Chewy (NYSE:CHWY) Receives “Outperform” Rating from Royal Bank of Canada

Chewy (NYSE:CHWY)‘s stock had its “outperform” rating reissued by Royal Bank of Canada in a note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $44.00 price objective on the stock, up from their prior price objective of $42.00. Royal Bank of Canada’s price objective would indicate a potential upside of 5.27% from the stock’s current price.

CHWY has been the topic of a number of other reports. Citigroup upped their target price on shares of Chewy from $42.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday. Wedbush increased their price objective on shares of Chewy from $39.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft set a $27.00 price objective on shares of Chewy and gave the company a “hold” rating in a research report on Monday, April 14th. Evercore ISI set a $52.00 price target on shares of Chewy and gave the company an “outperform” rating in a report on Thursday. Finally, Guggenheim raised their price target on shares of Chewy from $42.00 to $45.00 and gave the company a “buy” rating in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.72.

Chewy Price Performance

CHWY stock traded up $0.13 during midday trading on Thursday, reaching $41.80. The company had a trading volume of 2,365,933 shares, compared to its average volume of 6,933,700. Chewy has a 1 year low of $19.75 and a 1 year high of $48.62. The company has a market capitalization of $17.29 billion, a P/E ratio of 45.88, a P/E/G ratio of 2.21 and a beta of 1.75. The firm has a 50-day moving average price of $39.84 and a 200-day moving average price of $36.68.

Chewy (NYSE:CHWY) last announced its quarterly earnings data on Wednesday, June 11th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Chewy had a net margin of 3.51% and a return on equity of 24.47%. The company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the prior year, the company earned $0.31 EPS. The firm’s revenue was up 6.3% on a year-over-year basis. On average, equities analysts predict that Chewy will post 0.24 EPS for the current year.

Insider Transactions at Chewy

In other Chewy news, CFO David Reeder sold 7,863 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $36.50, for a total transaction of $286,999.50. Following the sale, the chief financial officer now directly owns 11,582 shares in the company, valued at $422,743. This represents a 40.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sumit Singh sold 148,063 shares of the business’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $40.67, for a total value of $6,021,722.21. Following the transaction, the chief executive officer now directly owns 705,252 shares of the company’s stock, valued at approximately $28,682,598.84. This represents a 17.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 236,046 shares of company stock worth $9,387,635 in the last quarter. Company insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Chewy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers raised its stake in shares of Chewy by 10.1% during the first quarter. Rhumbline Advisers now owns 280,851 shares of the company’s stock worth $9,130,000 after purchasing an additional 25,755 shares during the last quarter. Belpointe Asset Management LLC purchased a new position in Chewy in the first quarter worth $318,000. Focus Partners Wealth purchased a new position in Chewy in the first quarter worth $434,000. Bayforest Capital Ltd raised its position in Chewy by 38.8% in the first quarter. Bayforest Capital Ltd now owns 8,632 shares of the company’s stock worth $281,000 after acquiring an additional 2,414 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Chewy by 31.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 383,966 shares of the company’s stock worth $12,483,000 after acquiring an additional 92,129 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.