Chewy’s (CHWY) “Outperform” Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reiterated their outperform rating on shares of Chewy (NYSE:CHWY) in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a $34.00 target price on the stock.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. dropped their price objective on Chewy from $35.00 to $29.00 and set an “overweight” rating on the stock in a report on Thursday, June 11th. Weiss Ratings downgraded Chewy from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, July 31st. Piper Sandler reaffirmed an “overweight” rating on shares of Chewy in a report on Friday, August 21st. Raymond James Financial reiterated a “buy” rating on shares of Chewy in a research note on Wednesday, June 10th. Finally, Moffett Nathanson set a $28.00 price objective on shares of Chewy in a report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $31.50.

Chewy Price Performance

Chewy stock opened at $23.26 on Wednesday. The stock has a market cap of $9.52 billion, a PE ratio of 38.77, a P/E/G ratio of 1.16 and a beta of 1.42. The stock’s fifty day moving average is $21.72 and its two-hundred day moving average is $23.25. Chewy has a 1-year low of $17.40 and a 1-year high of $43.50.

Insider Buying and Selling at Chewy

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in Chewy by 295.9% in the third quarter. Wellington Management Group LLP now owns 17,622,768 shares of the company’s stock valued at $712,841,000 after buying an additional 13,171,325 shares during the last quarter. Viking Global Investors LP grew its position in shares of Chewy by 146.9% during the fourth quarter. Viking Global Investors LP now owns 13,536,645 shares of the company’s stock worth $447,386,000 after acquiring an additional 8,052,955 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Chewy by 120.2% during the third 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 during the last quarter. California State Teachers Retirement System increased its holdings in shares of Chewy by 1,828.1% in the 2nd quarter. California State Teachers Retirement System now owns 5,042,544 shares of the company’s stock valued at $99,086,000 after acquiring an additional 4,781,020 shares during the period. Finally, Norges Bank acquired a new position in shares of Chewy in the 4th quarter valued at $154,647,000. Institutional investors and hedge funds own 93.09% of the company’s stock.

About Chewy

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.