Chefs’ Warehouse (NASDAQ:CHEF) Downgraded by Piper Sandler

Piper Sandler downgraded shares of Chefs’ Warehouse (NASDAQ:CHEF) from an overweight rating to a neutral rating in a research report released on Wednesday, BenzingaRatingsTable reports. The firm currently has $13.00 price objective on the stock, down from their prior price objective of $16.00.

Several other equities research analysts also recently commented on the stock. National Securities reaffirmed a buy rating and issued a $30.00 target price on shares of Chefs’ Warehouse in a research note on Wednesday. Zacks Investment Research downgraded shares of Chefs’ Warehouse from a hold rating to a sell rating in a research note on Monday, July 27th. BidaskClub downgraded shares of Chefs’ Warehouse from a sell rating to a strong sell rating in a research note on Saturday, July 25th. BMO Capital Markets upped their target price on shares of Chefs’ Warehouse from $14.00 to $15.00 and gave the company a market perform rating in a research note on Thursday, May 7th. Finally, BTIG Research began coverage on shares of Chefs’ Warehouse in a research report on Thursday, July 16th. They set a neutral rating for the company. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $25.33.

Shares of NASDAQ CHEF opened at $11.53 on Wednesday. The company’s 50 day simple moving average is $13.63 and its 200 day simple moving average is $19.79. Chefs’ Warehouse has a fifty-two week low of $3.55 and a fifty-two week high of $42.06. The company has a debt-to-equity ratio of 1.03, a quick ratio of 2.38 and a current ratio of 3.54.

Chefs’ Warehouse (NASDAQ:CHEF) last issued its earnings results on Wednesday, July 29th. The company reported ($0.52) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by ($0.04). Chefs’ Warehouse had a negative net margin of 1.37% and a negative return on equity of 5.13%. The firm had revenue of $200.50 million during the quarter, compared to the consensus estimate of $213.72 million. During the same period in the previous year, the company posted $0.33 EPS. The firm’s revenue for the quarter was down 51.3% on a year-over-year basis. On average, research analysts anticipate that Chefs’ Warehouse will post -1.23 EPS for the current year.

Hedge funds have recently modified their holdings of the company. Comerica Bank boosted its holdings in Chefs’ Warehouse by 30.8% during the second quarter. Comerica Bank now owns 32,320 shares of the company’s stock worth $414,000 after purchasing an additional 7,616 shares during the last quarter. M&T Bank Corp boosted its holdings in Chefs’ Warehouse by 8.6% during the second quarter. M&T Bank Corp now owns 16,621 shares of the company’s stock worth $226,000 after purchasing an additional 1,322 shares during the last quarter. Stone Ridge Asset Management LLC boosted its holdings in Chefs’ Warehouse by 7.2% during the second quarter. Stone Ridge Asset Management LLC now owns 20,912 shares of the company’s stock worth $284,000 after purchasing an additional 1,400 shares during the last quarter. First Trust Advisors LP boosted its holdings in Chefs’ Warehouse by 102.4% during the second quarter. First Trust Advisors LP now owns 91,367 shares of the company’s stock worth $1,241,000 after purchasing an additional 46,221 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its holdings in Chefs’ Warehouse by 22.5% during the second quarter. Oregon Public Employees Retirement Fund now owns 12,538 shares of the company’s stock worth $170,000 after purchasing an additional 2,300 shares during the last quarter. 62.88% of the stock is owned by institutional investors.

About Chefs’ Warehouse

The Chefs' Warehouse, Inc, together with its subsidiaries, distributes specialty food products in the United States and Canada. Its product portfolio includes approximately 55,000 stock-keeping units comprising specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products.

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Analyst Recommendations for Chefs` Warehouse (NASDAQ:CHEF)

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