Evercore ISI Raises Chewy (NYSE:CHWY) Price Target to $29.00

Chewy (NYSE:CHWY) had its target price raised by equities research analysts at Evercore ISI from $22.00 to $29.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “in-line” rating on the stock. Evercore ISI’s target price points to a potential downside of 2.78% from the company’s current price.

CHWY has been the subject of a number of other reports. Robert W. Baird increased their price objective on Chewy from $26.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. Citigroup raised their price objective on shares of Chewy from $16.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Chewy from $18.00 to $20.00 and gave the company a “hold” rating in a research report on Thursday, May 30th. UBS Group raised their target price on Chewy from $19.00 to $21.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Finally, Needham & Company LLC increased their price target on Chewy from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.90.

Chewy Trading Up 15.4 %

Shares of CHWY traded up $3.97 during mid-day trading on Wednesday, reaching $29.83. The company’s stock had a trading volume of 27,121,453 shares, compared to its average volume of 9,661,632. The business has a 50-day simple moving average of $25.51 and a two-hundred day simple moving average of $20.30. The stock has a market cap of $12.97 billion, a P/E ratio of 167.72, a PEG ratio of 3.48 and a beta of 1.03. Chewy has a 1-year low of $14.69 and a 1-year high of $39.10.

Chewy (NYSE:CHWY) last issued its earnings results on Wednesday, May 29th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.11. The business had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.85 billion. Chewy had a return on equity of 16.62% and a net margin of 0.73%. Research analysts anticipate that Chewy will post 0.23 EPS for the current year.

Insider Activity

In other news, CTO Satish Mehta sold 2,894 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $22.24, for a total value of $64,362.56. Following the sale, the chief technology officer now directly owns 573,463 shares in the company, valued at approximately $12,753,817.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Chewy news, CTO Satish Mehta sold 2,894 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $22.24, for a total transaction of $64,362.56. Following the transaction, the chief technology officer now directly owns 573,463 shares of the company’s stock, valued at approximately $12,753,817.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Argos Holdings Gp Llc sold 17,550,000 shares of Chewy stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $28.49, for a total value of $499,999,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,906,141 shares of company stock valued at $540,973,233. 2.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Chewy

A number of institutional investors have recently bought and sold shares of CHWY. 1620 Investment Advisors Inc. acquired a new position in shares of Chewy during the 2nd quarter worth $33,000. Industrial Alliance Investment Management Inc. acquired a new position in Chewy during the second quarter worth about $44,000. First Horizon Advisors Inc. purchased a new position in Chewy during the second quarter worth about $48,000. Skylands Capital LLC acquired a new stake in Chewy in the 2nd quarter worth about $52,000. Finally, Quest Partners LLC acquired a new position in shares of Chewy during the 4th quarter valued at about $65,000. 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.