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

Chewy (NYSE:CHWY) had its price objective increased by JPMorgan Chase & Co. from $37.00 to $38.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts also recently issued research reports about the stock. Bank of America raised shares of Chewy from an “underperform” rating to a “buy” rating and raised their price target for the stock from $24.00 to $40.00 in a research report on Wednesday, November 20th. TD Cowen began coverage on shares of Chewy in a report on Wednesday, October 9th. They set a “buy” rating and a $38.00 price objective for the company. The Goldman Sachs Group upped their target price on shares of Chewy from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday. BNP Paribas cut shares of Chewy from an “outperform” rating to a “neutral” rating in a research report on Thursday. Finally, Piper Sandler boosted their price objective on Chewy from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Monday. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Chewy has an average rating of “Moderate Buy” and a consensus price target of $34.15.

Chewy Price Performance

Chewy stock opened at $31.07 on Thursday. Chewy has a 12-month low of $14.69 and a 12-month high of $39.10. The company has a market capitalization of $12.99 billion, a price-to-earnings ratio of 37.88, a price-to-earnings-growth ratio of 3.15 and a beta of 1.12. The firm’s fifty day moving average price is $30.42 and its 200 day moving average price is $27.06.

Chewy (NYSE:CHWY) last announced its earnings results on Wednesday, December 4th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.15. The business had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.86 billion. Chewy had a return on equity of 21.00% and a net margin of 3.20%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) earnings per share. Analysts forecast that Chewy will post 0.33 earnings per share for the current fiscal year.

Insider Activity at Chewy

In other news, CTO Satish Mehta sold 8,056 shares of the company’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 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $29.40, for a total transaction of $36,750,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,128,804 shares of company stock worth $827,019,626 in the last three months. 2.10% of the stock is owned by company insiders.

Institutional Trading of Chewy

A number of hedge funds and other institutional investors have recently modified their holdings of CHWY. 1620 Investment Advisors Inc. bought a new stake in shares of Chewy in the 2nd quarter worth approximately $33,000. Blue Trust Inc. grew its position in Chewy by 183.6% in the third quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock worth $38,000 after buying an additional 905 shares during the last quarter. Industrial Alliance Investment Management Inc. bought a new position in shares of Chewy in the second quarter valued at $44,000. First Horizon Advisors Inc. acquired a new stake in shares of Chewy during the 2nd quarter valued at $48,000. Finally, Planning Capital Management Corp bought a new stake in shares of Chewy during the 3rd quarter worth $52,000. Institutional investors own 93.09% of the company’s stock.

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.