Wedbush Boosts Chewy (NYSE:CHWY) Price Target to $35.00

Chewy (NYSE:CHWY) had its price target lifted by equities research analysts at Wedbush from $28.00 to $35.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s target price would suggest a potential upside of 15.93% from the company’s current price.

Several other brokerages have also recently issued reports on CHWY. JPMorgan Chase & Co. upped their price objective on Chewy from $22.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Bank of America lowered their price target on shares of Chewy from $17.00 to $16.50 and set an “underperform” rating for the company in a report on Thursday, March 21st. JMP Securities reissued a “market outperform” rating and set a $28.00 target price on shares of Chewy in a research report on Friday, March 15th. Morgan Stanley lifted their price target on shares of Chewy from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Finally, Piper Sandler boosted their price objective on Chewy from $16.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.64.

Chewy Price Performance

Shares of CHWY stock traded up $1.05 during trading hours on Thursday, reaching $30.19. 44,043,348 shares of the company traded hands, compared to its average volume of 10,041,690. The firm has a 50-day moving average price of $19.35 and a 200 day moving average price of $18.87. The company has a market cap of $13.13 billion, a P/E ratio of 172.39, a P/E/G ratio of 4.97 and a beta of 1.00. Chewy has a 12-month low of $14.69 and a 12-month high of $40.22.

Chewy (NYSE:CHWY) last announced its quarterly earnings data on Wednesday, May 29th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.04 by $0.11. Chewy had a net margin of 0.73% and a return on equity of 16.62%. The firm had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.85 billion. Sell-side analysts predict that Chewy will post 0.2 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Satish Mehta sold 8,019 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $15.12, for a total transaction of $121,247.28. Following the sale, the chief technology officer now owns 569,594 shares of the company’s stock, valued at approximately $8,612,261.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Sumit Singh sold 46,090 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $15.12, for a total value of $696,880.80. Following the completion of the sale, the chief executive officer now directly owns 1,379,100 shares of the company’s stock, valued at approximately $20,851,992. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Satish Mehta sold 8,019 shares of Chewy stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $15.12, for a total value of $121,247.28. Following the transaction, the chief technology officer now directly owns 569,594 shares in the company, valued at approximately $8,612,261.28. The disclosure for this sale can be found here. Insiders sold 68,862 shares of company stock valued at $1,047,242 in the last ninety days. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Chewy

Large investors have recently modified their holdings of the company. Headinvest LLC acquired a new stake in Chewy during the 3rd quarter worth $39,000. Quest Partners LLC acquired a new stake in shares of Chewy in the 4th quarter valued at approximately $65,000. Signaturefd LLC boosted its stake in shares of Chewy by 37.8% in the fourth quarter. Signaturefd LLC now owns 3,358 shares of the company’s stock valued at $79,000 after buying an additional 922 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Chewy by 15.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,022 shares of the company’s stock worth $95,000 after acquiring an additional 543 shares in the last quarter. Finally, EntryPoint Capital LLC lifted its holdings in Chewy by 18.0% in the first quarter. EntryPoint Capital LLC now owns 4,066 shares of the company’s stock valued at $65,000 after acquiring an additional 619 shares during the period. 93.09% of the stock is owned by institutional investors and hedge funds.

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.