Piper Sandler Reaffirms Overweight Rating for Chewy (NYSE:CHWY)

Piper Sandler reaffirmed their overweight rating on shares of Chewy (NYSE:CHWY) in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a $35.00 target price on the stock.

Several other analysts also recently weighed in on CHWY. Mizuho increased their target price on Chewy from $18.00 to $20.00 and gave the company a neutral rating in a research note on Monday, June 10th. Royal Bank of Canada increased their price objective on Chewy from $24.00 to $32.00 and gave the company an outperform rating in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Chewy from $18.00 to $20.00 and gave the stock a hold rating in a research report on Thursday, May 30th. Bank of America increased their price target on shares of Chewy from $20.00 to $24.00 and gave the company an underperform rating in a report on Thursday, August 29th. Finally, Citigroup raised their price target on shares of Chewy from $16.00 to $28.00 and gave the stock a neutral rating in a research report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Chewy has a consensus rating of Moderate Buy and an average price target of $29.11.

Chewy Stock Up 0.4 %

NYSE:CHWY opened at $29.87 on Friday. The company’s 50 day moving average is $26.67 and its 200-day moving average is $21.99. Chewy has a 12 month low of $14.69 and a 12 month high of $39.10. The firm has a market cap of $12.99 billion, a price-to-earnings ratio of 165.94, a P/E/G ratio of 3.02 and a beta of 1.04.

Chewy (NYSE:CHWY) last announced its earnings results on Wednesday, August 28th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.03 by $0.02. Chewy had a net margin of 3.20% and a return on equity of 21.00%. The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.86 billion. Research analysts predict that Chewy will post 0.32 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Argos Holdings Gp Llc sold 26,870,748 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $29.40, for a total transaction of $789,999,991.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Chewy news, CTO Satish Mehta sold 2,894 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $22.24, for a total value of $64,362.56. Following the transaction, the chief technology officer now directly owns 573,463 shares in the company, valued at $12,753,817.12. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Argos Holdings Gp Llc sold 26,870,748 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $29.40, for a total transaction of $789,999,991.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,776,889 shares of company stock worth $1,330,973,224. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position in Chewy by 6.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 667,247 shares of the company’s stock valued at $15,767,000 after purchasing an additional 39,301 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new position in Chewy during the 4th quarter worth about $339,000. Wells Fargo & Company MN lifted its position in Chewy by 8.8% during the 4th quarter. Wells Fargo & Company MN now owns 915,965 shares of the company’s stock worth $21,644,000 after buying an additional 73,825 shares in the last quarter. Quest Partners LLC bought a new stake in Chewy during the 4th quarter worth about $65,000. Finally, Ontario Teachers Pension Plan Board increased its position in Chewy by 129.2% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 93,584 shares of the company’s stock valued at $2,211,000 after acquiring an additional 52,751 shares in the last quarter. 93.09% of the stock is owned by institutional investors and hedge funds.

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.