Chewy’s (CHWY) Overweight Rating Reiterated at Piper Sandler

Chewy (NYSE:CHWY)‘s stock had its “overweight” rating reaffirmed by equities researchers at Piper Sandler in a research note issued on Friday, Benzinga reports. They currently have a $35.00 price target on the stock. Piper Sandler’s price objective indicates a potential upside of 17.41% from the stock’s previous close.

Several other equities research analysts also recently weighed in on CHWY. UBS Group raised their target price on shares of Chewy from $21.00 to $30.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Raymond James downgraded shares of Chewy from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 21st. JPMorgan Chase & Co. increased their price target on Chewy from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Wolfe Research started coverage on Chewy in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Finally, Royal Bank of Canada upped their price objective on Chewy from $24.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Chewy currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.11.

Chewy Trading Down 4.1 %

Shares of NYSE CHWY traded down $1.29 during trading hours on Friday, hitting $29.81. 11,696,609 shares of the company traded hands, compared to its average volume of 9,527,289. The stock has a market capitalization of $12.96 billion, a price-to-earnings ratio of 164.78, a price-to-earnings-growth ratio of 3.02 and a beta of 1.04. The company’s 50 day moving average price is $26.54 and its 200 day moving average price is $21.76. Chewy has a 12 month low of $14.69 and a 12 month high of $39.10.

Insider Activity

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 17,550,000 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $28.49, for a total value of $499,999,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Sumit Singh sold 14,338 shares of the firm’s stock in a transaction on 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 approximately $31,097,547.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Argos Holdings Gp Llc sold 17,550,000 shares of the business’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $28.49, for a total value of $499,999,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,906,141 shares of company stock worth $540,973,233. 2.10% of the stock is currently owned by company insiders.

Institutional Trading of Chewy

Institutional investors have recently bought and sold shares of the stock. 1620 Investment Advisors Inc. purchased a new position in shares of Chewy in the second quarter worth $33,000. Industrial Alliance Investment Management Inc. acquired a new stake in Chewy during the 2nd quarter worth about $44,000. First Horizon Advisors Inc. purchased a new stake in Chewy during the 2nd quarter valued at about $48,000. Skylands Capital LLC acquired a new position in shares of Chewy in the second quarter valued at about $52,000. Finally, Quest Partners LLC purchased a new position in shares of Chewy in the fourth quarter worth about $65,000. 93.09% of the stock is currently owned by institutional investors and hedge funds.

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.