Morgan Stanley Increases CAVA Group (NYSE:CAVA) Price Target to $68.00

CAVA Group (NYSE:CAVA) had its price objective lifted by Morgan Stanley from $62.00 to $68.00 in a research report report published on Friday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other analysts have also recently commented on the company. Piper Sandler lifted their price target on CAVA Group from $46.00 to $63.00 and gave the stock an overweight rating in a research report on Wednesday, February 28th. Argus raised CAVA Group from a hold rating to a buy rating and set a $70.00 price target for the company in a research report on Wednesday, April 10th. William Blair reaffirmed an outperform rating on shares of CAVA Group in a research report on Tuesday, February 27th. JPMorgan Chase & Co. lifted their price objective on CAVA Group from $50.00 to $64.00 and gave the company an overweight rating in a research note on Tuesday, March 19th. Finally, Wedbush reiterated an outperform rating and set a $65.00 price objective (up previously from $59.00) on shares of CAVA Group in a research note on Tuesday, February 27th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, CAVA Group currently has an average rating of Moderate Buy and a consensus price target of $59.67.

CAVA Group Price Performance

CAVA Group stock opened at $61.72 on Friday. CAVA Group has a 1-year low of $29.05 and a 1-year high of $71.60. The business has a fifty day moving average price of $60.49 and a 200-day moving average price of $45.72.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings data on Monday, February 26th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $175.50 million during the quarter, compared to analysts’ expectations of $240.03 million. CAVA Group had a return on equity of 4.28% and a net margin of 1.82%. The company’s revenue was up 52.6% compared to the same quarter last year. Research analysts anticipate that CAVA Group will post 0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other CAVA Group news, Director International S.C.A. Artal sold 2,000,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $66.25, for a total transaction of $132,500,000.00. Following the completion of the sale, the director now directly owns 26,507,990 shares in the company, valued at approximately $1,756,154,337.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, major shareholder Ronald M. Shaich sold 1,500,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $57.20, for a total transaction of $85,800,000.00. Following the transaction, the insider now directly owns 4,457,634 shares in the company, valued at approximately $254,976,664.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director International S.C.A. Artal sold 2,000,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $66.25, for a total value of $132,500,000.00. Following the transaction, the director now owns 26,507,990 shares in the company, valued at $1,756,154,337.50. The disclosure for this sale can be found here. In the last three months, insiders sold 3,547,239 shares of company stock worth $221,525,951.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CAVA. Capital Research Global Investors grew its position in CAVA Group by 249.5% in the fourth quarter. Capital Research Global Investors now owns 4,369,281 shares of the company’s stock worth $187,792,000 after acquiring an additional 3,119,281 shares during the period. 1832 Asset Management L.P. grew its position in CAVA Group by 79.5% in the fourth quarter. 1832 Asset Management L.P. now owns 2,248,400 shares of the company’s stock worth $96,636,000 after acquiring an additional 995,800 shares during the period. Vanguard Group Inc. grew its position in CAVA Group by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 1,566,196 shares of the company’s stock worth $67,315,000 after acquiring an additional 105,372 shares during the period. Jennison Associates LLC boosted its position in shares of CAVA Group by 24.7% during the fourth quarter. Jennison Associates LLC now owns 1,222,240 shares of the company’s stock worth $52,532,000 after buying an additional 242,376 shares during the period. Finally, FMR LLC boosted its position in shares of CAVA Group by 92.1% during the third quarter. FMR LLC now owns 1,138,113 shares of the company’s stock worth $34,860,000 after buying an additional 545,799 shares during the period. 73.15% of the stock is currently owned by institutional investors and hedge funds.

About CAVA Group

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.