Chefs’ Warehouse (NASDAQ:CHEF) Stock Price Up 6.6% After Strong Earnings

The Chefs’ Warehouse, Inc. (NASDAQ:CHEF)’s share price shot up 6.6% during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $57.51 and last traded at $56.82. 69,544 shares changed hands during trading, a decline of 82% from the average session volume of 391,319 shares. The stock had previously closed at $53.28.

The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.21 by $0.04. The company had revenue of $950.75 million for the quarter, compared to the consensus estimate of $927.34 million. Chefs’ Warehouse had a return on equity of 12.90% and a net margin of 1.46%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 EPS.

Analysts Set New Price Targets

CHEF has been the topic of several recent research reports. Lake Street Capital lifted their price objective on Chefs’ Warehouse from $60.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Benchmark reissued a “buy” rating and set a $68.00 price objective on shares of Chefs’ Warehouse in a report on Monday, March 17th. BMO Capital Markets boosted their price target on Chefs’ Warehouse from $60.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, February 13th. UBS Group boosted their price target on Chefs’ Warehouse from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Jefferies Financial Group boosted their price target on Chefs’ Warehouse from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $67.40.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CHEF. CWM LLC raised its stake in shares of Chefs’ Warehouse by 50.6% in the first quarter. CWM LLC now owns 542 shares of the company’s stock worth $30,000 after acquiring an additional 182 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Chefs’ Warehouse by 24.6% during the 4th quarter. GAMMA Investing LLC now owns 1,202 shares of the company’s stock worth $59,000 after buying an additional 237 shares during the period. Smartleaf Asset Management LLC grew its position in shares of Chefs’ Warehouse by 303.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the company’s stock worth $29,000 after buying an additional 446 shares during the period. Swiss National Bank grew its position in shares of Chefs’ Warehouse by 0.9% during the 4th quarter. Swiss National Bank now owns 70,500 shares of the company’s stock worth $3,477,000 after buying an additional 600 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Chefs’ Warehouse by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,905 shares of the company’s stock worth $982,000 after buying an additional 755 shares during the period. 91.55% of the stock is owned by institutional investors.

Chefs’ Warehouse Stock Performance

The firm’s 50-day moving average price is $54.54 and its 200 day moving average price is $50.82. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.30 and a current ratio of 2.04. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 43.99 and a beta of 1.89.

Chefs’ Warehouse Company Profile

The Chefs’ Warehouse, Inc, together with its subsidiaries, distributes specialty food and center-of-the-plate products in the United States, the Middle East, and Canada. The company’s product portfolio includes specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products; and center-of-the-plate products consisting of custom cut beef, seafood, and hormone-free poultry, as well as broadline food products comprising cooking oils, butter, eggs, milk, and flour.