Chewy (NYSE:CHWY) Receives Outperform Rating from Royal Bank Of Canada

Key Points

• Royal Bank of Canada reaffirmed its “outperform” rating on Chewy and set a $34 price target, implying 37.68% upside from the previous close.
• Analyst sentiment remains broadly positive, with Chewy carrying a “Moderate Buy” consensus rating and an average target price of $31.50, despite several firms recently lowering their targets.
• Chewy shares opened at $24.70, while institutional investors own 93.09% of the company; Wellington Management, Viking Global and AQR Capital Management notably increased their holdings.

Chewy (NYSE:CHWY - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities researchers at Royal Bank Of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $34.00 target price on the stock. Royal Bank Of Canada's price target would indicate a potential upside of 37.68% from the stock's previous close.

CHWY has been the topic of a number of other research reports. UBS Group cut their price objective on Chewy from $32.00 to $24.00 and set a "neutral" rating on the stock in a research report on Thursday, June 11th. Piper Sandler reiterated an "overweight" rating on shares of Chewy in a report on Friday. JPMorgan Chase & Co. lowered their target price on Chewy from $35.00 to $29.00 and set an "overweight" rating for the company in a research note on Thursday, June 11th. Deutsche Bank Aktiengesellschaft cut their price target on Chewy from $45.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, June 11th. Finally, Mizuho reduced their price target on Chewy from $50.00 to $40.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Chewy presently has a consensus rating of "Moderate Buy" and a consensus target price of $31.50.

Chewy Stock Up 0.8%

Shares of CHWY stock opened at $24.70 on Wednesday. Chewy has a 52 week low of $17.40 and a 52 week high of $43.50. The stock has a market capitalization of $10.11 billion, a PE ratio of 41.16, a P/E/G ratio of 1.24 and a beta of 1.42. The firm has a 50 day moving average of $21.43 and a two-hundred day moving average of $23.31.

Insider Buying and Selling at Chewy

In other news, General Counsel Da-Wai Hu sold 4,203 shares of the firm's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $19.49, for a total value of $81,916.47. Following the sale, the general counsel directly owned 4,103 shares in the company, valued at approximately $79,967.47. This trade represents a 50.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.34% of the company's stock.

Hedge Funds Weigh In On Chewy

Several large investors have recently bought and sold shares of the business. Wellington Management Group LLP lifted its holdings in Chewy by 295.9% during the 3rd quarter. Wellington Management Group LLP now owns 17,622,768 shares of the company's stock worth $712,841,000 after buying an additional 13,171,325 shares during the last quarter. Viking Global Investors LP increased its holdings in shares of Chewy by 146.9% in the 4th quarter. Viking Global Investors LP now owns 13,536,645 shares of the company's stock valued at $447,386,000 after acquiring an additional 8,052,955 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Chewy by 120.2% during the 3rd quarter. AQR Capital Management LLC now owns 10,196,146 shares of the company's stock worth $407,948,000 after acquiring an additional 5,564,803 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Chewy by 1,828.1% during the 2nd quarter. California State Teachers Retirement System now owns 5,042,544 shares of the company's stock worth $99,086,000 after acquiring an additional 4,781,020 shares in the last quarter. Finally, Norges Bank purchased a new stake in Chewy during the fourth quarter worth approximately $154,647,000. Hedge funds and other institutional investors own 93.09% of the company's stock.

Chewy Company Profile

Chewy, Inc NYSE: CHWY is a leading e-commerce retailer specializing in pet food, supplies and services. The company offers a comprehensive assortment of products for dogs, cats, fish, birds and other small animals, including prescription medications, veterinary health products, grooming essentials and toys. Through its online platform and mobile app, Chewy provides an intuitive shopping experience with features such as Autoship, ensuring regular deliveries of pet essentials at schedule intervals.

Founded in 2011 by Ryan Cohen and Michael Day, Chewy initially operated under the name Mr.

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