Sweetgreen, Inc. (NYSE:SG) is Spyglass Capital Management LLC’s 6th Largest Position

Spyglass Capital Management LLC cut its position in Sweetgreen, Inc. (NYSE:SG) by 18.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,050,611 shares of the company’s stock after selling 459,004 shares during the quarter. Sweetgreen accounts for 4.8% of Spyglass Capital Management LLC’s portfolio, making the stock its 6th largest position. Spyglass Capital Management LLC owned 1.80% of Sweetgreen worth $72,694,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SG. Hollencrest Capital Management bought a new position in Sweetgreen during the 3rd quarter valued at $35,000. Quest Partners LLC bought a new position in Sweetgreen during the 2nd quarter valued at $76,000. KBC Group NV boosted its stake in Sweetgreen by 29.1% during the 3rd quarter. KBC Group NV now owns 3,127 shares of the company’s stock valued at $111,000 after acquiring an additional 704 shares during the last quarter. Daiwa Securities Group Inc. bought a new position in Sweetgreen during the 3rd quarter valued at $155,000. Finally, Canton Hathaway LLC bought a new position in Sweetgreen during the 3rd quarter valued at $177,000. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

Sweetgreen Stock Down 1.9 %

SG stock opened at $42.43 on Friday. The firm’s 50-day simple moving average is $37.49 and its 200 day simple moving average is $32.80. Sweetgreen, Inc. has a fifty-two week low of $9.31 and a fifty-two week high of $45.12.

Analysts Set New Price Targets

A number of research analysts have commented on SG shares. The Goldman Sachs Group reiterated a “neutral” rating and set a $40.00 price objective on shares of Sweetgreen in a research note on Friday, November 8th. Piper Sandler reissued a “neutral” rating and set a $39.00 target price (up from $33.00) on shares of Sweetgreen in a report on Monday, August 19th. Morgan Stanley increased their target price on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Oppenheimer increased their target price on shares of Sweetgreen from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Bank of America increased their target price on shares of Sweetgreen from $39.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $39.80.

Insider Buying and Selling at Sweetgreen

In other news, CEO Jonathan Neman sold 14,745 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $45.00, for a total transaction of $663,525.00. Following the completion of the transaction, the chief executive officer now owns 1,930,228 shares in the company, valued at approximately $86,860,260. This trade represents a 0.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Nathaniel Ru sold 9,250 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $28.74, for a total transaction of $265,845.00. Following the transaction, the insider now owns 1,952,129 shares of the company’s stock, valued at approximately $56,104,187.46. This trade represents a 0.47 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 197,892 shares of company stock valued at $7,499,763. Company insiders own 21.52% 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.