Chewy (NYSE:CHWY) Price Target Raised to $44.00

Chewy (NYSE:CHWY) had its price target boosted by Royal Bank of Canada from $42.00 to $44.00 in a research note released on Thursday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other analysts have also weighed in on CHWY. Guggenheim lifted their target price on shares of Chewy from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday. Citigroup increased their target price on Chewy from $42.00 to $49.00 and gave the stock a “buy” rating in a report on Thursday. Evercore ISI upped their price target on Chewy from $47.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday. Seaport Res Ptn upgraded shares of Chewy to a “hold” rating in a research note on Monday, March 24th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $43.00 price target (up from $41.00) on shares of Chewy in a research report on Thursday, June 5th. Nine research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.72.

Chewy Stock Up 1.0%

CHWY stock opened at $41.62 on Thursday. The business’s 50-day simple moving average is $39.84 and its 200 day simple moving average is $36.66. The company has a market cap of $17.22 billion, a PE ratio of 45.74, a price-to-earnings-growth ratio of 2.21 and a beta of 1.75. Chewy has a twelve month low of $19.75 and a twelve month high of $48.62.

Chewy (NYSE:CHWY) last released its quarterly earnings data on Wednesday, June 11th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Chewy had a return on equity of 24.47% and a net margin of 3.51%. Chewy’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.31 earnings per share. On average, equities research analysts anticipate that Chewy will post 0.24 EPS for the current year.

Insider Buying and Selling

In other news, CEO Sumit Singh sold 148,063 shares of the company’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $40.67, for a total value of $6,021,722.21. Following the completion of the sale, the chief executive officer now directly owns 705,252 shares of the company’s stock, valued at $28,682,598.84. This represents a 17.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO David Reeder sold 7,863 shares of Chewy stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.50, for a total transaction of $286,999.50. Following the transaction, the chief financial officer now directly owns 11,582 shares in the company, valued at $422,743. The trade was a 40.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 236,046 shares of company stock worth $9,387,635 over the last three months. 0.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chewy

Several large investors have recently bought and sold shares of CHWY. Rhumbline Advisers grew its holdings in shares of Chewy by 10.1% in the 1st quarter. Rhumbline Advisers now owns 280,851 shares of the company’s stock valued at $9,130,000 after buying an additional 25,755 shares during the period. Belpointe Asset Management LLC bought a new stake in Chewy during the 1st quarter worth approximately $318,000. Focus Partners Wealth acquired a new stake in Chewy during the 1st quarter worth approximately $434,000. Bayforest Capital Ltd lifted its stake in Chewy by 38.8% in the first quarter. Bayforest Capital Ltd now owns 8,632 shares of the company’s stock valued at $281,000 after buying an additional 2,414 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Chewy by 31.6% during the first 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 acquiring an additional 92,129 shares in the last quarter. 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.