Royal Bank of Canada Increases Chewy (NYSE:CHWY) Price Target to $44.00

Chewy (NYSE:CHWY - Free Report) had its price target raised by Royal Bank of Canada from $42.00 to $44.00 in a research note published on Thursday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Other analysts have also issued research reports about the company. UBS Group boosted their target price on Chewy from $36.00 to $46.00 and gave the company a "neutral" rating in a research report on Thursday, June 5th. JMP Securities dropped their price objective on Chewy from $40.00 to $39.00 and set a "market outperform" rating on the stock in a report on Monday, April 14th. The Goldman Sachs Group lifted their price target on shares of Chewy from $40.00 to $45.00 and gave the stock a "buy" rating in a research note on Thursday, March 27th. Jefferies Financial Group reissued a "hold" rating and issued a $43.00 price objective (up from $41.00) on shares of Chewy in a report on Thursday, June 5th. Finally, Morgan Stanley lowered their price objective on shares of Chewy from $40.00 to $39.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $43.72.

Chewy Stock Performance

Shares of CHWY stock traded up $0.48 during trading hours on Thursday, reaching $41.24. The company had a trading volume of 9,387,254 shares, compared to its average volume of 6,949,193. The stock has a fifty day moving average of $39.63 and a 200-day moving average of $36.58. The company has a market capitalization of $17.06 billion, a price-to-earnings ratio of 45.32, a PEG ratio of 2.21 and a beta of 1.75. Chewy has a 12-month low of $19.75 and a 12-month high of $48.62.

Chewy (NYSE:CHWY - Get Free Report) last announced its quarterly earnings results on Wednesday, June 11th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. Chewy had a net margin of 3.51% and a return on equity of 24.47%. The business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the firm earned $0.31 EPS. The business's revenue was up 6.3% compared to the same quarter last year. On average, analysts forecast that Chewy will post 0.24 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Sumit Singh sold 8,552 shares of the business's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $33.35, for a total value of $285,209.20. Following the sale, the chief executive officer now owns 62,096 shares of the company's stock, valued at approximately $2,070,901.60. The trade was a 12.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Reeder sold 11,582 shares of the business's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $36.44, for a total transaction of $422,048.08. Following the completion of the sale, the chief financial officer now owns 397,556 shares in the company, valued at $14,486,940.64. The trade was a 2.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 236,046 shares of company stock worth $9,387,635. 0.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers increased its holdings in shares of Chewy by 10.1% in the 1st quarter. Rhumbline Advisers now owns 280,851 shares of the company's stock valued at $9,130,000 after purchasing an additional 25,755 shares during the period. Belpointe Asset Management LLC acquired a new stake in shares of Chewy in the first quarter worth $318,000. Focus Partners Wealth acquired a new position in Chewy during the 1st quarter worth $434,000. Bayforest Capital Ltd boosted its stake in Chewy by 38.8% during the 1st quarter. Bayforest Capital Ltd now owns 8,632 shares of the company's stock valued at $281,000 after purchasing an additional 2,414 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Chewy by 31.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 383,966 shares of the company's stock valued at $12,483,000 after acquiring an additional 92,129 shares during the period. 93.09% of the stock is owned by hedge funds and other institutional investors.

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.