Oppenheimer Asset Management Inc. Raises Position in CAVA Group, Inc. $CAVA

Oppenheimer Asset Management Inc. increased its holdings in CAVA Group, Inc. (NYSE:CAVA) by 329.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,373 shares of the company’s stock after purchasing an additional 14,093 shares during the period. Oppenheimer Asset Management Inc.’s holdings in CAVA Group were worth $1,548,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CAVA. Vanguard Group Inc. boosted its stake in CAVA Group by 13.2% in the 1st quarter. Vanguard Group Inc. now owns 9,065,782 shares of the company’s stock worth $783,374,000 after buying an additional 1,054,180 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of CAVA Group by 246.1% during the 1st quarter. Jennison Associates LLC now owns 8,519,459 shares of the company’s stock worth $736,166,000 after acquiring an additional 6,057,727 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of CAVA Group by 114.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company’s stock worth $206,915,000 after acquiring an additional 1,277,912 shares during the last quarter. Alliancebernstein L.P. grew its holdings in CAVA Group by 2,072.1% in the first quarter. Alliancebernstein L.P. now owns 852,691 shares of the company’s stock valued at $73,681,000 after purchasing an additional 813,434 shares during the period. Finally, Nuveen LLC purchased a new stake in CAVA Group in the first quarter valued at approximately $72,800,000. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CAVA shares. Morgan Stanley cut their price target on shares of CAVA Group from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 21st. TD Cowen cut their target price on CAVA Group from $120.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, August 13th. Piper Sandler reduced their target price on CAVA Group from $122.00 to $100.00 and set an “overweight” rating on the stock in a report on Wednesday, August 13th. UBS Group lowered their price target on CAVA Group from $96.00 to $75.00 and set a “neutral” rating for the company in a research report on Wednesday, August 13th. Finally, Cfra Research upgraded CAVA Group to a “strong-buy” rating in a report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, CAVA Group presently has an average rating of “Moderate Buy” and an average price target of $92.30.

CAVA Group Price Performance

Shares of NYSE CAVA opened at $53.73 on Friday. CAVA Group, Inc. has a 1-year low of $53.32 and a 1-year high of $172.43. The company has a market capitalization of $6.23 billion, a price-to-earnings ratio of 45.15, a PEG ratio of 3.48 and a beta of 2.50. The business has a 50-day moving average of $63.93 and a 200-day moving average of $77.48.

CAVA Group (NYSE:CAVA) last released its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. CAVA Group had a return on equity of 9.83% and a net margin of 12.98%.The firm had revenue of $280.62 million for the quarter, compared to analyst estimates of $285.65 million. During the same period in the previous year, the company posted $0.17 EPS. CAVA Group’s revenue for the quarter was up 20.2% on a year-over-year basis. Research analysts expect that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

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.