Chewy (NYSE:CHWY) Downgraded by Zacks Investment Research

Chewy (NYSE:CHWY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, 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. “

CHWY has been the subject of a number of other reports. Bank of America reiterated a “buy” rating and set a $133.00 price objective on shares of Chewy in a research report on Friday, April 16th. Credit Suisse Group reiterated a “buy” rating and issued a $121.00 price target on shares of Chewy in a research note on Monday, March 29th. Jefferies Financial Group boosted their price objective on Chewy from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, March 31st. Morgan Stanley increased their target price on Chewy from $76.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 31st. They noted that the move was a valuation call. Finally, Cfra assumed coverage on Chewy in a report on Monday, April 12th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the stock. Chewy presently has an average rating of “Buy” and an average price target of $92.45.

Shares of CHWY stock opened at $75.13 on Wednesday. Chewy has a fifty-two week low of $44.31 and a fifty-two week high of $120.00. The firm has a fifty day simple moving average of $77.26. The firm has a market cap of $31.20 billion, a P/E ratio of -326.65, a PEG ratio of 18.29 and a beta of 0.06.

Chewy (NYSE:CHWY) last released its quarterly earnings data on Monday, March 29th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.15. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.96 billion. Equities analysts expect that Chewy will post 0.2 earnings per share for the current fiscal year.

In other news, CFO Mario Jesus Marte sold 17,135 shares of the firm’s stock in a transaction that occurred on Wednesday, March 10th. The shares were sold at an average price of $80.64, for a total transaction of $1,381,766.40. Following the completion of the sale, the chief financial officer now owns 15,624 shares of the company’s stock, valued at approximately $1,259,919.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stacy Bowman sold 11,422 shares of Chewy stock in a transaction on Tuesday, March 16th. The shares were sold at an average price of $87.00, for a total transaction of $993,714.00. Following the completion of the sale, the insider now owns 77,590 shares of the company’s stock, valued at approximately $6,750,330. The disclosure for this sale can be found here. Insiders sold a total of 6,190,469 shares of company stock worth $504,577,145 over the last three months. 0.67% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in CHWY. Ameriprise Financial Inc. increased its holdings in shares of Chewy by 343.0% during the first quarter. Ameriprise Financial Inc. now owns 2,497,437 shares of the company’s stock valued at $211,559,000 after acquiring an additional 1,933,663 shares in the last quarter. BlackRock Inc. grew its position in Chewy by 155.2% in the 4th quarter. BlackRock Inc. now owns 2,355,940 shares of the company’s stock valued at $211,778,000 after purchasing an additional 1,432,658 shares during the period. Baillie Gifford & Co. increased its stake in Chewy by 13.7% during the 1st quarter. Baillie Gifford & Co. now owns 7,548,992 shares of the company’s stock valued at $639,474,000 after purchasing an additional 908,588 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Chewy by 30.7% during the fourth quarter. Wells Fargo & Company MN now owns 2,518,158 shares of the company’s stock worth $226,357,000 after buying an additional 591,960 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Chewy by 140.3% in the fourth quarter. Renaissance Technologies LLC now owns 699,200 shares of the company’s stock valued at $62,851,000 after buying an additional 408,200 shares in the last quarter. Hedge funds and other institutional investors own 96.19% of the company’s stock.

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 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 chewy.com retail Website, as well as its mobile applications.

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Analyst Recommendations for Chewy (NYSE:CHWY)

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