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

Chewy (NYSE:CHWY) had its price target increased by Morgan Stanley from $33.00 to $36.00 in a research report released on Monday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts also recently issued reports on the company. Piper Sandler reaffirmed an “overweight” rating and set a $35.00 price target on shares of Chewy in a research report on Friday, September 20th. Citigroup raised Chewy from a “neutral” rating to a “buy” rating and upped their price target for the stock from $28.00 to $40.00 in a research report on Friday, November 8th. UBS Group upped their price target on Chewy from $21.00 to $30.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. TD Cowen started coverage on Chewy in a research report on Wednesday, October 9th. They set a “buy” rating and a $38.00 price target on the stock. Finally, Royal Bank of Canada upped their target price on Chewy from $24.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Eight analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Chewy has an average rating of “Moderate Buy” and a consensus target price of $32.35.

Chewy Stock Down 2.1 %

Shares of NYSE:CHWY opened at $33.33 on Monday. The firm has a 50 day moving average of $30.08 and a 200 day moving average of $26.49. The company has a market capitalization of $13.94 billion, a price-to-earnings ratio of 40.65, a price-to-earnings-growth ratio of 3.34 and a beta of 1.06. Chewy has a 52 week low of $14.69 and a 52 week high of $39.10.

Chewy (NYSE:CHWY) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.86 billion. Chewy had a return on equity of 21.00% and a net margin of 3.20%. On average, sell-side analysts expect that Chewy will post 0.32 EPS for the current year.

Insider Buying and Selling at Chewy

In other news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $29.40, for a total transaction of $36,750,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chewy

Several hedge funds have recently modified their holdings of the company. Susquehanna Fundamental Investments LLC acquired a new position in shares of Chewy during the 2nd quarter worth about $11,916,000. Russell Investments Group Ltd. raised its position in shares of Chewy by 27.7% during the 1st quarter. Russell Investments Group Ltd. now owns 86,542 shares of the company’s stock worth $1,355,000 after purchasing an additional 18,768 shares during the last quarter. Cetera Advisors LLC acquired a new position in shares of Chewy during the 1st quarter worth about $334,000. Sanctuary Advisors LLC acquired a new position in shares of Chewy during the 2nd quarter worth about $673,000. Finally, Eagle Asset Management Inc. raised its position in shares of Chewy by 97.9% during the 3rd quarter. Eagle Asset Management Inc. now owns 1,972,136 shares of the company’s stock worth $60,485,000 after purchasing an additional 975,647 shares during the last quarter. 93.09% of the stock is owned by hedge funds and other institutional investors.

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.