JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Chewy (NYSE:CHWY) Stock

Chewy (NYSE:CHWY) had its price objective boosted by research analysts at JPMorgan Chase & Co. from $38.00 to $40.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 20.49% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Mizuho upgraded Chewy from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $24.00 to $42.00 in a research note on Monday, January 6th. Evercore ISI raised Chewy from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $34.00 to $47.00 in a research note on Monday, January 13th. Guggenheim set a $42.00 target price on shares of Chewy and gave the stock a “buy” rating in a research note on Tuesday, February 4th. Royal Bank of Canada raised their price target on shares of Chewy from $39.00 to $42.00 and gave the stock an “outperform” rating in a research note on Thursday, December 5th. Finally, Wolfe Research upgraded shares of Chewy from a “peer perform” rating to an “outperform” rating in a research report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.26.

Chewy Stock Performance

Shares of CHWY stock traded down $0.05 on Thursday, reaching $33.20. 1,093,330 shares of the company were exchanged, compared to its average volume of 7,423,976. Chewy has a 1 year low of $14.69 and a 1 year high of $40.09. The business has a 50-day moving average price of $36.09 and a 200 day moving average price of $33.14. The company has a market cap of $13.52 billion, a price-to-earnings ratio of 36.44, a P/E/G ratio of 2.21 and a beta of 1.23.

Insider Buying and Selling at Chewy

In other Chewy news, CTO Satish Mehta sold 71,365 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $35.60, for a total transaction of $2,540,594.00. Following the completion of the transaction, the chief technology officer now owns 262,853 shares in the company, valued at $9,357,566.80. The trade was a 21.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sumit Singh sold 191,096 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $35.68, for a total transaction of $6,818,305.28. Following the completion of the sale, the chief executive officer now directly owns 707,126 shares in the company, valued at approximately $25,230,255.68. This represents a 21.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,083,269 shares of company stock valued at $290,611,129 over the last quarter. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chewy

Several large investors have recently bought and sold shares of CHWY. California State Teachers Retirement System increased its stake in Chewy by 16.5% in the fourth quarter. California State Teachers Retirement System now owns 155,785 shares of the company’s stock valued at $5,217,000 after purchasing an additional 22,033 shares during the last quarter. Centaurus Financial Inc. purchased a new position in shares of Chewy during the fourth quarter worth about $154,000. Integrated Advisors Network LLC acquired a new position in Chewy during the fourth quarter worth approximately $235,000. Polar Asset Management Partners Inc. boosted its holdings in shares of Chewy by 26.5% in the fourth quarter. Polar Asset Management Partners Inc. now owns 288,733 shares of the company’s stock valued at $9,670,000 after acquiring an additional 60,533 shares during the period. Finally, Mackenzie Financial Corp purchased a new position in shares of Chewy during the fourth quarter worth approximately $318,000. Hedge funds and other institutional investors 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.