BTIG Research Issues Positive Forecast for Chefs' Warehouse (NASDAQ:CHEF) Stock Price

Key Points

• BTIG Research raised its price target on Chefs' Warehouse from $82 to $100 and kept a buy rating, implying about 17% upside from the current price.
• The company’s latest quarterly results beat expectations, with EPS of $0.40 versus $0.23 expected and revenue of $1.06 billion topping forecasts; revenue also rose 11.4% year over year.
• Chefs' Warehouse has seen mixed analyst activity and notable insider selling, though overall sentiment remains positive with a Moderate Buy consensus and a market price near its 52-week high.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) had its price target increased by equities researchers at BTIG Research from $82.00 to $100.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's price objective would indicate a potential upside of 17.27% from the company's current price.

Several other brokerages have also recently commented on CHEF. UBS Group reduced their price target on shares of Chefs' Warehouse from $83.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 23rd. Benchmark increased their price target on shares of Chefs' Warehouse from $84.00 to $90.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Wall Street Zen raised shares of Chefs' Warehouse from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. Morgan Stanley reaffirmed an "overweight" rating and set a $83.00 price target on shares of Chefs' Warehouse in a research report on Thursday, April 30th. Finally, Wolfe Research set a $84.00 price target on shares of Chefs' Warehouse in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Chefs' Warehouse presently has an average rating of "Moderate Buy" and a consensus price target of $83.83.

Chefs' Warehouse Stock Performance

Shares of CHEF stock opened at $85.27 on Thursday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.33 and a current ratio of 2.18. Chefs' Warehouse has a one year low of $53.20 and a one year high of $85.50. The company's 50-day simple moving average is $72.32 and its 200-day simple moving average is $66.56. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of 47.37 and a beta of 1.44.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.23 by $0.17. Chefs' Warehouse had a net margin of 1.87% and a return on equity of 15.54%. The business had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter last year, the company posted $0.25 earnings per share. The company's quarterly revenue was up 11.4% compared to the same quarter last year. Equities analysts anticipate that Chefs' Warehouse will post 2.37 earnings per share for the current fiscal year.

Insider Transactions at Chefs' Warehouse

In other Chefs' Warehouse news, insider Christina Polychroni sold 4,500 shares of the firm's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $79.21, for a total value of $356,445.00. Following the transaction, the insider owned 24,642 shares of the company's stock, valued at $1,951,892.82. This trade represents a 15.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Christopher Pappas sold 125,000 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $78.00, for a total transaction of $9,750,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,189,453 shares in the company, valued at $170,777,334. This represents a 5.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 11.10% of the company's stock.

Hedge Funds Weigh In On Chefs' Warehouse

A number of large investors have recently bought and sold shares of CHEF. AQR Capital Management LLC bought a new position in Chefs' Warehouse in the first quarter worth about $352,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Chefs' Warehouse by 6.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,152 shares of the company's stock valued at $1,152,000 after purchasing an additional 1,247 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Chefs' Warehouse by 50.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 130,382 shares of the company's stock valued at $7,101,000 after purchasing an additional 43,593 shares during the period. Strs Ohio acquired a new stake in shares of Chefs' Warehouse in the first quarter valued at approximately $98,000. Finally, Marshall Wace LLP acquired a new stake in shares of Chefs' Warehouse in the second quarter valued at approximately $243,000. Institutional investors own 91.55% of the company's stock.

About Chefs' Warehouse

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.

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