Chewy (NYSE:CHWY) Earns Outperform Rating from Analysts at Wells Fargo & Co

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Wells Fargo & Co initiated coverage on shares of Chewy (NYSE:CHWY) in a research note issued to investors on Tuesday, AnalystRatings.com reports. The brokerage issued an outperform rating and a $40.00 price target on the stock.

“We see significant runway for continued online penetration (~15% now; 25% by ’22E).”,” Wells Fargo & Co‘s analyst commented.

A number of other research firms have also weighed in on CHWY. Wedbush started coverage on shares of Chewy in a research note on Thursday, June 20th. They issued a neutral rating on the stock. JPMorgan Chase & Co. started coverage on shares of Pinduoduo in a research note on Tuesday. They issued an underweight rating and a $20.48 price objective on the stock. Bank of America reiterated a buy rating and issued a $43.00 price objective (up previously from $36.00) on shares of The Medicines in a research note on Tuesday. Barclays increased their price objective on shares of Roper Technologies from $342.00 to $355.00 and gave the stock an equal weight rating in a research note on Tuesday. Finally, William Blair started coverage on shares of Chewy in a research note on Tuesday. They issued an outperform rating on the stock. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Chewy presently has an average rating of Hold and a consensus target price of $37.44.

NYSE:CHWY opened at $33.38 on Tuesday. Chewy has a 52 week low of $30.78 and a 52 week high of $41.34.

In related 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 shares were sold at an average price of $20.90, for a total transaction of $1,000,587,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel Susan Helfrick purchased 90,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The shares were purchased at an average price of $22.00 per share, for a total transaction of $1,980,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 152,500 shares of company stock worth $3,355,000.

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.

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Analyst Recommendations for Chewy (NYSE:CHWY)

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