Zacks Investment Research upgraded shares of Chewy (NYSE:CHWY) from a hold rating to a buy rating in a research report report published on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $35.00 price objective on the stock.
According to Zacks, “Chewy Inc. operates as an online pet retailer. The Company offers pet products which include dry and wet food, toys, mats, biscuits, vitamins and supplements. Chewy Inc. is based in Dania Beach, United States. “
Other equities analysts have also issued reports about the stock. Royal Bank of Canada began coverage on shares of Chewy in a research report on Tuesday, July 9th. They issued a sector perform rating and a $37.00 price objective on the stock. Morgan Stanley lifted their price objective on shares of Chewy from $33.00 to $34.00 and gave the company an equal weight rating in a research report on Friday, July 19th. Wells Fargo & Co began coverage on shares of Chewy in a research report on Tuesday, July 9th. They issued an outperform rating and a $40.00 price objective on the stock. Raymond James reiterated a hold rating on shares of Chewy in a research report on Friday, July 19th. Finally, William Blair began coverage on shares of Chewy in a research report on Tuesday, July 9th. They issued an outperform rating on the stock. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Chewy currently has an average rating of Hold and an average target price of $36.73.
Chewy (NYSE:CHWY) last announced its earnings results on Thursday, July 18th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the business posted ($0.15) EPS. The company’s revenue was up 45.2% on a year-over-year basis. As a group, research analysts predict that Chewy will post -0.37 EPS for the current year.
In other Chewy news, major shareholder Argos Holdings Gp Llc sold 47,875,000 shares of the firm’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $20.90, for a total value of $1,000,587,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stacy Bowman bought 35,500 shares of Chewy stock in a transaction on Tuesday, June 18th. The stock was acquired at an average cost of $22.00 per share, with a total value of $781,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 152,500 shares of company stock worth $3,355,000.
A number of institutional investors have recently added to or reduced their stakes in the business. Morgan Stanley acquired a new position in shares of Chewy during the 2nd quarter worth $165,887,000. Baillie Gifford & Co. acquired a new position in shares of Chewy during the 2nd quarter worth $116,574,000. Vanguard Group Inc. acquired a new position in shares of Chewy during the 2nd quarter worth $115,212,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Chewy during the 2nd quarter worth $97,010,000. Finally, Viking Global Investors LP acquired a new position in shares of Chewy during the 2nd quarter worth $51,516,000. 88.98% of the stock is owned by institutional investors.
Chewy Company Profile
Chewy, Inc, together with its subsidiaries, engages in the pure play e-commerce business in the United States. The company provides pet food, pet products, pet medications, and other pet health products for dogs, cats, fish, birds, small pets, horses, and reptiles through its chewy.com retail Website, as well as its mobile applications.
Further Reading: Understanding Analyst Ratings
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Chewy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chewy and related companies with MarketBeat.com's FREE daily email newsletter.