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

Chewy (NYSE:CHWY) had its price target increased by Morgan Stanley from $38.00 to $40.00 in a research note published on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

CHWY has been the topic of several other reports. The Goldman Sachs Group lifted their target price on shares of Chewy from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Mizuho upgraded shares of Chewy from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $24.00 to $42.00 in a research report on Monday, January 6th. BNP Paribas lowered shares of Chewy from an “outperform” rating to a “neutral” rating in a report on Thursday, December 5th. Citigroup upgraded Chewy from a “neutral” rating to a “buy” rating and boosted their price target for the company from $28.00 to $40.00 in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Chewy from $24.00 to $28.00 and gave the stock a “hold” rating in a report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $36.80.

Chewy Stock Down 1.5 %

Chewy stock opened at $35.79 on Monday. The firm has a fifty day simple moving average of $33.43 and a two-hundred day simple moving average of $29.34. Chewy has a twelve month low of $14.69 and a twelve month high of $39.10. The company has a market capitalization of $14.57 billion, a PE ratio of 39.33, a P/E/G ratio of 4.28 and a beta of 1.10.

Chewy (NYSE:CHWY) last issued its earnings results on Wednesday, December 4th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.15. The company had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.86 billion. Chewy had a return on equity of 24.47% and a net margin of 3.51%. Chewy’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.08) EPS. As a group, equities analysts expect that Chewy will post 0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Satish Mehta sold 8,056 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $33.47, for a total value of $269,634.32. Following the completion of the transaction, the chief technology officer now directly owns 585,962 shares in the company, valued at $19,612,148.14. The trade was a 1.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sumit Singh sold 71,161 shares of the stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $32.50, for a total value of $2,312,732.50. Following the sale, the chief executive officer now owns 77,838 shares in the company, valued at approximately $2,529,735. This represents a 47.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,803,806 shares of company stock worth $905,389,713 in the last 90 days. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CHWY. Susquehanna Fundamental Investments LLC purchased a new position in Chewy in the 2nd quarter worth about $11,916,000. Sanctuary Advisors LLC bought a new stake in shares of Chewy in the second quarter worth approximately $673,000. Eagle Asset Management Inc. raised its holdings in shares of Chewy by 97.9% during the third quarter. Eagle Asset Management Inc. now owns 1,972,136 shares of the company’s stock valued at $60,485,000 after purchasing an additional 975,647 shares during the last quarter. Marshall Wace LLP boosted its holdings in Chewy by 1,028.6% in the second quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock worth $78,801,000 after purchasing an additional 2,636,526 shares during the last quarter. Finally, Centiva Capital LP purchased a new stake in Chewy in the third quarter worth approximately $2,949,000. 93.09% of the stock is owned by institutional investors.

About Chewy

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.