Jennison Associates LLC Purchases 28,661 Shares of Shake Shack Inc. (NYSE:SHAK)

Jennison Associates LLC raised its position in shares of Shake Shack Inc. (NYSE:SHAK) by 10.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 294,111 shares of the company’s stock after acquiring an additional 28,661 shares during the period. Jennison Associates LLC’s holdings in Shake Shack were worth $30,355,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new stake in Shake Shack in the 1st quarter valued at approximately $25,000. Russell Investments Group Ltd. grew its stake in shares of Shake Shack by 61,625.0% in the first quarter. Russell Investments Group Ltd. now owns 2,469 shares of the company’s stock worth $257,000 after acquiring an additional 2,465 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in Shake Shack by 20.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 12,997 shares of the company’s stock worth $1,352,000 after acquiring an additional 2,210 shares during the period. Edgestream Partners L.P. acquired a new position in Shake Shack during the 1st quarter valued at $452,000. Finally, Covestor Ltd boosted its holdings in Shake Shack by 32,150.0% in the 1st quarter. Covestor Ltd now owns 645 shares of the company’s stock valued at $67,000 after purchasing an additional 643 shares during the period. 86.07% of the stock is owned by institutional investors and hedge funds.

Shake Shack Stock Up 2.7 %

NYSE SHAK opened at $122.45 on Friday. The stock’s 50 day simple moving average is $112.92 and its 200 day simple moving average is $101.11. Shake Shack Inc. has a one year low of $59.92 and a one year high of $134.90. The firm has a market cap of $5.20 billion, a PE ratio of 720.29, a price-to-earnings-growth ratio of 2.71 and a beta of 1.81. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.01 and a quick ratio of 1.98.

Shake Shack (NYSE:SHAK) last announced its earnings results on Wednesday, October 30th. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.20 by $0.05. Shake Shack had a return on equity of 6.28% and a net margin of 0.68%. The company had revenue of $316.92 million for the quarter, compared to analysts’ expectations of $316.03 million. During the same quarter in the prior year, the business earned $0.17 earnings per share. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. As a group, sell-side analysts forecast that Shake Shack Inc. will post 0.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Oppenheimer upped their price objective on shares of Shake Shack from $122.00 to $135.00 and gave the company an “outperform” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $102.00 price objective (down previously from $105.00) on shares of Shake Shack in a research report on Tuesday, September 24th. Wedbush reissued a “neutral” rating and set a $90.00 price objective on shares of Shake Shack in a report on Thursday, August 1st. The Goldman Sachs Group upped their target price on Shake Shack from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, Bank of America lifted their price target on shares of Shake Shack from $104.00 to $116.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $112.94.

Insider Buying and Selling at Shake Shack

In other news, Director Daniel Harris Meyer sold 30,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $121.79, for a total transaction of $3,653,700.00. Following the sale, the director now directly owns 407,646 shares of the company’s stock, valued at $49,647,206.34. This represents a 6.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Katherine Irene Fogertey sold 321 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $103.93, for a total transaction of $33,361.53. Following the completion of the transaction, the chief financial officer now owns 36,180 shares of the company’s stock, valued at $3,760,187.40. This trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,433 shares of company stock worth $7,654,856. 9.73% of the stock is currently owned by corporate insiders.

Shake Shack Company Profile

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.