Chewy's (CHWY) "Outperform" Rating Reiterated at Wedbush

Wedbush reiterated their outperform rating on shares of Chewy (NYSE:CHWY - Free Report) in a research report sent to investors on Thursday, Marketbeat.com reports. The firm currently has a $39.00 price target on the stock.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. lifted their price target on Chewy from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Thursday. Barclays boosted their target price on shares of Chewy from $40.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday. Royal Bank of Canada lifted their price target on shares of Chewy from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Thursday, December 5th. Piper Sandler upped their price objective on Chewy from $35.00 to $40.00 and gave the stock an "overweight" rating in a report on Monday, December 2nd. Finally, JMP Securities reiterated a "market outperform" rating and issued a $37.00 target price on shares of Chewy in a report on Monday, December 16th. Six research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.68.

Chewy Trading Up 0.6 %

Shares of NYSE CHWY traded up $0.19 during midday trading on Thursday, reaching $32.36. 1,755,381 shares of the stock were exchanged, compared to its average volume of 7,536,297. Chewy has a 52-week low of $14.69 and a 52-week high of $40.09. The stock has a 50 day moving average price of $35.90 and a 200-day moving average price of $33.23. The company has a market capitalization of $13.18 billion, a P/E ratio of 35.38, a P/E/G ratio of 2.21 and a beta of 1.23.

Remove Ads

Chewy (NYSE:CHWY - Get Free Report) last issued its quarterly 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% on a year-over-year basis. During the same period in the previous year, the firm posted $0.07 EPS. On average, analysts forecast that Chewy will post 0.24 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Sumit Singh sold 191,096 shares of the business's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $35.68, for a total value of $6,818,305.28. Following the completion of the sale, the chief executive officer now directly owns 707,126 shares of the company's stock, valued at $25,230,255.68. The trade was a 21.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Argos Holdings Gp Llc sold 7,000,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $35.77, for a total value of $250,390,000.00. The disclosure for this sale can be found here. Insiders have sold 8,083,269 shares of company stock worth $290,611,129 in the last three months. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Chewy

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Chewy by 31.8% in the fourth quarter. Vanguard Group Inc. now owns 14,484,717 shares of the company's stock worth $485,093,000 after purchasing an additional 3,493,926 shares during the period. FMR LLC lifted its position in shares of Chewy by 32.4% in the 4th quarter. FMR LLC now owns 5,288,757 shares of the company's stock worth $177,120,000 after buying an additional 1,293,428 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Chewy by 9.8% in the 4th quarter. Bank of New York Mellon Corp now owns 4,489,237 shares of the company's stock valued at $150,345,000 after buying an additional 399,330 shares during the period. Clearbridge Investments LLC boosted its holdings in shares of Chewy by 47.4% in the 4th quarter. Clearbridge Investments LLC now owns 3,866,680 shares of the company's stock valued at $129,495,000 after buying an additional 1,243,981 shares during the period. Finally, ArrowMark Colorado Holdings LLC grew its position in shares of Chewy by 5.3% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 2,765,931 shares of the company's stock valued at $81,014,000 after buying an additional 138,768 shares during the last quarter. 93.09% of the stock is currently owned by 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.