Chewy’s (CHWY) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Chewy (NYSE:CHWY) in a research note issued to investors on Thursday,Benzinga reports. They currently have a $42.00 price target on the stock.

A number of other research firms have also issued reports on CHWY. Piper Sandler increased their target price on shares of Chewy from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, December 2nd. Barclays increased their price objective on Chewy from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. boosted their target price on Chewy from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday. Mizuho raised Chewy from a “neutral” rating to an “outperform” rating and increased their price target for the company from $24.00 to $42.00 in a research report on Monday, January 6th. Finally, Seaport Res Ptn raised Chewy to a “hold” rating in a research report on Monday. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.68.

Chewy Trading Down 1.7 %

Shares of NYSE CHWY opened at $32.68 on Thursday. The stock has a market capitalization of $13.31 billion, a PE ratio of 35.91, a PEG ratio of 2.21 and a beta of 1.23. Chewy has a twelve month low of $14.69 and a twelve month high of $40.09. The stock has a fifty day simple moving average of $36.00 and a 200-day simple moving average of $33.13.

Chewy (NYSE:CHWY) last released its earnings results on Wednesday, March 26th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.25. The company had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.20 billion. Chewy had a return on equity of 24.47% and a net margin of 3.51%. Chewy’s revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 EPS. On average, equities analysts predict that Chewy will post 0.24 earnings per share for the current year.

Insider Activity at Chewy

In other news, CTO Satish Mehta sold 168,105 shares of Chewy stock in a transaction on Monday, January 13th. The shares were sold at an average price of $36.32, for a total value of $6,105,573.60. Following the transaction, the chief technology officer now directly owns 417,857 shares of the company’s stock, valued at $15,176,566.24. The trade was a 28.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Argos Holdings Gp Llc sold 7,000,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $35.77, for a total transaction of $250,390,000.00. The disclosure for this sale can be found here. Insiders sold a total of 8,083,269 shares of company stock valued at $290,611,129 over the last ninety days. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Chewy

A number of hedge funds and other institutional investors have recently made changes to their positions in CHWY. Charles Schwab Investment Management Inc. raised its position in Chewy by 6.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 824,824 shares of the company’s stock worth $24,159,000 after buying an additional 46,629 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Chewy by 42.4% during the third quarter. Cerity Partners LLC now owns 15,324 shares of the company’s stock worth $449,000 after acquiring an additional 4,559 shares during the period. DRW Securities LLC purchased a new position in Chewy during the third quarter worth about $293,000. Bank of Montreal Can lifted its position in Chewy by 261.2% in the third quarter. Bank of Montreal Can now owns 158,166 shares of the company’s stock valued at $4,739,000 after purchasing an additional 256,275 shares during the period. Finally, FMR LLC boosted its holdings in Chewy by 166.8% in the 3rd quarter. FMR LLC now owns 3,995,329 shares of the company’s stock valued at $117,023,000 after purchasing an additional 2,497,689 shares in the last quarter. Hedge funds and other 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.