Chewy (NYSE:CHWY) Releases Earnings Results, Beats Estimates By $0.01 EPS

Chewy (NYSE:CHWY) issued its quarterly earnings results on Wednesday. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01, RTT News reports. Chewy had a return on equity of 24.47% and a net margin of 3.51%. Chewy’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 EPS.

Chewy Stock Performance

CHWY opened at $45.78 on Wednesday. The firm has a market cap of $18.94 billion, a price-to-earnings ratio of 50.30, a PEG ratio of 2.21 and a beta of 1.75. The firm’s 50-day simple moving average is $39.25 and its 200-day simple moving average is $36.50. Chewy has a twelve month low of $19.75 and a twelve month high of $48.62.

Insider Activity at Chewy

In related news, CEO Sumit Singh sold 8,552 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $33.35, for a total transaction of $285,209.20. Following the completion of the sale, the chief executive officer now directly owns 62,096 shares of the company’s stock, valued at $2,070,901.60. This trade represents a 12.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO David Reeder sold 7,863 shares of Chewy stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.50, for a total value of $286,999.50. Following the completion of the transaction, the chief financial officer now owns 11,582 shares of the company’s stock, valued at approximately $422,743. The trade was a 40.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold 236,046 shares of company stock valued at $9,387,635 in the last ninety days. Insiders own 0.43% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in Chewy by 2.5% in the 1st quarter. Royal Bank of Canada now owns 220,509 shares of the company’s stock valued at $7,168,000 after buying an additional 5,466 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Chewy in the first quarter valued at about $510,000. NewEdge Advisors LLC increased its position in Chewy by 5,238.3% in the first quarter. NewEdge Advisors LLC now owns 32,510 shares of the company’s stock worth $1,057,000 after purchasing an additional 31,901 shares during the period. Goldman Sachs Group Inc. raised its holdings in Chewy by 1.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,176,138 shares of the company’s stock worth $38,236,000 after purchasing an additional 17,788 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Chewy by 31.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 383,966 shares of the company’s stock worth $12,483,000 after purchasing an additional 92,129 shares during the last quarter. Institutional investors and hedge funds own 93.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CHWY. Royal Bank of Canada reiterated an “outperform” rating and issued a $42.00 target price on shares of Chewy in a report on Thursday, March 27th. JPMorgan Chase & Co. decreased their price objective on shares of Chewy from $40.00 to $36.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. UBS Group increased their target price on Chewy from $36.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, June 5th. JMP Securities lowered their target price on Chewy from $40.00 to $39.00 and set a “market outperform” rating on the stock in a research note on Monday, April 14th. Finally, Morgan Stanley cut their price objective on Chewy from $40.00 to $39.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $41.22.

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.