Durable Capital Partners LP Has $112.05 Million Stock Position in Sweetgreen, Inc. (NYSE:SG)

Durable Capital Partners LP lowered its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 12.7% during the fourth quarter, Holdings Channel reports. The fund owned 3,494,933 shares of the company’s stock after selling 509,973 shares during the period. Durable Capital Partners LP’s holdings in Sweetgreen were worth $112,048,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Sweetgreen by 3.4% during the fourth quarter. FMR LLC now owns 10,103,969 shares of the company’s stock valued at $323,933,000 after purchasing an additional 329,789 shares during the last quarter. Vanguard Group Inc. boosted its position in Sweetgreen by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company’s stock valued at $306,009,000 after buying an additional 351,240 shares during the last quarter. Invesco Ltd. boosted its position in 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 buying an additional 1,601,666 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Sweetgreen by 30.1% during the fourth quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company’s stock worth $142,106,000 after acquiring an additional 1,025,341 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Sweetgreen by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 2,281,671 shares of the company’s stock valued at $73,167,000 after acquiring an additional 32,262 shares during the period. Institutional investors and hedge funds own 95.75% of the company’s stock.

Sweetgreen Price Performance

NYSE:SG opened at $17.88 on Wednesday. The business’s 50-day simple moving average is $22.02 and its 200-day simple moving average is $29.86. Sweetgreen, Inc. has a fifty-two week low of $16.29 and a fifty-two week high of $45.12. The stock has a market capitalization of $2.10 billion, a PE ratio of -22.92 and a beta of 2.31.

Insider Buying and Selling at Sweetgreen

In related news, CFO Mitch Reback sold 10,926 shares of Sweetgreen stock in a transaction that occurred on Tuesday, February 18th. The stock was 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 of the company’s stock, valued at approximately $9,093,373.65. This trade represents a 3.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Nathaniel Ru sold 2,123 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $23.80, for a total value of $50,527.40. Following the transaction, the director now directly owns 1,785,099 shares of the company’s stock, valued at approximately $42,485,356.20. This trade represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,852 shares of company stock valued at $871,417. 21.52% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently commented on the company. Morgan Stanley set a $24.00 price objective on Sweetgreen in a research report on Monday, April 14th. UBS Group lowered their price target on shares of Sweetgreen from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Monday. Oppenheimer cut their price objective on shares of Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $25.00 target price (down previously from $32.00) on shares of Sweetgreen in a report on Tuesday. Finally, 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. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.36.

Sweetgreen 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.