Wedbush Has Positive Forecast for CAKE FY2024 Earnings

The Cheesecake Factory Incorporated (NASDAQ:CAKE) – Stock analysts at Wedbush upped their FY2024 earnings per share estimates for shares of Cheesecake Factory in a note issued to investors on Friday, February 14th. Wedbush analyst N. Setyan now expects that the restaurant operator will post earnings per share of $3.33 for the year, up from their prior estimate of $3.30. Wedbush currently has a “Outperform” rating and a $59.00 price target on the stock. The consensus estimate for Cheesecake Factory’s current full-year earnings is $3.31 per share. Wedbush also issued estimates for Cheesecake Factory’s Q4 2024 earnings at $0.93 EPS.

CAKE has been the topic of a number of other reports. Jefferies Financial Group lifted their price target on Cheesecake Factory from $49.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Wells Fargo & Company lifted their price target on Cheesecake Factory from $38.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Oppenheimer raised Cheesecake Factory from a “market perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research note on Tuesday, January 7th. UBS Group lifted their price target on Cheesecake Factory from $36.00 to $41.00 and gave the stock a “sell” rating in a research note on Tuesday, January 7th. Finally, The Goldman Sachs Group lifted their price target on Cheesecake Factory from $56.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $49.93.

Cheesecake Factory Price Performance

Shares of Cheesecake Factory stock opened at $55.78 on Monday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.44 and a quick ratio of 0.33. The business’s 50 day simple moving average is $50.88 and its two-hundred day simple moving average is $45.18. The stock has a market capitalization of $2.85 billion, a P/E ratio of 21.21, a price-to-earnings-growth ratio of 1.33 and a beta of 1.51. Cheesecake Factory has a one year low of $33.05 and a one year high of $57.32.

Institutional Investors Weigh In On Cheesecake Factory

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Cheesecake Factory by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 5,443,458 shares of the restaurant operator’s stock worth $258,238,000 after purchasing an additional 21,096 shares during the last quarter. State Street Corp raised its stake in shares of Cheesecake Factory by 3.7% in the third quarter. State Street Corp now owns 1,876,295 shares of the restaurant operator’s stock worth $76,084,000 after purchasing an additional 67,550 shares during the last quarter. Invesco Ltd. raised its stake in shares of Cheesecake Factory by 12.4% in the fourth quarter. Invesco Ltd. now owns 1,412,483 shares of the restaurant operator’s stock worth $67,008,000 after purchasing an additional 155,614 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Cheesecake Factory by 15.8% in the fourth quarter. American Century Companies Inc. now owns 1,363,051 shares of the restaurant operator’s stock worth $64,663,000 after purchasing an additional 186,026 shares during the last quarter. Finally, Hennessy Advisors Inc. purchased a new position in shares of Cheesecake Factory in the fourth quarter worth $63,114,000. 94.48% of the stock is owned by institutional investors.

Cheesecake Factory Company Profile

The Cheesecake Factory Incorporated operates and licenses restaurants in the United States and Canada. The company operates bakeries that produce cheesecakes and other baked products for its restaurants, international licensees, third-party bakery customers, external foodservice operators, retailers, and distributors.