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

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

CHWY has been the subject of several other reports. Mizuho lifted their price objective on shares of Chewy from $18.00 to $20.00 and gave the stock a neutral rating in a research note on Monday, June 10th. Guggenheim boosted their target price on shares of Chewy from $25.00 to $32.00 and gave the company a buy rating in a research note on Friday, June 28th. Royal Bank of Canada boosted their target price on shares of Chewy from $24.00 to $32.00 and gave the company an outperform rating in a research note on Thursday, August 29th. Citigroup upped their price objective on shares of Chewy from $16.00 to $28.00 and gave the stock a neutral rating in a research note on Friday, July 19th. Finally, Barclays boosted their target price on shares of Chewy from $32.00 to $34.00 and gave the stock an overweight rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Chewy currently has a consensus rating of Moderate Buy and an average target price of $29.11.

Chewy Trading Down 4.3 %

NYSE CHWY opened at $29.75 on Friday. Chewy has a 12 month low of $14.69 and a 12 month high of $39.10. The stock has a market cap of $12.94 billion, a price-to-earnings ratio of 165.28, a PEG ratio of 3.02 and a beta of 1.04. The company’s 50 day moving average is $26.61 and its two-hundred day moving average is $21.90.

Chewy (NYSE:CHWY) last released 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 analysts’ expectations of $2.86 billion. Chewy had a net margin of 3.20% and a return on equity of 21.00%. Sell-side analysts forecast that Chewy will post 0.32 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. 1620 Investment Advisors Inc. acquired a new position in shares of Chewy in the second quarter valued at approximately $33,000. Industrial Alliance Investment Management Inc. acquired a new position in shares of Chewy in the second quarter valued at approximately $44,000. First Horizon Advisors Inc. acquired a new position in shares of Chewy in the second quarter valued at approximately $48,000. Skylands Capital LLC acquired a new position in shares of Chewy in the second quarter valued at approximately $52,000. Finally, Quest Partners LLC acquired a new position in shares of Chewy in the fourth quarter valued at approximately $65,000. Institutional investors and hedge funds own 93.09% of the company’s stock.

Chewy Company Profile

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.