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

Chewy (NYSE:CHWY) had its price objective boosted by Morgan Stanley from $33.00 to $36.00 in a research note published on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Piper Sandler reissued an “overweight” rating and issued a $35.00 target price on shares of Chewy in a research report on Friday, September 20th. Needham & Company LLC reiterated a “hold” rating on shares of Chewy in a report on Wednesday, October 23rd. Evercore ISI boosted their price objective on shares of Chewy from $22.00 to $29.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. UBS Group increased their target price on Chewy from $21.00 to $30.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Raymond James downgraded Chewy from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 21st. Eight equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Chewy has an average rating of “Moderate Buy” and an average target price of $32.35.

Chewy Stock Performance

Shares of CHWY opened at $33.33 on Monday. Chewy has a fifty-two week low of $14.69 and a fifty-two week high of $39.10. The stock has a fifty day moving average of $30.04 and a two-hundred day moving average of $26.44. The company has a market capitalization of $13.94 billion, a PE ratio of 40.65, a price-to-earnings-growth ratio of 3.34 and a beta of 1.06.

Chewy (NYSE:CHWY) last released its earnings results on Wednesday, August 28th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.02. The firm 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%. As a group, equities research analysts forecast that Chewy will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 26,870,748 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $29.40, for a total value of $789,999,991.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.10% of the company’s stock.

Institutional Trading of Chewy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. 1620 Investment Advisors Inc. bought a new position in Chewy during the 2nd quarter valued at $33,000. Blue Trust Inc. lifted its position in shares of Chewy by 183.6% during the third quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock worth $38,000 after purchasing an additional 905 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in Chewy in the second quarter worth about $44,000. First Horizon Advisors Inc. bought a new stake in Chewy in the second quarter valued at about $48,000. Finally, Planning Capital Management Corp acquired a new stake in Chewy during the third quarter valued at approximately $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.