Raymond James Financial Services Advisors Inc. lifted its position in shares of Shake Shack Inc. (NYSE:SHAK – Get Rating) by 95.9% in the 1st quarter, Holdings Channel reports. The institutional investor owned 34,823 shares of the company's stock after purchasing an additional 17,049 shares during the quarter. Raymond James Financial Services Advisors Inc.'s holdings in Shake Shack were worth $2,364,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of SHAK. Northwestern Mutual Wealth Management Co. boosted its position in shares of Shake Shack by 122.8% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 439 shares of the company's stock worth $30,000 after buying an additional 242 shares during the period. HM Payson & Co. bought a new stake in Shake Shack during the fourth quarter worth about $37,000. Pinebridge Investments L.P. bought a new stake in Shake Shack during the fourth quarter worth about $43,000. Parkside Investments LLC bought a new stake in Shake Shack during the first quarter worth about $47,000. Finally, CWM LLC raised its holdings in Shake Shack by 52.2% during the first quarter. CWM LLC now owns 892 shares of the company's stock worth $61,000 after acquiring an additional 306 shares in the last quarter. 92.15% of the stock is owned by institutional investors and hedge funds.
Get Shake Shack alerts:Wall Street Analysts Forecast Growth
SHAK has been the topic of several analyst reports. Morgan Stanley upped their target price on Shake Shack from $48.00 to $52.00 and gave the stock an "equal weight" rating in a report on Monday, August 8th. Cowen dropped their target price on Shake Shack from $52.00 to $48.00 and set a "market perform" rating on the stock in a report on Friday, August 5th. Oppenheimer dropped their target price on Shake Shack from $75.00 to $69.00 and set an "outperform" rating on the stock in a report on Monday, August 8th. Gordon Haskett began coverage on Shake Shack in a report on Tuesday, July 19th. They set a "hold" rating and a $50.00 target price on the stock. Finally, Truist Financial dropped their price objective on Shake Shack from $86.00 to $67.00 and set a "buy" rating on the stock in a research note on Friday, July 1st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $66.39.
Insider Buying and Selling
In related news, Director Daniel Harris Meyer purchased 21,000 shares of Shake Shack stock in a transaction that occurred on Monday, July 11th. The shares were acquired at an average price of $39.58 per share, with a total value of $831,180.00. Following the completion of the transaction, the director now directly owns 576,364 shares of the company's stock, valued at approximately $22,812,487.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Shake Shack news, COO Zach Koff sold 5,000 shares of the firm's stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $45.00, for a total value of $225,000.00. Following the sale, the chief operating officer now owns 31,085 shares of the company's stock, valued at approximately $1,398,825. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Daniel Harris Meyer bought 21,000 shares of Shake Shack stock in a transaction on Monday, July 11th. The stock was acquired at an average cost of $39.58 per share, for a total transaction of $831,180.00. Following the acquisition, the director now owns 576,364 shares in the company, valued at approximately $22,812,487.12. The disclosure for this purchase can be found here. 9.98% of the stock is currently owned by company insiders.Shake Shack Trading Down 1.5 %
Shares of NYSE:SHAK opened at $46.46 on Tuesday. The company has a market capitalization of $1.95 billion, a P/E ratio of -77.43 and a beta of 1.60. Shake Shack Inc. has a 1 year low of $37.72 and a 1 year high of $100.85. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.89 and a quick ratio of 2.86. The business's 50 day simple moving average is $47.17 and its 200 day simple moving average is $54.27.
About Shake Shack
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Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, hot dogs, chicken, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. As of December 29, 2021, it operated 369 Shacks, including 218 domestic company-operated Shacks, 25 domestic licensed Shacks, and 126 international licensed Shacks.
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