Chewy (NYSE:CHWY) Rating Increased to Buy at Citigroup

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

CHWY has been the topic of several other research reports. Raymond James downgraded Chewy from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 21st. Bank of America boosted their price objective on Chewy from $20.00 to $24.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Wedbush restated an “outperform” rating and issued a $35.00 target price on shares of Chewy in a report on Thursday, August 29th. Evercore ISI upped their price objective on shares of Chewy from $22.00 to $29.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chewy in a research report on Wednesday, October 23rd. One investment 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. According to MarketBeat.com, Chewy has an average rating of “Moderate Buy” and an average target price of $30.15.

Chewy Stock Up 3.5 %

Shares of CHWY stock opened at $30.78 on Friday. The business has a 50-day moving average price of $28.84 and a two-hundred day moving average price of $24.60. Chewy has a 12-month low of $14.69 and a 12-month high of $39.10. The firm has a market cap of $12.87 billion, a P/E ratio of 37.54, a price-to-earnings-growth ratio of 2.88 and a beta of 1.06.

Chewy (NYSE:CHWY) last issued its earnings results on Wednesday, August 28th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.02. The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.86 billion. Chewy had a return on equity of 21.00% and a net margin of 3.20%. As a group, research analysts expect that Chewy will post 0.32 EPS for the current fiscal year.

Insider Activity at Chewy

In related news, major shareholder Argos Holdings Gp Llc sold 26,870,748 shares of Chewy stock in a transaction on Monday, September 23rd. The stock was 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 Securities & Exchange Commission, which is accessible through this hyperlink. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC lifted its holdings in shares of Chewy by 40.5% in the first quarter. SG Americas Securities LLC now owns 42,029 shares of the company’s stock worth $669,000 after buying an additional 12,118 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Chewy by 371.5% in the first quarter. Oppenheimer & Co. Inc. now owns 50,068 shares of the company’s stock worth $797,000 after purchasing an additional 39,450 shares during the last quarter. Swiss National Bank lifted its position in shares of Chewy by 1.0% in the first quarter. Swiss National Bank now owns 237,400 shares of the company’s stock worth $3,777,000 after buying an additional 2,400 shares in the last quarter. Washington Trust Advisors Inc. boosted its stake in Chewy by 25.6% during the first quarter. Washington Trust Advisors Inc. now owns 293,413 shares of the company’s stock valued at $4,668,000 after buying an additional 59,818 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Chewy by 27.7% during the 1st quarter. Russell Investments Group Ltd. now owns 86,542 shares of the company’s stock valued at $1,355,000 after buying an additional 18,768 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.