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

Chewy (NYSE:CHWY) had its price objective hoisted by Wedbush from $28.00 to $35.00 in a report published on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts also recently issued reports on the stock. Mizuho boosted their price target on shares of Chewy from $18.00 to $20.00 and gave the company a neutral rating in a report on Monday, June 10th. Evercore ISI boosted their target price on shares of Chewy from $19.00 to $22.00 and gave the company an in-line rating in a research note on Friday, May 31st. Jefferies Financial Group dropped their price target on shares of Chewy from $27.00 to $25.00 and set a buy rating on the stock in a research note on Thursday, March 21st. Piper Sandler boosted their price objective on Chewy from $16.00 to $22.00 and gave the stock a neutral rating in a research report on Thursday, May 30th. Finally, Raymond James raised their target price on Chewy from $19.00 to $24.00 and gave the company an outperform rating in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Chewy currently has a consensus rating of Moderate Buy and a consensus price target of $26.50.

Chewy Stock Down 6.2 %

Shares of NYSE CHWY opened at $27.24 on Thursday. The firm’s 50-day moving average price is $19.83 and its two-hundred day moving average price is $18.99. Chewy has a 52-week low of $14.69 and a 52-week high of $39.78. The stock has a market capitalization of $11.85 billion, a P/E ratio of 151.33, a P/E/G ratio of 4.41 and a beta of 1.00.

Chewy (NYSE:CHWY) last announced its quarterly earnings results on Wednesday, May 29th. The company reported $0.15 earnings per share (EPS) 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 business had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.85 billion. As a group, equities research analysts expect that Chewy will post 0.22 earnings per share for the current year.

Insider Buying and Selling at Chewy

In related news, major shareholder Argos Holdings Gp Llc sold 17,550,000 shares of the business’s 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Argos Holdings Gp Llc sold 17,550,000 shares of the firm’s stock in a transaction that occurred 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Satish Mehta sold 8,019 shares of the company’s stock in a transaction on 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 transaction, the chief technology officer now directly owns 569,594 shares in the company, valued at approximately $8,612,261.28. The disclosure for this sale can be found here. In the last three months, insiders sold 17,618,862 shares of company stock valued at $501,046,742. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Chewy

A number of hedge funds and other institutional investors have recently modified their holdings of CHWY. Headinvest LLC purchased a new stake in Chewy during the third quarter valued at about $39,000. Quest Partners LLC purchased a new stake in shares of Chewy in the 4th quarter valued at approximately $65,000. Future Financial Wealth Managment LLC acquired a new position in Chewy in the 1st quarter worth approximately $65,000. EntryPoint Capital LLC grew its position in 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 in the last quarter. Finally, Signaturefd LLC raised its stake in Chewy by 37.8% during the 4th 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 period. 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.