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

Piper Sandler reiterated their overweight rating on shares of Chewy (NYSE:CHWY) in a report published on Friday morning, Benzinga reports. They currently have a $35.00 target price on the stock.

A number of other research firms also recently commented on CHWY. Evercore ISI boosted their target price on Chewy from $22.00 to $29.00 and gave the stock an in-line rating in a research report on Wednesday, August 28th. JPMorgan Chase & Co. upped their price objective on Chewy from $28.00 to $33.00 and gave the company an overweight rating in a research report on Thursday, August 29th. Argus downgraded Chewy from a buy rating to a hold rating in a research report on Tuesday, July 9th. Barclays upped their price objective on Chewy from $32.00 to $34.00 and gave the company an overweight rating in a research report on Thursday, August 29th. Finally, Robert W. Baird upped their price objective on Chewy from $26.00 to $32.00 and gave the company an outperform rating in a research report on Tuesday, August 20th. One 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. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $29.11.

Chewy Price Performance

Chewy stock opened at $29.75 on Friday. Chewy has a 1-year low of $14.69 and a 1-year high of $39.10. The company has a market cap of $12.94 billion, a PE ratio of 165.28, a price-to-earnings-growth ratio of 3.02 and a beta of 1.04. The stock’s 50 day moving average price is $26.61 and its 200 day moving average price is $21.90.

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

Insiders Place Their Bets

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 1,338,262 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $30.32, for a total transaction of $40,576,103.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Sumit Singh sold 14,338 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $22.24, for a total value of $318,877.12. Following the completion of the sale, the chief executive officer now owns 1,398,271 shares of the company’s stock, valued at $31,097,547.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Argos Holdings Gp Llc sold 1,338,262 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $30.32, for a total value of $40,576,103.84. The disclosure for this sale can be found here. Insiders sold 18,906,141 shares of company stock worth $540,973,233 over the last three months. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC purchased a new position in Chewy in the second quarter valued at about $673,000. Clearbridge Investments LLC purchased a new position in Chewy in the second quarter valued at about $40,798,000. Cetera Investment Advisers boosted its holdings in Chewy by 10.9% in the second quarter. Cetera Investment Advisers now owns 91,831 shares of the company’s stock valued at $2,501,000 after purchasing an additional 9,039 shares during the last quarter. Truist Financial Corp boosted its holdings in Chewy by 39.3% in the second quarter. Truist Financial Corp now owns 20,732 shares of the company’s stock valued at $565,000 after purchasing an additional 5,847 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in Chewy by 74.0% in the second quarter. B. Riley Wealth Advisors Inc. now owns 49,357 shares of the company’s stock valued at $1,344,000 after purchasing an additional 20,998 shares during 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.