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

Sweetgreen (NYSE:SG) had its price target reduced by Piper Sandler from $39.00 to $27.00 in a research report report published on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also weighed in on SG. The Goldman Sachs Group lowered their target price on Sweetgreen from $37.00 to $32.00 and set a “neutral” rating for the company in a research note on Thursday. Royal Bank of Canada restated an “outperform” rating and issued a $45.00 price objective on shares of Sweetgreen in a research report on Tuesday. Morgan Stanley dropped their target price on shares of Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 21st. TD Cowen reissued a “buy” rating and set a $45.00 price target on shares of Sweetgreen in a research note on Monday, November 18th. Finally, UBS Group boosted their price objective on shares of Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Sweetgreen has a consensus rating of “Moderate Buy” and a consensus price target of $36.27.

Sweetgreen Price Performance

SG stock opened at $23.23 on Thursday. The business has a fifty day moving average price of $30.24 and a 200 day moving average price of $34.17. Sweetgreen has a fifty-two week low of $11.84 and a fifty-two week high of $45.12. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of -29.78 and a beta of 2.37.

Insider Activity

In other news, CFO Mitch Reback sold 10,926 shares of the company’s 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 of the company’s stock, valued at $9,093,373.65. This represents a 3.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nicolas Jammet sold 170,199 shares of Sweetgreen stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $37.73, for a total transaction of $6,421,608.27. Following the transaction, the insider now directly owns 1,760,034 shares in the company, valued at $66,406,082.82. The trade was a 8.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 516,817 shares of company stock valued at $19,677,637 in the last 90 days. 21.52% of the stock is owned by company insiders.

Institutional Trading of Sweetgreen

A number of large investors have recently made changes to their positions in the company. Summit Investment Advisors Inc. lifted its holdings in Sweetgreen by 4.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,479 shares of the company’s stock worth $336,000 after acquiring an additional 473 shares in the last quarter. Cypress Wealth Services LLC increased its holdings in shares of Sweetgreen by 6.1% in the fourth quarter. Cypress Wealth Services LLC now owns 8,423 shares of the company’s stock worth $270,000 after acquiring an additional 483 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Sweetgreen by 45.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock worth $50,000 after purchasing an additional 494 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Sweetgreen by 2.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 27,913 shares of the company’s stock valued at $990,000 after purchasing an additional 537 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its position in shares of Sweetgreen by 1.2% in the 4th quarter. Hillsdale Investment Management Inc. now owns 50,164 shares of the company’s stock valued at $1,608,000 after purchasing an additional 600 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.