Chewy (NYSE:CHWY) Upgraded at Zacks Investment Research

Chewy (NYSE:CHWY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The brokerage presently has a $40.00 price target on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 14.09% from the stock’s current price.

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. “

Several other research analysts have also recently issued reports on CHWY. Evercore ISI assumed coverage on shares of Chewy in a report on Monday, February 24th. They issued an “outperform” rating and a $38.00 target price for the company. Barclays lifted their target price on shares of Chewy from $30.00 to $33.00 and gave the stock an “equal weight” rating in a report on Monday. Nomura reissued a “buy” rating and set a $36.00 price objective on shares of Chewy in a report on Monday, January 6th. Wedbush raised shares of Chewy from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $30.00 to $35.00 in a report on Monday, January 27th. Finally, William Blair reissued a “buy” rating on shares of Chewy in a report on Wednesday, December 11th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $36.54.

Chewy stock traded down $0.92 during trading hours on Thursday, hitting $35.06. The stock had a trading volume of 5,624,420 shares, compared to its average volume of 2,765,806. Chewy has a 12-month low of $20.62 and a 12-month high of $41.34. The stock’s 50-day moving average price is $29.83 and its 200-day moving average price is $27.53.

In related news, CTO Satish Mehta sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $29.01, for a total transaction of $1,450,500.00. Following the completion of the sale, the chief technology officer now directly owns 16,411 shares in the company, valued at $476,083.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Argos Holdings Gp Llc sold 3,850,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $28.75, for a total transaction of $110,687,500.00. The disclosure for this sale can be found here. Insiders have sold 3,925,000 shares of company stock valued at $112,908,250 over the last 90 days.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Baltimore Washington Financial Advisors Inc. boosted its position in shares of Chewy by 44.4% in the fourth quarter. Baltimore Washington Financial Advisors Inc. now owns 94,652 shares of the company’s stock worth $2,744,000 after purchasing an additional 29,110 shares during the period. Franklin Resources Inc. boosted its position in shares of Chewy by 190.9% in the fourth quarter. Franklin Resources Inc. now owns 101,983 shares of the company’s stock worth $2,957,000 after purchasing an additional 66,923 shares during the period. State Street Corp bought a new position in shares of Chewy in the third quarter worth approximately $907,000. First Trust Advisors LP bought a new position in shares of Chewy in the fourth quarter worth approximately $8,747,000. Finally, Columbus Circle Investors bought a new position in shares of Chewy in the fourth quarter worth approximately $12,869,000.

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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