The Cheesecake Factory Incorporated (NASDAQ:CAKE) reported better-than-expected earnings for its first quarter on Wednesday.

The company posted quarterly earnings of 93 cents per share which beat the analyst consensus estimate of 81 cents per share. The company reported quarterly sales of $927.20 million which missed the analyst consensus estimate of $927.44 million.

“Our first quarter results reflect a strong start to the year as we delivered solid topline revenue, margins and earnings, reflecting continued positive momentum across our business,” said David Overton, Chairman and Chief Executive Officer. “Sales finished towards the higher end of our expectations, led by The Cheesecake Factory restaurants, underscoring the consistent consumer demand for the high-quality, differentiated dining experiences we provide. And once again execution within our restaurants was exceptional, as our operators delivered year-over-year improvements in labor productivity, food efficiency, wage management and retention across both hourly staff and managers, driving strong profit flow-through and margin expansion.”

Cheesecake Factory shares fell 4.9% to trade at $47.88 on Thursday.

These analysts made changes to their price targets on Cheesecake Factory following earnings announcement.

• Baird analyst David Tarantino maintained Cheesecake Factory with a Neutral and raised the price target from $46 to $49.
• Wells Fargo analyst Zachary Fadem maintained the stock with an Equal-Weight rating and boosted the price target from $45 to $50.
• Morgan Stanley analyst John Glass maintained Cheesecake Factory with an Underweight rating and raised the price target from $39 to $40.

Considering buying CAKE stock? Here’s what analysts think:

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