JPMorgan Chase & Co. Issues Positive Forecast for Chewy (NYSE:CHWY) Stock Price

Chewy (NYSE:CHWY) had its price target increased by JPMorgan Chase & Co. from $36.00 to $47.00 in a research report released on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

CHWY has been the subject of a number of other research reports. Wedbush reissued an “outperform” rating and issued a $39.00 price target on shares of Chewy in a report on Thursday, March 27th. Morgan Stanley dropped their price target on Chewy from $40.00 to $39.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. UBS Group increased their price target on Chewy from $36.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, June 5th. Cowen restated a “buy” rating on shares of Chewy in a research report on Friday, June 6th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $42.00 price target on shares of Chewy in a research note on Thursday, March 27th. Eight analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $43.72.

Chewy Trading Up 1.2%

Shares of NYSE CHWY opened at $41.24 on Thursday. Chewy has a 12-month low of $19.75 and a 12-month high of $48.62. The stock has a fifty day moving average price of $39.63 and a 200 day moving average price of $36.58. The company has a market cap of $17.06 billion, a P/E ratio of 45.32, a P/E/G ratio of 2.21 and a beta of 1.75.

Chewy (NYSE:CHWY) last issued its earnings results on Wednesday, June 11th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. Chewy had a return on equity of 24.47% and a net margin of 3.51%. The company had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the business earned $0.31 earnings per share. The company’s revenue was up 6.3% compared to the same quarter last year. On average, sell-side analysts forecast that Chewy will post 0.24 EPS for the current fiscal year.

Insider Activity

In related news, CFO David Reeder sold 11,582 shares of Chewy stock in a transaction on Monday, May 5th. The stock was sold at an average price of $36.44, for a total transaction of $422,048.08. Following the completion of the sale, the chief financial officer now owns 397,556 shares of the company’s stock, valued at approximately $14,486,940.64. This trade represents a 2.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sumit Singh sold 8,552 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $33.35, for a total value of $285,209.20. Following the completion of the sale, the chief executive officer now directly owns 62,096 shares of the company’s stock, valued at $2,070,901.60. This represents a 12.11% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 236,046 shares of company stock worth $9,387,635. 0.43% of the stock is owned by corporate insiders.

Institutional Trading of Chewy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mutual of America Capital Management LLC acquired a new position in shares of Chewy during the 4th quarter worth about $2,915,000. Raymond James Financial Inc. acquired a new stake in shares of Chewy during the 4th quarter valued at about $69,789,000. Polar Asset Management Partners Inc. boosted its position in shares of Chewy by 26.5% during the 4th quarter. Polar Asset Management Partners Inc. now owns 288,733 shares of the company’s stock valued at $9,670,000 after acquiring an additional 60,533 shares in the last quarter. Interval Partners LP acquired a new stake in shares of Chewy during the 4th quarter valued at about $1,536,000. Finally, Vanguard Group Inc. boosted its position in Chewy by 31.8% in the fourth quarter. Vanguard Group Inc. now owns 14,484,717 shares of the company’s stock valued at $485,093,000 after buying an additional 3,493,926 shares in the last quarter. Institutional investors and hedge funds own 93.09% 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. It 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 retail websites and mobile applications.