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

Chewy (NYSE:CHWY) had its target price hoisted by equities research analysts at JPMorgan Chase & Co. from $37.00 to $38.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 21.21% from the company’s previous close.

Several other analysts also recently weighed in on the company. Royal Bank of Canada lifted their target price on Chewy from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Chewy in a report on Thursday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Chewy from $24.00 to $28.00 and gave the stock a “hold” rating in a research note on Friday, November 22nd. Bank of America raised shares of Chewy from an “underperform” rating to a “buy” rating and lifted their price target for the company from $24.00 to $40.00 in a research note on Wednesday, November 20th. Finally, TD Cowen initiated coverage on Chewy in a research note on Wednesday, October 9th. They issued a “buy” rating and a $38.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.15.

Chewy Trading Down 6.3 %

Shares of CHWY stock traded down $2.12 during trading hours on Thursday, reaching $31.35. 7,349,581 shares of the stock were exchanged, compared to its average volume of 8,627,493. Chewy has a 12-month low of $14.69 and a 12-month high of $39.10. The firm has a market capitalization of $13.11 billion, a price-to-earnings ratio of 38.23, a price-to-earnings-growth ratio of 3.15 and a beta of 1.12. The company’s 50-day moving average price is $30.40 and its 200-day moving average price is $27.03.

Chewy (NYSE:CHWY) last released its earnings results on Wednesday, December 4th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.15. Chewy had a return on equity of 21.00% and a net margin of 3.20%. The firm had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. The company’s quarterly revenue was up 5.2% on a year-over-year basis. On average, sell-side analysts expect that Chewy will post 0.33 EPS for the current year.

Insider Activity at Chewy

In related news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $29.40, for a total value of $36,750,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Satish Mehta sold 8,056 shares of Chewy stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $33.47, for a total value of $269,634.32. Following the sale, the chief technology officer now directly owns 585,962 shares of the company’s stock, valued at approximately $19,612,148.14. This represents a 1.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,128,804 shares of company stock valued at $827,019,626 over the last 90 days. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. 1620 Investment Advisors Inc. purchased a new position in shares of Chewy during the second quarter worth $33,000. Blue Trust Inc. lifted its holdings in shares of Chewy by 183.6% in the 3rd quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock valued at $38,000 after buying an additional 905 shares during the period. Industrial Alliance Investment Management Inc. purchased a new stake in shares of Chewy in the second quarter worth about $44,000. First Horizon Advisors Inc. purchased a new stake in shares of Chewy in the second quarter worth about $48,000. Finally, Skylands Capital LLC acquired a new stake in Chewy during the second quarter worth about $52,000. 93.09% of the stock is owned by institutional investors and hedge funds.

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.