Eagle Asset Management Inc. Trims Stock Position in Shake Shack Inc. (NYSE:SHAK)

Eagle Asset Management Inc. cut its holdings in shares of Shake Shack Inc. (NYSE:SHAK) by 7.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 168,852 shares of the company’s stock after selling 12,873 shares during the quarter. Eagle Asset Management Inc.’s holdings in Shake Shack were worth $17,427,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SHAK. Quest Partners LLC purchased a new position in Shake Shack during the second quarter worth about $38,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Shake Shack in the 3rd quarter worth about $41,000. Kimelman & Baird LLC purchased a new position in shares of Shake Shack in the 2nd quarter worth about $45,000. Covestor Ltd raised its holdings in shares of Shake Shack by 41.6% in the 3rd quarter. Covestor Ltd now owns 698 shares of the company’s stock worth $72,000 after purchasing an additional 205 shares during the period. Finally, CWM LLC raised its holdings in shares of Shake Shack by 24.7% in the 2nd quarter. CWM LLC now owns 1,046 shares of the company’s stock worth $94,000 after purchasing an additional 207 shares during the period. 86.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Shake Shack news, CFO Katherine Irene Fogertey sold 321 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $103.93, for a total value of $33,361.53. Following the sale, the chief financial officer now directly owns 36,180 shares of the company’s stock, valued at $3,760,187.40. This trade represents a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Daniel Harris Meyer sold 10,000 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $110.08, for a total value of $1,100,800.00. Following the completion of the sale, the director now directly owns 460,337 shares in the company, valued at $50,673,896.96. This represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 63,433 shares of company stock worth $7,654,856 over the last ninety days. 9.73% of the stock is owned by insiders.

Shake Shack Price Performance

Shares of NYSE SHAK opened at $122.97 on Friday. Shake Shack Inc. has a fifty-two week low of $59.92 and a fifty-two week high of $134.90. The business has a 50 day moving average price of $113.33 and a two-hundred day moving average price of $101.25. The company has a quick ratio of 1.98, a current ratio of 2.01 and a debt-to-equity ratio of 0.51. The firm has a market cap of $5.22 billion, a PE ratio of 723.35, a price-to-earnings-growth ratio of 2.78 and a beta of 1.81.

Shake Shack (NYSE:SHAK) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.05. The firm had revenue of $316.92 million during the quarter, compared to analyst estimates of $316.03 million. Shake Shack had a return on equity of 6.28% and a net margin of 0.68%. Shake Shack’s quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.17 EPS. Sell-side analysts expect that Shake Shack Inc. will post 0.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SHAK. Piper Sandler downgraded Shake Shack from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $121.00 to $114.00 in a report on Monday, August 19th. Barclays raised their price objective on Shake Shack from $115.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. TD Cowen restated a “buy” rating and issued a $125.00 price objective on shares of Shake Shack in a report on Wednesday, September 18th. Truist Financial increased their target price on Shake Shack from $127.00 to $144.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Oppenheimer increased their target price on Shake Shack from $122.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Shake Shack has a consensus rating of “Hold” and an average price target of $112.94.

About Shake Shack

Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, chicken, hot dogs, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. The company was founded in 2001 and is headquartered in New York, New York.