Chewy (NYSE:CHWY) Sets New 12-Month High – Here’s What Happened

Chewy, Inc. (NYSE:CHWY) reached a new 52-week high on Monday . The company traded as high as $47.56 and last traded at $47.29, with a volume of 3550884 shares trading hands. The stock had previously closed at $45.25.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Seaport Res Ptn upgraded Chewy to a “hold” rating in a research report on Monday, March 24th. JPMorgan Chase & Co. decreased their price objective on Chewy from $40.00 to $36.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Citigroup lifted their price target on shares of Chewy from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, March 27th. 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. Finally, Guggenheim set a $42.00 target price on shares of Chewy and gave the stock a “buy” rating in a research report on Tuesday, February 4th. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $40.18.

Chewy Trading Up 4.3%

The business has a fifty day simple moving average of $37.29 and a two-hundred day simple moving average of $35.86. The stock has a market cap of $19.52 billion, a PE ratio of 51.92, a P/E/G ratio of 2.21 and a beta of 1.69.

Chewy (NYSE:CHWY) last issued its quarterly earnings results on Wednesday, March 26th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.25. The company had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.20 billion. Chewy had a return on equity of 24.47% and a net margin of 3.51%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.07 earnings per share. On average, research analysts predict that Chewy, Inc. will post 0.24 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO David Reeder sold 7,863 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $36.50, for a total transaction of $286,999.50. Following the sale, the chief financial officer now owns 11,582 shares in the company, valued at $422,743. This represents a 40.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sumit Singh sold 8,552 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $33.35, for a total transaction of $285,209.20. Following the sale, the chief executive officer now owns 62,096 shares in the company, valued at approximately $2,070,901.60. The trade was a 12.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 307,411 shares of company stock worth $11,928,229 in the last 90 days. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Parallel Advisors LLC boosted its stake in shares of Chewy by 150.2% in the 1st quarter. Parallel Advisors LLC now owns 788 shares of the company’s stock worth $26,000 after buying an additional 473 shares during the last quarter. Banque Transatlantique SA bought a new stake in shares of Chewy during the 4th quarter valued at about $30,000. Golden State Wealth Management LLC increased its position in shares of Chewy by 104.6% during the 1st quarter. Golden State Wealth Management LLC now owns 941 shares of the company’s stock valued at $31,000 after purchasing an additional 481 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Chewy by 83.0% in the 4th quarter. Fifth Third Bancorp now owns 979 shares of the company’s stock worth $33,000 after purchasing an additional 444 shares during the period. Finally, N.E.W. Advisory Services LLC purchased a new position in shares of Chewy in the first quarter worth approximately $44,000. Hedge funds and other institutional investors own 93.09% of the company’s stock.

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.