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

Chewy (NYSE:CHWY) had its target price upped by Wedbush from $28.00 to $35.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms have also recently weighed in on CHWY. Citigroup reduced their price objective on Chewy from $18.00 to $16.00 and set a neutral rating for the company in a research report on Tuesday, May 7th. UBS Group boosted their price objective on shares of Chewy from $19.00 to $21.00 and gave the stock a neutral rating in a report on Thursday, May 30th. The Goldman Sachs Group reduced their target price on shares of Chewy from $36.00 to $32.00 and set a buy rating for the company in a research note on Thursday, March 21st. JPMorgan Chase & Co. boosted their price target on Chewy from $22.00 to $28.00 and gave the company an overweight rating in a research note on Thursday, May 30th. Finally, Jefferies Financial Group cut their price target on Chewy from $27.00 to $25.00 and set a buy rating for the company in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $26.50.

Chewy Trading Down 6.2 %

Shares of NYSE:CHWY opened at $27.24 on Thursday. The stock has a market capitalization of $11.85 billion, a PE ratio of 151.33, a P/E/G ratio of 4.14 and a beta of 1.00. Chewy has a 1 year low of $14.69 and a 1 year high of $39.78. The firm has a fifty day moving average price of $19.83 and a 200 day moving average price of $18.98.

Chewy (NYSE:CHWY) last posted its earnings results on Wednesday, May 29th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.11. Chewy had a return on equity of 16.62% and a net margin of 0.73%. The firm had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.85 billion. On average, sell-side analysts forecast that Chewy will post 0.22 earnings per share for the current fiscal year.

Insider Transactions at Chewy

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 17,550,000 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $28.49, for a total transaction of $499,999,500.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, major shareholder Argos Holdings Gp Llc sold 17,550,000 shares of Chewy stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $28.49, for a total transaction of $499,999,500.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Satish Mehta sold 8,019 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were 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 directly owns 569,594 shares of the company’s stock, valued at approximately $8,612,261.28. The disclosure for this sale can be found here. Insiders have sold 17,618,862 shares of company stock worth $501,046,742 in the last three months. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. grew its holdings in shares of Chewy by 7.2% during the first quarter. Baillie Gifford & Co. now owns 19,819,195 shares of the company’s stock worth $315,323,000 after buying an additional 1,336,431 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Chewy by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 10,480,230 shares of the company’s stock worth $166,740,000 after acquiring an additional 875,532 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of Chewy in the fourth quarter valued at approximately $42,223,000. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Chewy by 127.8% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,717,660 shares of the company’s stock worth $27,328,000 after purchasing an additional 963,540 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in shares of Chewy by 141.2% in the third quarter. Qube Research & Technologies Ltd now owns 1,188,823 shares of the company’s stock worth $21,708,000 after purchasing an additional 695,907 shares in the last quarter. Institutional investors and hedge funds 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.