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

Chewy (NYSE:CHWY)‘s stock had its “outperform” rating reaffirmed by research analysts at Royal Bank of Canada in a note issued to investors on Thursday,Benzinga reports. They currently have a $42.00 target price on the stock. Royal Bank of Canada’s target price suggests a potential upside of 25.04% from the stock’s current price.

A number of other brokerages also recently issued reports on CHWY. JMP Securities restated a “market outperform” rating and set a $37.00 price target on shares of Chewy in a report on Monday, December 16th. Evercore ISI upgraded Chewy from an “in-line” rating to an “outperform” rating and upped their target price for the company from $34.00 to $47.00 in a report on Monday, January 13th. Wolfe Research raised Chewy from a “peer perform” rating to an “outperform” rating in a research note on Friday, January 3rd. Piper Sandler lifted their target price on shares of Chewy from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, December 2nd. Finally, UBS Group increased their target price on Chewy from $30.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.53.

Chewy Stock Performance

Shares of NYSE CHWY traded up $0.34 during mid-day trading on Thursday, hitting $33.59. The stock had a trading volume of 1,598,498 shares, compared to its average volume of 7,426,767. The business has a 50 day moving average price of $36.09 and a two-hundred day moving average price of $33.14. Chewy has a 1 year low of $14.69 and a 1 year high of $40.09. The firm has a market cap of $13.68 billion, a P/E ratio of 36.85, a price-to-earnings-growth ratio of 2.21 and a beta of 1.23.

Insider Transactions at Chewy

In other Chewy news, CTO Satish Mehta sold 71,365 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $35.60, for a total transaction of $2,540,594.00. Following the sale, the chief technology officer now owns 262,853 shares in the company, valued at approximately $9,357,566.80. This trade represents a 21.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sumit Singh sold 191,096 shares of Chewy stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $35.68, for a total transaction of $6,818,305.28. Following the transaction, the chief executive officer now directly owns 707,126 shares in the company, valued at $25,230,255.68. This represents a 21.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,083,269 shares of company stock worth $290,611,129 in the last 90 days. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chewy

A number of institutional investors have recently bought and sold shares of CHWY. Banque Transatlantique SA bought a new position in shares of Chewy in the fourth quarter worth about $30,000. Fifth Third Bancorp grew its holdings in Chewy by 83.0% during the 4th quarter. Fifth Third Bancorp now owns 979 shares of the company’s stock valued at $33,000 after buying an additional 444 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Chewy by 22.9% in the fourth quarter. Blue Trust Inc. now owns 1,718 shares of the company’s stock worth $58,000 after buying an additional 320 shares in the last quarter. Allworth Financial LP boosted its position in shares of Chewy by 52.0% during the fourth quarter. Allworth Financial LP now owns 1,900 shares of the company’s stock worth $71,000 after acquiring an additional 650 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Chewy during the fourth quarter valued at $67,000. Hedge funds and other institutional investors own 93.09% of the company’s stock.

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.