Tidal Investments LLC Takes Position in The Chefs' Warehouse, Inc. $CHEF

Key Points

• Tidal Investments initiated a roughly $993,000 position in Chefs' Warehouse during the second quarter, while institutional investors collectively own 91.55% of the company.
• Analysts remain broadly bullish, with an average “Buy” rating and a $115.67 price target; several firms recently raised their targets to between $125 and $131.
• Chefs' Warehouse exceeded quarterly expectations, reporting $0.78 in EPS versus the $0.59 consensus and $1.17 billion in revenue, up 12.9% year over year. However, insiders sold $15.2 million of stock over the past three months.

Tidal Investments LLC bought a new stake in shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 10,330 shares of the company's stock, valued at approximately $993,000.

Several other hedge funds also recently bought and sold shares of CHEF. Squarepoint Ops LLC boosted its stake in shares of Chefs' Warehouse by 4.2% during the second quarter. Squarepoint Ops LLC now owns 9,697 shares of the company's stock valued at $932,000 after acquiring an additional 389 shares during the last quarter. Nykredit A S acquired a new position in Chefs' Warehouse in the 2nd quarter valued at about $120,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Chefs' Warehouse in the 2nd quarter valued at about $1,220,000. HB Wealth Management LLC purchased a new position in Chefs' Warehouse in the 2nd quarter valued at about $222,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Chefs' Warehouse during the 2nd quarter worth about $243,000. Hedge funds and other institutional investors own 91.55% of the company's stock.

Insider Transactions at Chefs' Warehouse

In other news, insider Christina Polychroni sold 2,752 shares of the firm's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $112.00, for a total value of $308,224.00. Following the transaction, the insider directly owned 22,014 shares in the company, valued at $2,465,568. This trade represents a 11.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Alexandros Aldous sold 35,000 shares of Chefs' Warehouse stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $110.97, for a total value of $3,883,950.00. Following the completion of the transaction, the general counsel directly owned 34,442 shares in the company, valued at $3,822,028.74. This represents a 50.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 137,752 shares of company stock worth $15,203,174 in the last three months. 11.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CHEF shares. BTIG Research upped their price objective on shares of Chefs' Warehouse from $100.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Morgan Stanley lifted their target price on shares of Chefs' Warehouse from $97.00 to $104.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Weiss Ratings upgraded Chefs' Warehouse from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday. TD Cowen increased their price target on Chefs' Warehouse from $123.00 to $131.00 and gave the stock a "buy" rating in a research note on Friday, September 11th. Finally, Benchmark raised their price objective on Chefs' Warehouse from $106.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $115.67.

Chefs' Warehouse Stock Performance

Shares of CHEF stock opened at $110.85 on Friday. The Chefs' Warehouse, Inc. has a one year low of $53.20 and a one year high of $117.65. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.31 and a current ratio of 2.15. The company has a 50 day moving average price of $107.56 and a 200 day moving average price of $86.57. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of 52.79 and a beta of 1.38.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.19. The company had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.12 billion. Chefs' Warehouse had a net margin of 2.09% and a return on equity of 16.95%. The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 EPS. Sell-side analysts anticipate that The Chefs' Warehouse, Inc. will post 2.54 EPS for the current year.

About Chefs' Warehouse

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

In addition to food products, Chefs' Warehouse offers related supplies and services designed to support commercial kitchens and foodservice operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.