Sovos Brands, Inc. (NASDAQ:SOVO) Receives $23.06 Average Price Target from Analysts

Sovos Brands, Inc. (NASDAQ:SOVO) has earned a consensus recommendation of “Hold” from the seven research firms that are presently covering the company, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $23.06.

Separately, Telsey Advisory Group reiterated a “market perform” rating and issued a $23.00 price target on shares of Sovos Brands in a research report on Friday, February 23rd.

Insiders Place Their Bets

In related news, COO Kirk A. Jensen sold 2,785 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $22.26, for a total transaction of $61,994.10. Following the transaction, the chief operating officer now directly owns 323,314 shares of the company’s stock, valued at $7,196,969.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Kirk A. Jensen sold 2,785 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $22.26, for a total value of $61,994.10. Following the completion of the sale, the chief operating officer now directly owns 323,314 shares in the company, valued at $7,196,969.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd R. Lachman sold 13,255 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $22.26, for a total value of $295,056.30. Following the sale, the chief executive officer now owns 1,957,028 shares of the company’s stock, valued at approximately $43,563,443.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,019 shares of company stock worth $490,143. 8.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sovos Brands

Large investors have recently bought and sold shares of the stock. Longfellow Investment Management Co. LLC acquired a new position in shares of Sovos Brands in the 4th quarter valued at $34,000. Headlands Technologies LLC acquired a new position in Sovos Brands in the fourth quarter worth about $37,000. Tower Research Capital LLC TRC lifted its stake in Sovos Brands by 165.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,453 shares of the company’s stock worth $48,000 after purchasing an additional 1,529 shares during the period. Strs Ohio acquired a new stake in Sovos Brands during the third quarter valued at approximately $128,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Sovos Brands in the 3rd quarter valued at approximately $149,000.

Sovos Brands Stock Performance

SOVO stock opened at $22.98 on Friday. The company has a 50-day simple moving average of $22.77 and a 200 day simple moving average of $22.28. The company has a market capitalization of $2.34 billion, a P/E ratio of 79.24, a PEG ratio of 1.44 and a beta of 0.02. The company has a quick ratio of 2.26, a current ratio of 2.90 and a debt-to-equity ratio of 0.91. Sovos Brands has a fifty-two week low of $13.48 and a fifty-two week high of $23.00.

Sovos Brands (NASDAQ:SOVO) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $292.05 million for the quarter, compared to analyst estimates of $271.10 million. Sovos Brands had a net margin of 2.96% and a return on equity of 16.33%. Sell-side analysts predict that Sovos Brands will post 0.93 earnings per share for the current fiscal year.

Sovos Brands Company Profile

Sovos Brands, Inc, through its subsidiaries, operates as a consumer-packaged food company that manufactures, distributes, and sells consumer food products in the United States. It operates in two segments, Dinner and Sauces, and Breakfast and Snacks. The company's principal products comprise pasta sauces, dry pasta, soups, frozen entrees, frozen pizza, yogurts, pancake and waffle mixes, other baking mixes, and frozen waffles under the Rao's, Michael Angelo's, and noosa brands.