The Chefs' Warehouse, Inc. $CHEF Shares Sold by Summit Creek Advisors LLC

Key Points

• Summit Creek Advisors cut its Chefs’ Warehouse stake by 41.3% in the third quarter, selling 33,463 shares; it retained 47,507 shares valued at about $5.33 million.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $120.17. Five analysts rate the stock Buy and two rate it Hold.
• Chefs’ Warehouse beat quarterly estimates, reporting EPS of $0.66 versus $0.59 expected and revenue of $1.14 billion, up 11.2% year over year. Insiders also sold 137,752 shares worth about $15.2 million over the past 90 days.

Summit Creek Advisors LLC decreased its holdings in shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) by 41.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,507 shares of the company's stock after selling 33,463 shares during the quarter. Chefs' Warehouse comprises about 2.1% of Summit Creek Advisors LLC's investment portfolio, making the stock its 20th biggest position. Summit Creek Advisors LLC owned about 0.12% of Chefs' Warehouse worth $5,329,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new position in Chefs' Warehouse during the second quarter worth about $34,000. Global Retirement Partners LLC acquired a new stake in Chefs' Warehouse in the 2nd quarter worth about $48,000. Reyes Financial Architecture Inc. acquired a new stake in Chefs' Warehouse in the 3rd quarter worth about $49,000. Fortitude Family Office LLC grew its holdings in Chefs' Warehouse by 75.0% in the 3rd quarter. Fortitude Family Office LLC now owns 448 shares of the company's stock valued at $50,000 after buying an additional 192 shares during the period. Finally, Parallel Advisors LLC grew its holdings in Chefs' Warehouse by 98.7% in the 1st quarter. Parallel Advisors LLC now owns 926 shares of the company's stock valued at $55,000 after buying an additional 460 shares during the period. Hedge funds and other institutional investors own 91.55% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CHEF. Morgan Stanley upped their price objective on shares of Chefs' Warehouse from $120.00 to $121.00 and gave the company an "equal weight" rating in a research note on Thursday, October 29th. TD Cowen raised their target price on shares of Chefs' Warehouse from $123.00 to $131.00 and gave the stock a "buy" rating in a research report on Friday, September 11th. BTIG Research boosted their target price on shares of Chefs' Warehouse from $100.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, July 30th. UBS Group boosted their target price on shares of Chefs' Warehouse from $125.00 to $135.00 and gave the company a "buy" rating in a report on Thursday, October 29th. Finally, Zacks Research lowered shares of Chefs' Warehouse from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 13th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $120.17.

Insider Transactions at Chefs' Warehouse

In related news, General Counsel Alexandros Aldous sold 35,000 shares of Chefs' Warehouse stock in a transaction on Friday, August 14th. The shares were sold at an average price of $110.97, for a total transaction of $3,883,950.00. Following the transaction, the general counsel owned 34,442 shares in the company, valued at approximately $3,822,028.74. The trade was a 50.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Christopher Pappas sold 100,000 shares of Chefs' Warehouse stock in a transaction on Friday, August 14th. The shares were sold at an average price of $110.11, for a total transaction of $11,011,000.00. Following the transaction, the chief executive officer owned 2,105,480 shares in the company, valued at $231,834,402.80. The trade was a 4.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 137,752 shares of company stock valued at $15,203,174 over the last 90 days. Corporate insiders own 11.10% of the company's stock.

Chefs' Warehouse Stock Performance

Shares of NASDAQ:CHEF opened at $103.77 on Friday. The business has a 50-day moving average of $109.92 and a two-hundred day moving average of $87.83. The firm has a market capitalization of $4.51 billion, a PE ratio of 44.54 and a beta of 1.47. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.21 and a quick ratio of 1.35. The Chefs' Warehouse, Inc. has a 12 month low of $56.46 and a 12 month high of $118.51.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last posted its earnings results on Wednesday, October 28th. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.07. Chefs' Warehouse had a net margin of 2.27% and a return on equity of 17.48%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the company earned $0.50 EPS. The company's revenue was up 11.2% on a year-over-year basis. As a group, research analysts forecast that The Chefs' Warehouse, Inc. will post 2.57 earnings per share for the current year.

Chefs' Warehouse Company Profile

Chefs' Warehouse, Inc is a specialty food distributor serving professional chefs, restaurants, hotels, caterers, culinary institutions and other foodservice customers. The company supplies a broad range of products, including fresh produce, seafood, meat, poultry, dairy, specialty and imported foods, center-of-the-plate items, dry goods, and other ingredients used in commercial kitchens.

Founded in 1985, Chefs' Warehouse has expanded from a regional distributor into a North American foodservice platform.

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