Chewy’s (CHWY) Outperform Rating Reiterated at Royal Bank Of Canada

Chewy (NYSE:CHWY)‘s stock had its “outperform” rating reiterated by research analysts at Royal Bank Of Canada in a report released on Wednesday,Benzinga reports. They presently have a $34.00 price target on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 37.68% from the company’s current price.

Several other brokerages have also issued reports on CHWY. Weiss Ratings lowered Chewy from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, July 31st. JPMorgan Chase & Co. reduced their target price on Chewy from $35.00 to $29.00 and set an “overweight” rating for the company in a report on Thursday, June 11th. Citizens Jmp decreased their target price on Chewy from $45.00 to $28.00 and set a “market outperform” rating for the company in a research report on Thursday, June 11th. Barclays dropped their price target on Chewy from $40.00 to $36.00 and set an “overweight” rating on the stock in a research note on Thursday, June 11th. Finally, Wall Street Zen cut Chewy from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.50.

Chewy Price Performance

Shares of NYSE:CHWY opened at $24.70 on Wednesday. Chewy has a 12 month low of $17.40 and a 12 month high of $43.50. The firm has a market capitalization of $10.11 billion, a P/E ratio of 41.16, a P/E/G ratio of 1.24 and a beta of 1.42. The company’s fifty day moving average price is $21.43 and its 200 day moving average price is $23.31.

Insider Activity at Chewy

In other news, General Counsel Da-Wai Hu sold 4,203 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $19.49, for a total transaction of $81,916.47. Following the completion of the sale, the general counsel owned 4,103 shares in the company, valued at approximately $79,967.47. This represents a 50.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Chewy

Several institutional investors have recently added to or reduced their stakes in CHWY. Vanguard Group Inc. lifted its position in Chewy by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 19,920,347 shares of the company’s stock worth $658,367,000 after acquiring an additional 1,017,214 shares during the period. Wellington Management Group LLP grew its stake in shares of Chewy by 295.9% in the 3rd quarter. Wellington Management Group LLP now owns 17,622,768 shares of the company’s stock valued at $712,841,000 after purchasing an additional 13,171,325 shares during the last quarter. Viking Global Investors LP increased its holdings in shares of Chewy by 146.9% in the fourth quarter. Viking Global Investors LP now owns 13,536,645 shares of the company’s stock valued at $447,386,000 after purchasing an additional 8,052,955 shares during the period. AQR Capital Management LLC increased its holdings in shares of Chewy by 10.0% in the fourth quarter. AQR Capital Management LLC now owns 11,218,840 shares of the company’s stock valued at $370,558,000 after purchasing an additional 1,022,694 shares during the period. Finally, Morgan Stanley raised its stake in shares of Chewy by 33.8% during the fourth quarter. Morgan Stanley now owns 7,660,258 shares of the company’s stock worth $253,172,000 after purchasing an additional 1,937,014 shares during the last quarter. Institutional investors and hedge funds own 93.09% of the company’s stock.

Chewy Company Profile

Chewy, Inc (NYSE: CHWY) is a leading e-commerce retailer specializing in pet food, supplies and services. The company offers a comprehensive assortment of products for dogs, cats, fish, birds and other small animals, including prescription medications, veterinary health products, grooming essentials and toys. Through its online platform and mobile app, Chewy provides an intuitive shopping experience with features such as Autoship, ensuring regular deliveries of pet essentials at schedule intervals.

Founded in 2011 by Ryan Cohen and Michael Day, Chewy initially operated under the name Mr.