Chewy’s (CHWY) “Outperform” Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Chewy (NYSE:CHWY) in a research note issued to investors on Thursday,RTT News reports. Wedbush currently has a $39.00 price target on the stock, up from their previous price target of $35.00.

Other analysts also recently issued research reports about the company. Royal Bank of Canada upped their price target on Chewy from $39.00 to $42.00 and gave the stock an “outperform” rating in a research note on Thursday. TD Cowen assumed coverage on Chewy in a research note on Wednesday, October 9th. They issued a “buy” rating and a $38.00 target price on the stock. Barclays lifted their price target on Chewy from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Bank of America upgraded shares of Chewy from an “underperform” rating to a “buy” rating and upped their price target for the stock from $24.00 to $40.00 in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. upped their target price on shares of Chewy from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Chewy currently has an average rating of “Moderate Buy” and a consensus target price of $34.15.

Chewy Trading Down 7.2 %

CHWY opened at $31.07 on Thursday. The company has a market cap of $12.99 billion, a price-to-earnings ratio of 37.88, a price-to-earnings-growth ratio of 3.15 and a beta of 1.12. The stock has a fifty day simple moving average of $30.42 and a two-hundred day simple moving average of $27.06. Chewy has a 12-month low of $14.69 and a 12-month high of $39.10.

Chewy (NYSE:CHWY) last issued its quarterly earnings results on Wednesday, December 4th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.15. Chewy had a net margin of 3.20% and a return on equity of 21.00%. The company had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.86 billion. During the same period last year, the business earned ($0.08) EPS. Chewy’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, analysts predict that Chewy will post 0.33 EPS for the current year.

Insider Buying and Selling

In other news, CTO Satish Mehta sold 8,056 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $33.47, for a total value of $269,634.32. Following the sale, the chief technology officer now owns 585,962 shares of the company’s stock, valued at approximately $19,612,148.14. This represents a 1.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $29.40, for a total transaction of $36,750,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,128,804 shares of company stock worth $827,019,626. Insiders own 2.10% of the company’s stock.

Institutional Trading of Chewy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 1620 Investment Advisors Inc. purchased a new position in shares of Chewy during the second quarter valued at approximately $33,000. Blue Trust Inc. boosted its holdings in Chewy by 183.6% during the 3rd quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock valued at $38,000 after acquiring an additional 905 shares during the period. Industrial Alliance Investment Management Inc. bought a new position in Chewy in the 2nd quarter valued at $44,000. First Horizon Advisors Inc. purchased a new stake in Chewy in the second quarter worth $48,000. Finally, Skylands Capital LLC bought a new stake in shares of Chewy during the second quarter worth $52,000. 93.09% of the stock is owned by hedge funds and other institutional investors.

Chewy Company Profile

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.