Chefs’ Warehouse (NASDAQ:CHEF) Shares Gap Up After Earnings Beat

The Chefs’ Warehouse, Inc. (NASDAQ:CHEF)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $61.56, but opened at $64.64. Chefs’ Warehouse shares last traded at $66.47, with a volume of 141,439 shares trading hands.

The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. Chefs’ Warehouse had a net margin of 1.65% and a return on equity of 13.15%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the business posted $0.40 EPS. The firm’s revenue was up 8.4% compared to the same quarter last year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. UBS Group boosted their price objective on shares of Chefs’ Warehouse from $68.00 to $72.00 and gave the stock a “buy” rating in a report on Monday. Wall Street Zen raised shares of Chefs’ Warehouse from a “hold” rating to a “buy” rating in a research report on Saturday, June 21st. Finally, BTIG Research reissued a “buy” rating on shares of Chefs’ Warehouse in a research report on Friday, May 23rd. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Chefs’ Warehouse has an average rating of “Buy” and a consensus price target of $68.20.

Insider Buying and Selling at Chefs’ Warehouse

In other news, CAO Tim Mccauley sold 17,500 shares of the business’s stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $65.07, for a total value of $1,138,725.00. Following the completion of the sale, the chief accounting officer owned 52,050 shares of the company’s stock, valued at approximately $3,386,893.50. The trade was a 25.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.90% of the company’s stock.

Institutional Investors Weigh In On Chefs’ Warehouse

Several hedge funds and other institutional investors have recently modified their holdings of CHEF. CWM LLC grew its position in shares of Chefs’ Warehouse by 50.6% during the 1st quarter. CWM LLC now owns 542 shares of the company’s stock valued at $30,000 after buying an additional 182 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Chefs’ Warehouse during the 1st quarter valued at about $37,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Chefs’ Warehouse during the 1st quarter valued at about $46,000. GAMMA Investing LLC grew its position in shares of Chefs’ Warehouse by 27.9% during the 1st quarter. GAMMA Investing LLC now owns 1,537 shares of the company’s stock valued at $84,000 after buying an additional 335 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Chefs’ Warehouse during the 1st quarter valued at about $98,000. Institutional investors own 91.55% of the company’s stock.

Chefs’ Warehouse Trading Up 8.7%

The company has a current ratio of 2.05, a quick ratio of 1.27 and a debt-to-equity ratio of 1.26. The business’s 50-day moving average is $63.37 and its two-hundred day moving average is $58.86. The firm has a market cap of $2.72 billion, a P/E ratio of 44.32 and a beta of 1.74.

About Chefs’ Warehouse

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.