Wolfe Research Upgrades Chewy (NYSE:CHWY) to "Outperform"

Wolfe Research upgraded shares of Chewy (NYSE:CHWY - Free Report) from a peer perform rating to an outperform rating in a research report report published on Friday, MarketBeat.com reports.

CHWY has been the topic of a number of other reports. The Goldman Sachs Group lifted their price objective on Chewy from $35.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, December 5th. BNP Paribas cut Chewy from an "outperform" rating to a "neutral" rating in a research report on Thursday, December 5th. Wedbush reissued an "outperform" rating and set a $39.00 price objective (up from $35.00) on shares of Chewy in a report on Thursday, December 5th. TD Cowen assumed coverage on shares of Chewy in a report on Wednesday, October 9th. They issued a "buy" rating and a $38.00 target price on the stock. Finally, Barclays increased their target price on shares of Chewy from $34.00 to $40.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. Eight analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $34.60.

Chewy Stock Up 6.2 %

Shares of CHWY stock traded up $2.09 during mid-day trading on Friday, reaching $35.96. The stock had a trading volume of 8,492,342 shares, compared to its average volume of 6,968,121. Chewy has a one year low of $14.69 and a one year high of $39.10. The firm has a market cap of $14.64 billion, a PE ratio of 39.52, a P/E/G ratio of 4.28 and a beta of 1.12. The firm's 50 day simple moving average is $32.16 and its 200 day simple moving average is $28.84.

Chewy (NYSE:CHWY - Get Free Report) last issued its earnings results on Wednesday, December 4th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.05 by $0.15. The firm had revenue of $2.89 billion during the quarter, compared to analysts' expectations of $2.86 billion. Chewy had a return on equity of 24.47% and a net margin of 3.51%. Chewy's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the business earned ($0.08) earnings per share. Sell-side analysts forecast that Chewy will post 0.24 earnings per share for the current fiscal year.

Insider Activity

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 transaction of $269,634.32. Following the completion of the sale, the chief technology officer now owns 585,962 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of Chewy stock in a transaction on Tuesday, October 15th. The shares were 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. In the last quarter, insiders have sold 21,799,523 shares of company stock valued at $682,554,313. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chewy

Large investors have recently added to or reduced their stakes in the business. BC Partners Advisors L.P. acquired a new position in Chewy in the 2nd quarter valued at $7,517,800,000. FMR LLC grew its stake in shares of Chewy by 166.8% in the third quarter. FMR LLC now owns 3,995,329 shares of the company's stock valued at $117,023,000 after acquiring an additional 2,497,689 shares in the last quarter. Marshall Wace LLP increased its position in Chewy by 1,028.6% during the second quarter. Marshall Wace LLP now owns 2,892,841 shares of the company's stock worth $78,801,000 after acquiring an additional 2,636,526 shares during the period. ArrowMark Colorado Holdings LLC increased its position in Chewy by 5.3% during the third quarter. ArrowMark Colorado Holdings LLC now owns 2,765,931 shares of the company's stock worth $81,014,000 after acquiring an additional 138,768 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in Chewy by 8.7% in the 2nd quarter. Renaissance Technologies LLC now owns 2,521,755 shares of the company's stock valued at $68,693,000 after purchasing an additional 200,900 shares during the period. Institutional investors own 93.09% of the company's stock.

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.