Fintel reports that on July 18, 2023, Needham reiterated coverage of Sovos Brands (NASDAQ:SOVO) with a Buy recommendation.
Analyst Price Forecast Suggests 20.18% Upside
As of July 6, 2023, the average one-year price target for Sovos Brands is 22.18. The forecasts range from a low of 19.19 to a high of $25.20. The average price target represents an increase of 20.18% from its latest reported closing price of 18.46.
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The projected annual revenue for Sovos Brands is 929MM, an increase of 0.88%. The projected annual non-GAAP EPS is 0.62.
What is the Fund Sentiment?
There are 321 funds or institutions reporting positions in Sovos Brands. This is an increase of 20 owner(s) or 6.64% in the last quarter. Average portfolio weight of all funds dedicated to SOVO is 0.15%, an increase of 5.70%. Total shares owned by institutions increased in the last three months by 0.68% to 108,212K shares. 
The put/call ratio of SOVO is 0.09, indicating a bullish outlook.
What are Other Shareholders Doing?
Advent International holds 53,762K shares representing 53.11% ownership of the company. No change in the last quarter.
Wellington Management Group Llp holds 6,210K shares representing 6.13% ownership of the company. In it's prior filing, the firm reported owning 6,218K shares, representing a decrease of 0.14%. The firm increased its portfolio allocation in SOVO by 14.56% over the last quarter.
Capital World Investors holds 5,358K shares representing 5.29% ownership of the company. In it's prior filing, the firm reported owning 5,297K shares, representing an increase of 1.13%. The firm increased its portfolio allocation in SOVO by 13.84% over the last quarter.
SMCWX - SMALLCAP WORLD FUND INC holds 5,358K shares representing 5.29% ownership of the company. In it's prior filing, the firm reported owning 5,295K shares, representing an increase of 1.17%. The firm increased its portfolio allocation in SOVO by 9.72% over the last quarter.
Champlain Investment Partners holds 3,012K shares representing 2.98% ownership of the company. In it's prior filing, the firm reported owning 2,326K shares, representing an increase of 22.77%. The firm increased its portfolio allocation in SOVO by 147,442.18% over the last quarter.
Sovos Brands Background Information
(This description is provided by the company.)
Sovos Brands, Inc. is a consumer-packaged food company focused on acquiring and building disruptive growth brands that bring today’s consumers great tasting food that fits the way they live. The Company’s product offerings include a variety of pasta sauces, dry pasta, soups, frozen entrées, yogurts, pancake and waffle mixes, other baking mixes, and frozen waffles, all of which are sold in the United States under the brand names Rao’s, Michael Angelo’s, noosa, and Birch Benders. All Sovos Brands’ products are built with authenticity at their core, providing consumers with one-of-a-kind food experiences that are genuine, delicious, and unforgettable. The Company is headquartered in Louisville, Colorado.
Additional reading:
- Sovos Brands Reports First Quarter 2023 Financial Results Continued Volume-Led Growth Driven by Rao’s Provides Strong Start to Fiscal 2023 Raising Full Year Net Sales and Adjusted EBITDA Guidance
- Offer Letter, dated as of April 29, 2018, between Sovos Brands and Kirk A. Jensen
- Offer Letter, dated as of September 26, 2022, between Sovos Brands, Inc. and E. Yuri Hermida
- Sovos Brands, Inc. Severance Plan for Executives
- Incentive Unit Grant Agreement, dated as of June 4, 2018, between Sovos Brands Limited Partnership and Kirk A. Jensen
This story originally appeared on Fintel.
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