Chefs’ Warehouse (NASDAQ:CHEF) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $61.99 and traded as high as $65.02. Chefs’ Warehouse shares last traded at $63.95, with a volume of 226,502 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Zacks Research cut Chefs’ Warehouse from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 8th. Piper Sandler initiated coverage on shares of Chefs’ Warehouse in a research report on Wednesday, August 27th. They set a “neutral” rating and a $66.00 price objective for the company. UBS Group upped their target price on shares of Chefs’ Warehouse from $78.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Benchmark reiterated a “buy” rating on shares of Chefs’ Warehouse in a research note on Friday, December 12th. Finally, BTIG Research reissued a “buy” rating and issued a $74.00 price target on shares of Chefs’ Warehouse in a research report on Tuesday, October 21st. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $71.88.

Chefs’ Warehouse Stock Down 1.4%

The business’s fifty day moving average price is $60.69 and its 200 day moving average price is $61.99. The firm has a market capitalization of $2.60 billion, a price-to-earnings ratio of 37.62 and a beta of 1.30. The company has a current ratio of 2.14, a quick ratio of 1.19 and a debt-to-equity ratio of 1.23.

Chefs’ Warehouse (NASDAQ:CHEF) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.07. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $986.36 million. Chefs’ Warehouse had a net margin of 1.85% and a return on equity of 14.11%. Chefs’ Warehouse’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 EPS. On average, equities analysts expect that The Chefs’ Warehouse, Inc. will post 1.73 EPS for the current year.

Insider Activity

In related news, CFO James Leddy sold 22,000 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $62.11, for a total value of $1,366,420.00. Following the transaction, the chief financial officer owned 125,892 shares in the company, valued at $7,819,152.12. The trade was a 14.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 11.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Northern Trust Corp increased its holdings in shares of Chefs’ Warehouse by 4.1% in the first quarter. Northern Trust Corp now owns 431,265 shares of the company’s stock valued at $23,487,000 after purchasing an additional 16,821 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Chefs’ Warehouse in the 1st quarter valued at $46,000. AlphaQuest LLC acquired a new position in Chefs’ Warehouse in the 1st quarter valued at $274,000. Jump Financial LLC acquired a new position in Chefs’ Warehouse in the 1st quarter valued at $572,000. Finally, Trexquant Investment LP raised its position in Chefs’ Warehouse by 397.2% during the 1st quarter. Trexquant Investment LP now owns 178,647 shares of the company’s stock worth $9,729,000 after buying an additional 142,714 shares during the last quarter. 91.55% of the stock is currently owned by hedge funds and other institutional investors.

Chefs’ Warehouse Company Profile

Chefs’ Warehouse, Inc is a specialty food distributor that supplies a broad range of high‐end ingredients and culinary products to professional chefs, restaurants, hotels, and other foodservice operators. Headquartered in Maspeth, New York, the company sources its portfolio from local artisans, boutique producers and leading global suppliers. Its core offerings include fresh and frozen proteins, specialty cuts of meat and seafood, handcrafted cheeses and charcuterie, seasonal produce, value‐added preparations, pantry staples and premium desserts and beverages.

The company operates a network of distribution centers strategically located in major metropolitan markets across North America.