Chewy’s (CHWY) Outperform Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Chewy (NYSE:CHWY) in a research report sent to investors on Thursday, Marketbeat Ratings reports. Wedbush currently has a $35.00 price objective on the stock.

CHWY has been the subject of several other research reports. Barclays increased their price objective on Chewy from $32.00 to $34.00 and gave the company an overweight rating in a report on Thursday. Royal Bank of Canada lifted their price objective on shares of Chewy from $24.00 to $32.00 and gave the company an outperform rating in a research report on Thursday. Mizuho upped their target price on shares of Chewy from $18.00 to $20.00 and gave the company a neutral rating in a report on Monday, June 10th. Deutsche Bank Aktiengesellschaft lifted their price target on Chewy from $18.00 to $20.00 and gave the stock a hold rating in a report on Thursday, May 30th. Finally, Bank of America upped their price objective on Chewy from $20.00 to $24.00 and gave the company an underperform rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $29.43.

Chewy Stock Up 0.0 %

Shares of CHWY opened at $28.73 on Thursday. Chewy has a twelve month low of $14.69 and a twelve month high of $39.10. The stock has a market capitalization of $12.50 billion, a P/E ratio of 159.44, a P/E/G ratio of 3.48 and a beta of 1.03. The company has a 50 day moving average of $25.56 and a 200-day moving average of $20.42.

Chewy (NYSE:CHWY) last released its earnings results on Wednesday, August 28th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.06. Chewy had a net margin of 0.73% and a return on equity of 16.62%. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.86 billion. On average, sell-side analysts anticipate that Chewy will post 0.23 earnings per share for the current fiscal year.

Insider Activity at Chewy

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 1,338,262 shares of Chewy stock in a transaction on Monday, July 1st. The stock was sold at an average price of $30.32, for a total value of $40,576,103.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CTO Satish Mehta sold 2,894 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $22.24, for a total value of $64,362.56. Following the completion of the sale, the chief technology officer now owns 573,463 shares of the company’s stock, valued at $12,753,817.12. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Argos Holdings Gp Llc sold 1,338,262 shares of Chewy stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $30.32, for a total value of $40,576,103.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,906,141 shares of company stock worth $540,973,233. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. BC Partners Advisors L.P. bought a new stake in Chewy during the second quarter valued at $7,517,800,000. Baillie Gifford & Co. boosted its position in shares of Chewy by 7.2% during the 1st quarter. Baillie Gifford & Co. now owns 19,819,195 shares of the company’s stock valued at $315,323,000 after purchasing an additional 1,336,431 shares in the last quarter. Vanguard Group Inc. increased its holdings in Chewy by 9.1% in the first quarter. Vanguard Group Inc. now owns 10,480,230 shares of the company’s stock worth $166,740,000 after purchasing an additional 875,532 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Chewy by 7.8% in the second quarter. Bank of New York Mellon Corp now owns 3,553,104 shares of the company’s stock valued at $96,787,000 after buying an additional 258,502 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of Chewy by 1,028.6% during the 2nd quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock worth $78,801,000 after buying an additional 2,636,526 shares in the last quarter. Institutional investors own 93.09% of the company’s stock.

About Chewy

Chewy, Inc, together with its subsidiaries, engages in the pure play e-commerce business in the United States. It provides pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services for dogs, cats, fish, birds, small pets, horses, and reptiles through its retail websites and mobile applications.