on Sweetgreen from $37.00 to $32.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Citigroup decreased their target price on shares of Sweetgreen from $43.00 to $39.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. UBS Group dropped their price target on shares of Sweetgreen from $45.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Oppenheimer reduced their price target on Sweetgreen from $41.00 to $35.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Finally, KeyCorp started coverage on Sweetgreen in a report on Wednesday, December 11th. They issued a "sector weight" rating for the company. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.27.

Insider Activity at Sweetgreen

In other Sweetgreen news, CFO Mitch Reback sold 10,926 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $26.43, for a total value of $288,774.18. Following the sale, the chief financial officer now owns 344,055 shares in the company, valued at $9,093,373.65. This trade represents a 3.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jonathan Neman sold 5,717 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $23.80, for a total transaction of $136,064.60. Following the sale, the chief executive officer now directly owns 1,810,263 shares in the company, valued at approximately $43,084,259.40. The trade was a 0.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,852 shares of company stock valued at $1,052,177 over the last ninety days. 21.52% of the stock is owned by corporate insiders.

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.