State of Alaska Department of Revenue reduced its position in shares of The Cheesecake Factory Incorporated (NASDAQ:CAKE – Free Report) by 48.9% in the third quarter, HoldingsChannel.com reports. The firm owned 7,691 shares of the restaurant operator’s stock after selling 7,363 shares during the period. State of Alaska Department of Revenue’s holdings in Cheesecake Factory were worth $809,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the business. Dimensional Fund Advisors LP raised its position in Cheesecake Factory by 2.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,242,143 shares of the restaurant operator’s stock valued at $68,008,000 after purchasing an additional 29,037 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Cheesecake Factory in the 2nd quarter worth approximately $38,020,000. Bamco Inc. NY purchased a new stake in Cheesecake Factory in the 2nd quarter worth approximately $35,793,000. PDT Partners LLC purchased a new position in shares of Cheesecake Factory during the second quarter valued at approximately $13,743,000. Finally, Palisade Capital Management LP purchased a new position in shares of Cheesecake Factory during the second quarter valued at approximately $10,014,000. 94.48% of the stock is owned by institutional investors.
Insider Activity at Cheesecake Factory
In related news, Chairman David Overton sold 94,145 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $106.27, for a total transaction of $10,004,789.15. Following the completion of the transaction, the chairman owned 89,805 shares of the company’s stock, valued at $9,543,577.35. This trade represents a 51.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ashley Hanscom sold 3,500 shares of Cheesecake Factory stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $100.00, for a total value of $350,000.00. Following the transaction, the insider owned 7,541 shares of the company’s stock, valued at $754,100. The trade was a 31.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 213,749 shares of company stock worth $22,301,899 over the last quarter. 8.00% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
CAKE has been the topic of several recent analyst reports. UBS Group lifted their price target on shares of Cheesecake Factory from $53.00 to $60.00 and gave the company a “sell” rating in a report on Thursday, July 23rd. Jefferies Financial Group cut shares of Cheesecake Factory from a “buy” rating to a “hold” rating and raised their target price for the stock from $75.00 to $88.00 in a research report on Wednesday, July 29th. Bank of America lifted their target price on shares of Cheesecake Factory from $66.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday, July 2nd. Robert W. Baird boosted their price target on shares of Cheesecake Factory from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. increased their price target on shares of Cheesecake Factory from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $92.67.
Get Our Latest Analysis on Cheesecake Factory
Cheesecake Factory Trading Down 1.7%
Shares of NASDAQ CAKE opened at $112.44 on Friday. The Cheesecake Factory Incorporated has a 1 year low of $43.07 and a 1 year high of $118.63. The firm has a 50-day moving average of $107.83 and a 200 day moving average of $86.27. The stock has a market cap of $5.60 billion, a P/E ratio of 30.47, a price-to-earnings-growth ratio of 1.84 and a beta of 1.04. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.59 and a quick ratio of 0.52.
Cheesecake Factory (NASDAQ:CAKE – Get Free Report) last released its earnings results on Tuesday, July 28th. The restaurant operator reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.26. Cheesecake Factory had a net margin of 4.61% and a return on equity of 43.97%. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $999.54 million. During the same period last year, the business earned $1.16 earnings per share. The business’s revenue was up 7.7% on a year-over-year basis. As a group, sell-side analysts expect that The Cheesecake Factory Incorporated will post 4.63 EPS for the current fiscal year.
Cheesecake Factory Company Profile
The Cheesecake Factory Incorporated is a restaurant company best known for The Cheesecake Factory, a full-service casual dining brand offering an extensive menu of American and international-inspired dishes, along with a broad selection of cheesecakes and other desserts. The company also operates North Italia, an Italian restaurant concept, and owns Fox Restaurant Concepts, which develops and operates additional restaurant brands, including Flower Child and Culinary Dropout.
The company was founded by David Overton, who opened the first Cheesecake Factory restaurant in Beverly Hills, California, in 1978 after his parents began a cheesecake business.
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