Chewy (NYSE:CHWY) Upgraded by Wolfe Research to “Outperform” Rating

Wolfe Research upgraded shares of Chewy (NYSE:CHWY) from a peer perform rating to an outperform rating in a research report sent to investors on Friday morning, MarketBeat Ratings reports.

Several other equities analysts have also recently weighed in on the company. Royal Bank of Canada lifted their price objective on Chewy from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, December 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chewy in a research report on Thursday, December 5th. Barclays increased their target price on Chewy from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Citigroup upgraded Chewy from a “neutral” rating to a “buy” rating and boosted their price target for the company from $28.00 to $40.00 in a report on Friday, November 8th. Finally, TD Cowen began coverage on Chewy in a report on Wednesday, October 9th. They set a “buy” rating and a $38.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating and fifteen 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 $34.60.

Chewy Price Performance

Shares of CHWY stock opened at $35.96 on Friday. The stock has a market cap of $14.64 billion, a PE ratio of 39.52, a price-to-earnings-growth ratio of 4.28 and a beta of 1.12. The stock has a 50-day moving average of $32.16 and a 200-day moving average of $28.84. Chewy has a one year low of $14.69 and a one year high of $39.10.

Chewy (NYSE:CHWY) last issued its earnings results on Wednesday, December 4th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.05 by $0.15. The firm had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $2.86 billion. Chewy had a net margin of 3.51% and a return on equity of 24.47%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. As a group, research analysts anticipate that Chewy will post 0.24 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Satish Mehta sold 8,056 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was 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 in the company, valued at $19,612,148.14. The trade was a 1.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sumit Singh sold 571,903 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $34.52, for a total value of $19,742,091.56. Following the transaction, the chief executive officer now owns 898,222 shares in the company, valued at approximately $31,006,623.44. This trade represents a 38.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,799,523 shares of company stock worth $682,554,313. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC acquired a new position in shares of Chewy in the second quarter valued at about $11,916,000. Sanctuary Advisors LLC acquired a new position in shares of Chewy during the 2nd quarter worth approximately $673,000. Eagle Asset Management Inc. increased its holdings in shares of Chewy by 97.9% during the third quarter. Eagle Asset Management Inc. now owns 1,972,136 shares of the company’s stock worth $60,485,000 after purchasing an additional 975,647 shares during the period. Marshall Wace LLP boosted its stake in shares of Chewy by 1,028.6% in the second quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock valued at $78,801,000 after buying an additional 2,636,526 shares during the period. Finally, Centiva Capital LP acquired a new stake in Chewy during the third quarter worth approximately $2,949,000. 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.