Wedbush Increases Chewy (NYSE:CHWY) Price Target to $35.00

Chewy (NYSE:CHWY) had its price target boosted by equities researchers at Wedbush from $28.00 to $35.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s target price indicates a potential upside of 15.93% from the stock’s current price.

Several other brokerages have also issued reports on CHWY. Bank of America cut their target price on shares of Chewy from $17.00 to $16.50 and set an “underperform” rating for the company in a research report on Thursday, March 21st. UBS Group increased their price objective on Chewy from $19.00 to $21.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. Royal Bank of Canada dropped their target price on Chewy from $35.00 to $22.00 and set an “outperform” rating for the company in a research report on Friday, March 22nd. Jefferies Financial Group lowered their price objective on Chewy from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, March 21st. Finally, Evercore ISI boosted their target price on Chewy from $19.00 to $22.00 and gave the company an “in-line” rating in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.64.

Chewy Stock Performance

NYSE CHWY traded up $1.05 during trading on Thursday, hitting $30.19. 44,043,348 shares of the company’s stock traded hands, compared to its average volume of 10,041,690. The stock has a market capitalization of $13.13 billion, a price-to-earnings ratio of 172.39, a PEG ratio of 4.97 and a beta of 1.00. The business has a 50 day moving average of $19.35 and a 200-day moving average of $18.87. Chewy has a 12-month low of $14.69 and a 12-month high of $40.22.

Chewy (NYSE:CHWY) last posted its earnings results on Wednesday, May 29th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.11. Chewy had a net margin of 0.73% and a return on equity of 16.62%. The business had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.85 billion. On average, analysts expect that Chewy will post 0.2 EPS for the current year.

Insider Buying and Selling

In other news, CTO Satish Mehta sold 8,019 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $15.12, for a total value of $121,247.28. Following the completion of the sale, the chief technology officer now owns 569,594 shares in the company, valued at approximately $8,612,261.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Sumit Singh sold 46,090 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $15.12, for a total value of $696,880.80. Following the transaction, the chief executive officer now directly owns 1,379,100 shares in the company, valued at $20,851,992. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Satish Mehta sold 8,019 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $15.12, for a total transaction of $121,247.28. Following the completion of the transaction, the chief technology officer now owns 569,594 shares in the company, valued at $8,612,261.28. The disclosure for this sale can be found here. Insiders sold a total of 68,862 shares of company stock worth $1,047,242 over the last three months. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings in Chewy by 15.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,022 shares of the company’s stock worth $95,000 after buying an additional 543 shares during the period. EntryPoint Capital LLC lifted its stake in shares of Chewy by 18.0% during the 1st quarter. EntryPoint Capital LLC now owns 4,066 shares of the company’s stock worth $65,000 after purchasing an additional 619 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its position in Chewy by 3.2% during the first quarter. B. Riley Wealth Advisors Inc. now owns 28,359 shares of the company’s stock valued at $451,000 after purchasing an additional 870 shares in the last quarter. Signaturefd LLC grew its stake in Chewy by 37.8% in the fourth quarter. Signaturefd LLC now owns 3,358 shares of the company’s stock valued at $79,000 after purchasing an additional 922 shares during the last quarter. Finally, Liberty One Investment Management LLC raised its holdings in Chewy by 23.7% in the fourth quarter. Liberty One Investment Management LLC now owns 6,483 shares of the company’s stock worth $153,000 after purchasing an additional 1,241 shares in the last quarter. 93.09% of the stock is currently owned by hedge funds and other institutional investors.

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.