Chewy (NYSE:CHWY) Upgraded by Citigroup to “Buy” Rating

Chewy (NYSE:CHWY) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Friday,Finviz reports. The brokerage presently has a $40.00 target price on the stock, up from their previous target price of $28.00. Citigroup’s target price points to a potential upside of 29.95% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Wedbush restated an “outperform” rating and set a $35.00 price objective on shares of Chewy in a report on Thursday, August 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chewy in a research note on Wednesday, October 23rd. Bank of America boosted their price objective on shares of Chewy from $20.00 to $24.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Robert W. Baird boosted their price target on Chewy from $26.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. Finally, Wolfe Research assumed coverage on Chewy in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.15.

Chewy Trading Up 3.5 %

Shares of CHWY opened at $30.78 on Friday. Chewy has a twelve month low of $14.69 and a twelve month high of $39.10. The company’s fifty day simple moving average is $28.84 and its 200-day simple moving average is $24.60. The company has a market cap of $12.87 billion, a P/E ratio of 37.54, a P/E/G ratio of 2.88 and a beta of 1.06.

Chewy (NYSE:CHWY) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. Chewy had a net margin of 3.20% and a return on equity of 21.00%. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.86 billion. Analysts predict that Chewy will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Argos Holdings Gp Llc sold 26,870,748 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $29.40, for a total value of $789,999,991.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Chewy

Several large investors have recently added to or reduced their stakes in the stock. BC Partners Advisors L.P. acquired a new stake in Chewy during the second quarter worth about $7,517,800,000. Marshall Wace LLP lifted its holdings in Chewy by 1,028.6% in the second quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock valued at $78,801,000 after acquiring an additional 2,636,526 shares during the last quarter. Fiera Capital Corp acquired a new position in Chewy in the second quarter valued at approximately $44,373,000. Clearbridge Investments LLC acquired a new stake in Chewy during the second quarter worth $40,798,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its stake in Chewy by 127.8% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,717,660 shares of the company’s stock worth $27,328,000 after acquiring an additional 963,540 shares during the last quarter. 93.09% of the stock is currently owned by hedge funds and other institutional investors.

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.