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

Chewy (NYSE:CHWY) had its target price increased by equities researchers at Morgan Stanley from $38.00 to $40.00 in a report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 8.73% from the company’s current price.

CHWY has been the topic of several other reports. TD Cowen assumed 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. JMP Securities reaffirmed a “market outperform” rating and set a $37.00 price objective on shares of Chewy in a research note on Monday, December 16th. Wedbush restated an “outperform” rating and set a $39.00 price target (up previously from $35.00) on shares of Chewy in a report on Thursday, December 5th. Barclays boosted their target price on Chewy from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Finally, Citigroup raised shares of Chewy from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $28.00 to $40.00 in a research report on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, Chewy has a consensus rating of “Moderate Buy” and a consensus price target of $36.80.

Chewy Trading Up 1.3 %

Shares of Chewy stock traded up $0.47 during trading on Monday, hitting $36.79. The stock had a trading volume of 2,498,073 shares, compared to its average volume of 6,688,801. The firm has a market cap of $14.98 billion, a price-to-earnings ratio of 40.43, a P/E/G ratio of 4.28 and a beta of 1.10. The business’s 50-day moving average is $33.29 and its 200 day moving average is $29.29. Chewy has a 12 month low of $14.69 and a 12 month high of $39.10.

Chewy (NYSE:CHWY) last posted its quarterly earnings data on Wednesday, December 4th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.15. The firm had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.86 billion. Chewy had a net margin of 3.51% and a return on equity of 24.47%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.08) EPS. As a group, equities analysts expect that Chewy will post 0.24 EPS for the current year.

Insider Buying and Selling at Chewy

In other news, CEO Sumit Singh sold 71,161 shares of Chewy stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $32.50, for a total transaction of $2,312,732.50. Following the transaction, the chief executive officer now owns 77,838 shares in the company, valued at $2,529,735. This trade represents a 47.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of Chewy 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. In the last three months, insiders have sold 29,053,806 shares of company stock worth $942,139,713. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its position in Chewy by 1.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 19,741 shares of the company’s stock valued at $661,000 after purchasing an additional 301 shares during the period. Principal Financial Group Inc. grew its holdings in Chewy by 0.7% during the 3rd quarter. Principal Financial Group Inc. now owns 531,709 shares of the company’s stock valued at $15,574,000 after purchasing an additional 3,814 shares during the last quarter. Castellan Group purchased a new stake in Chewy in the 3rd quarter worth about $5,282,000. Wilmington Savings Fund Society FSB bought a new stake in Chewy in the third quarter worth about $63,000. Finally, Virtu Financial LLC purchased a new position in shares of Chewy during the third quarter valued at approximately $795,000. 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.