Chewy (NYSE:CHWY) Raised to Outperform at Evercore ISI

Chewy (NYSE:CHWY) was upgraded by equities researchers at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued on Monday, Marketbeat.com reports. The firm presently has a $47.00 target price on the stock, up from their prior target price of $34.00. Evercore ISI’s price objective suggests a potential upside of 29.33% from the company’s current price.

Several other research firms have also weighed in on CHWY. The Goldman Sachs Group increased their price objective on shares of Chewy from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Bank of America upgraded shares of Chewy from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $24.00 to $40.00 in a research note on Wednesday, November 20th. Wedbush reiterated an “outperform” rating and set a $39.00 price objective (up previously from $35.00) on shares of Chewy in a research note on Thursday, December 5th. Barclays upped their target price on shares of Chewy from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, Royal Bank of Canada upped their target price on shares of Chewy from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, December 5th. Six analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, Chewy presently has a consensus rating of “Moderate Buy” and an average price target of $36.60.

Chewy Stock Performance

Shares of Chewy stock opened at $36.34 on Monday. The firm has a market cap of $14.80 billion, a PE ratio of 39.93, a price-to-earnings-growth ratio of 4.28 and a beta of 1.10. The firm’s 50-day simple moving average is $33.29 and its 200-day simple moving average is $29.29. Chewy has a 1 year low of $14.69 and a 1 year high of $39.10.

Chewy (NYSE:CHWY) last released its quarterly earnings data on Wednesday, December 4th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.15. The firm had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.86 billion. Chewy had a net margin of 3.51% and a return on equity of 24.47%. Chewy’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.08) earnings per share. On average, equities analysts predict that Chewy will post 0.24 earnings per share for the current year.

Insider Activity

In related news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $29.40, for a total transaction of $36,750,000.00. 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 8,056 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $33.47, for a total transaction of $269,634.32. Following the sale, the chief technology officer now owns 585,962 shares of the company’s stock, valued at $19,612,148.14. The trade was a 1.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,053,806 shares of company stock worth $942,139,713 over the last three months. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Chewy

Several hedge funds have recently made changes to their positions in CHWY. BC Partners Advisors L.P. purchased a new stake in shares of Chewy in the 2nd quarter valued at approximately $7,517,800,000. Marshall Wace LLP lifted its position in Chewy by 1,028.6% in the 2nd quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock worth $78,801,000 after buying an additional 2,636,526 shares in the last quarter. FMR LLC lifted its position in Chewy by 166.8% in the 3rd quarter. FMR LLC now owns 3,995,329 shares of the company’s stock worth $117,023,000 after buying an additional 2,497,689 shares in the last quarter. Clearbridge Investments LLC purchased a new stake in Chewy in the 2nd quarter worth approximately $40,798,000. Finally, Eagle Asset Management Inc. lifted its position in Chewy by 97.9% in the 3rd quarter. Eagle Asset Management Inc. now owns 1,972,136 shares of the company’s stock worth $60,485,000 after buying an additional 975,647 shares in the last quarter. Hedge funds and other institutional investors 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.