Piper Sandler Lowers Sweetgreen (NYSE:SG) Price Target to $27.00

Sweetgreen (NYSE:SG - Get Free Report) had its price objective decreased by analysts at Piper Sandler from $39.00 to $27.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Piper Sandler's price objective would suggest a potential upside of 25.35% from the stock's previous close.

Several other brokerages also recently issued reports on SG. Oppenheimer reduced their price target on shares of Sweetgreen from $45.00 to $41.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 7th. Royal Bank of Canada reiterated an "outperform" rating and set a $45.00 target price on shares of Sweetgreen in a research report on Tuesday, February 25th. UBS Group raised their price target on shares of Sweetgreen from $37.00 to $45.00 and gave the company a "buy" rating in a report on Friday, November 8th. TD Securities reduced their price objective on Sweetgreen from $45.00 to $33.00 and set a "buy" rating on the stock in a report on Thursday. Finally, Morgan Stanley decreased their price objective on Sweetgreen from $32.00 to $28.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 21st. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $36.27.

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Sweetgreen Stock Performance

Sweetgreen stock traded down $1.22 on Thursday, reaching $21.54. The company's stock had a trading volume of 6,618,185 shares, compared to its average volume of 3,612,159. The business's fifty day moving average price is $29.99 and its 200 day moving average price is $34.09. The company has a market cap of $2.49 billion, a price-to-earnings ratio of -27.62 and a beta of 2.37. Sweetgreen has a twelve month low of $16.42 and a twelve month high of $45.12.

Insiders Place Their Bets

In other Sweetgreen news, CFO Mitch Reback sold 10,926 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total value of $288,774.18. Following the completion of the sale, the chief financial officer now directly owns 344,055 shares in the company, valued at $9,093,373.65. This represents a 3.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jonathan Neman sold 41,805 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $38.61, for a total value of $1,614,091.05. Following the sale, the chief executive officer now directly owns 1,930,228 shares in the company, valued at approximately $74,526,103.08. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 516,817 shares of company stock worth $19,677,637. Company insiders own 21.52% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. FMR LLC raised its holdings in shares of Sweetgreen by 3.4% during the fourth quarter. FMR LLC now owns 10,103,969 shares of the company's stock worth $323,933,000 after acquiring an additional 329,789 shares during the period. Vanguard Group Inc. increased its holdings in 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 purchasing an additional 351,240 shares in the last quarter. Invesco Ltd. raised its stake in shares of Sweetgreen by 40.9% in the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock valued at $176,850,000 after purchasing an additional 1,601,666 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Sweetgreen by 30.1% in the fourth quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company's stock valued at $142,106,000 after purchasing an additional 1,025,341 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its position 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 buying an additional 272,340 shares during the period. Institutional investors own 95.75% of the company's stock.

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.