Chefs’ Warehouse (NASDAQ:CHEF) Downgraded to “Equal Weight” Rating by Morgan Stanley

Morgan Stanley cut shares of Chefs’ Warehouse (NASDAQ:CHEF) from an overweight rating to an equal weight rating in a research report released on Wednesday morning, Marketbeat reports. The brokerage currently has $97.00 price target on the stock, up from their prior price target of $83.00.

Several other research analysts have also recently issued reports on CHEF. Wall Street Zen cut shares of Chefs’ Warehouse from a “buy” rating to a “hold” rating in a report on Monday, June 29th. UBS Group reduced their price target on shares of Chefs’ Warehouse from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 23rd. Benchmark upped their price objective on shares of Chefs’ Warehouse from $90.00 to $106.00 and gave the company a “buy” rating in a research note on Tuesday. Zacks Research downgraded shares of Chefs’ Warehouse from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Finally, TD Cowen began coverage on Chefs’ Warehouse in a report on Tuesday, July 7th. They set a “buy” rating and a $110.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.86.

Chefs’ Warehouse Stock Down 1.1%

Chefs’ Warehouse stock opened at $97.71 on Wednesday. The stock has a market cap of $3.98 billion, a PE ratio of 54.28 and a beta of 1.39. The company has a debt-to-equity ratio of 1.18, a current ratio of 2.18 and a quick ratio of 1.33. The stock’s fifty day moving average is $87.13 and its two-hundred day moving average is $72.43. Chefs’ Warehouse has a 1-year low of $53.20 and a 1-year high of $99.68.

Chefs’ Warehouse (NASDAQ:CHEF) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.17. Chefs’ Warehouse had a return on equity of 15.54% and a net margin of 1.87%.The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the prior year, the firm posted $0.25 EPS. The business’s quarterly revenue was up 11.4% compared to the same quarter last year. On average, sell-side analysts expect that Chefs’ Warehouse will post 2.31 EPS for the current fiscal year.

Insider Transactions at Chefs’ Warehouse

In other Chefs’ Warehouse news, CEO Christopher Pappas sold 125,000 shares of Chefs’ Warehouse stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $78.00, for a total value of $9,750,000.00. Following the sale, the chief executive officer owned 2,189,453 shares of the company’s stock, valued at approximately $170,777,334. The trade was a 5.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christina Polychroni sold 4,500 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $79.21, for a total value of $356,445.00. Following the completion of the transaction, the insider owned 24,642 shares of the company’s stock, valued at $1,951,892.82. The trade was a 15.44% decrease in their position. The SEC filing for this sale provides additional information. 11.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chefs’ Warehouse

A number of hedge funds and other institutional investors have recently modified their holdings of CHEF. Hantz Financial Services Inc. boosted its position in Chefs’ Warehouse by 229.5% during the fourth quarter. Hantz Financial Services Inc. now owns 458 shares of the company’s stock worth $29,000 after purchasing an additional 319 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of Chefs’ Warehouse by 515.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 523 shares of the company’s stock valued at $31,000 after buying an additional 438 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Chefs’ Warehouse during the 4th quarter worth $31,000. Osaic Holdings Inc. raised its stake in shares of Chefs’ Warehouse by 30.7% during the 2nd quarter. Osaic Holdings Inc. now owns 800 shares of the company’s stock worth $51,000 after buying an additional 188 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Chefs’ Warehouse by 98.7% in the 1st quarter. Parallel Advisors LLC now owns 926 shares of the company’s stock worth $55,000 after buying an additional 460 shares in the last quarter. 91.55% of the stock is currently owned by institutional investors and hedge funds.

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.