Zacks Investment Research Lowers Chewy (NYSE:CHWY) to Hold

Zacks Investment Research cut shares of Chewy (NYSE:CHWY) from a buy rating to a hold rating in a research report released on Tuesday, Zacks.com reports.

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. “

A number of other equities analysts have also weighed in on the stock. Nomura increased their target price on shares of Chewy from $40.00 to $62.00 and gave the stock a buy rating in a research report on Wednesday, June 10th. UBS Group raised their price objective on shares of Chewy from $49.00 to $55.00 and gave the company a neutral rating in a research report on Friday, September 11th. JPMorgan Chase & Co. raised their price objective on shares of Chewy from $70.00 to $72.00 and gave the company an overweight rating in a research report on Friday, September 11th. Cleveland Research initiated coverage on shares of Chewy in a research report on Wednesday, July 15th. They issued a buy rating and a $60.00 price objective for the company. Finally, Raymond James restated a hold rating on shares of Chewy in a research report on Friday, September 11th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $59.56.

NYSE CHWY opened at $55.18 on Tuesday. Chewy has a 52-week low of $20.62 and a 52-week high of $74.84. The company has a 50-day simple moving average of $56.39 and a 200 day simple moving average of $44.95. The company has a market capitalization of $21.28 billion, a PE ratio of -98.38 and a beta of -0.21.

Chewy (NYSE:CHWY) last posted its quarterly earnings data on Thursday, September 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.07. The company had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.64 billion. The business’s quarterly revenue was up 47.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.21) EPS. On average, research analysts predict that Chewy will post -0.36 earnings per share for the current fiscal year.

In other Chewy news, CEO Sumit Singh sold 195,000 shares of Chewy stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $49.36, for a total transaction of $9,625,200.00. Following the completion of the sale, the chief executive officer now directly owns 455,343 shares in the company, valued at $22,475,730.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mario Jesus Marte sold 15,000 shares of Chewy stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $49.93, for a total transaction of $748,950.00. Following the sale, the chief financial officer now owns 222,880 shares of the company’s stock, valued at $11,128,398.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 933,208 shares of company stock valued at $49,995,936. 0.40% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the business. Morgan Stanley raised its stake in shares of Chewy by 1.6% during the first quarter. Morgan Stanley now owns 13,004,412 shares of the company’s stock worth $487,536,000 after acquiring an additional 204,180 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Chewy by 27.2% during the second quarter. Vanguard Group Inc. now owns 5,083,587 shares of the company’s stock worth $227,185,000 after acquiring an additional 1,085,663 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of Chewy by 79.3% during the first quarter. Clearbridge Investments LLC now owns 2,296,139 shares of the company’s stock worth $86,082,000 after acquiring an additional 1,015,193 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Chewy by 7.5% during the second quarter. Robeco Institutional Asset Management B.V. now owns 2,150,000 shares of the company’s stock worth $96,084,000 after acquiring an additional 150,000 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Chewy by 25.6% during the first quarter. Wells Fargo & Company MN now owns 1,828,794 shares of the company’s stock worth $68,562,000 after acquiring an additional 372,823 shares in the last quarter. 99.32% of the stock is currently 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. 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.

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