Envestnet Asset Management Inc. Lowers Stake in The Cheesecake Factory Incorporated $CAKE

Envestnet Asset Management Inc. decreased its holdings in The Cheesecake Factory Incorporated (NASDAQ:CAKE) by 11.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 339,847 shares of the restaurant operator’s stock after selling 42,636 shares during the period. Envestnet Asset Management Inc.’s holdings in Cheesecake Factory were worth $18,569,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CAKE. American Century Companies Inc. grew its stake in Cheesecake Factory by 6.2% during the second quarter. American Century Companies Inc. now owns 1,704,314 shares of the restaurant operator’s stock valued at $106,792,000 after acquiring an additional 99,688 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in shares of Cheesecake Factory by 4.9% during the 2nd quarter. William Blair Investment Management LLC now owns 452,955 shares of the restaurant operator’s stock valued at $28,382,000 after purchasing an additional 21,223 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Cheesecake Factory by 20.8% during the second quarter. Fisher Asset Management LLC now owns 348,506 shares of the restaurant operator’s stock valued at $21,837,000 after purchasing an additional 60,078 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Cheesecake Factory by 8.3% during the third quarter. Principal Financial Group Inc. now owns 299,520 shares of the restaurant operator’s stock valued at $16,366,000 after purchasing an additional 22,895 shares in the last quarter. Finally, New York State Common Retirement Fund increased its holdings in shares of Cheesecake Factory by 0.3% in the second quarter. New York State Common Retirement Fund now owns 220,334 shares of the restaurant operator’s stock worth $13,806,000 after purchasing an additional 753 shares during the last quarter. Hedge funds and other institutional investors own 94.48% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Stephens lowered their price objective on shares of Cheesecake Factory from $70.00 to $64.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. JPMorgan Chase & Co. lowered their price target on shares of Cheesecake Factory from $57.00 to $52.00 and set an “underweight” rating for the company in a report on Thursday, October 30th. Citigroup lifted their price target on Cheesecake Factory from $65.00 to $72.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. Argus decreased their price objective on Cheesecake Factory from $72.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Finally, Bank of America lowered their price objective on Cheesecake Factory from $61.00 to $56.00 and set a “neutral” rating for the company in a research note on Wednesday, October 29th. Eight analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $60.12.

Cheesecake Factory Price Performance

Shares of CAKE stock opened at $58.67 on Friday. The stock’s 50-day moving average is $55.66 and its 200 day moving average is $55.10. The Cheesecake Factory Incorporated has a 1-year low of $42.69 and a 1-year high of $69.70. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.55 and a quick ratio of 0.47. The company has a market cap of $2.92 billion, a P/E ratio of 17.78, a PEG ratio of 1.49 and a beta of 1.02.

Cheesecake Factory Profile

The Cheesecake Factory Incorporated (NASDAQ:CAKE) is an American restaurant company and distributor renowned for its full-service casual-dining concept and specialty cheesecakes. Headquartered in Calabasas Hills, California, the company operates more than 200 restaurants under The Cheesecake Factory® brand across the United States, Puerto Rico and select international markets. In addition to sit-down dining, Cheesecake Factory franchised locations offer catering and take-out services, while a separate manufacturing arm supplies branded cheesecakes and desserts to supermarkets, hotels and other foodservice operators.

The origins of the brand trace back to a small cheesecake bakery founded in Detroit in the 1940s.