Morgan Stanley Issues Positive Forecast for Chewy (NYSE:CHWY) Stock Price

Chewy (NYSE:CHWY) had its price target hoisted by Morgan Stanley from $39.00 to $50.00 in a research report released on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts have also recently issued reports on CHWY. The Goldman Sachs Group lifted their target price on shares of Chewy from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, March 27th. JPMorgan Chase & Co. lifted their target price on shares of Chewy from $36.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday. Barclays lifted their target price on shares of Chewy from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, May 28th. Cowen reiterated a “buy” rating on shares of Chewy in a research note on Friday, June 6th. Finally, Royal Bank of Canada boosted their price objective on shares of Chewy from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Thursday. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.72.

Chewy Trading Up 1.2%

NYSE:CHWY opened at $41.24 on Thursday. Chewy has a 1 year low of $19.75 and a 1 year high of $48.62. The firm has a 50 day moving average of $39.63 and a 200-day moving average of $36.58. The stock has a market capitalization of $17.06 billion, a P/E ratio of 45.32, a price-to-earnings-growth ratio of 2.21 and a beta of 1.75.

Chewy (NYSE:CHWY) last posted its earnings results on Wednesday, June 11th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Chewy had a net margin of 3.51% and a return on equity of 24.47%. The company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the company posted $0.31 earnings per share. Chewy’s quarterly revenue was up 6.3% compared to the same quarter last year. As a group, analysts forecast that Chewy will post 0.24 EPS for the current fiscal year.

Insider Buying and Selling at Chewy

In other news, CFO David Reeder sold 7,863 shares of the business’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.50, for a total value of $286,999.50. Following the completion of the transaction, the chief financial officer now owns 11,582 shares of the company’s stock, valued at $422,743. The trade was a 40.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sumit Singh sold 8,552 shares of the business’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $33.35, for a total transaction of $285,209.20. Following the completion of the transaction, the chief executive officer now directly owns 62,096 shares of the company’s stock, valued at $2,070,901.60. This trade represents a 12.11% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 236,046 shares of company stock worth $9,387,635. Insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Chewy

Institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC grew its holdings in shares of Chewy by 150.2% in the 1st quarter. Parallel Advisors LLC now owns 788 shares of the company’s stock valued at $26,000 after buying an additional 473 shares during the period. Banque Transatlantique SA acquired a new position in shares of Chewy in the 4th quarter valued at $30,000. Golden State Wealth Management LLC grew its holdings in shares of Chewy by 104.6% in the 1st quarter. Golden State Wealth Management LLC now owns 941 shares of the company’s stock valued at $31,000 after buying an additional 481 shares during the period. N.E.W. Advisory Services LLC acquired a new position in shares of Chewy in the 1st quarter valued at $44,000. Finally, North Star Investment Management Corp. grew its holdings in shares of Chewy by 26.6% in the 1st quarter. North Star Investment Management Corp. now owns 1,678 shares of the company’s stock valued at $55,000 after buying an additional 353 shares during the period. 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.