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

Chewy (NYSE:CHWY) had its price objective hoisted by Morgan Stanley from $33.00 to $36.00 in a report issued on Monday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other equities research analysts have also recently issued reports on CHWY. Bank of America raised Chewy from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $24.00 to $40.00 in a report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft lifted their target price on Chewy from $24.00 to $28.00 and gave the stock a “hold” rating in a report on Friday, November 22nd. Wedbush reaffirmed an “outperform” rating and issued a $35.00 target price on shares of Chewy in a report on Thursday, August 29th. Robert W. Baird lifted their target price on Chewy from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Royal Bank of Canada lifted their target price on Chewy from $24.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Chewy has a consensus rating of “Moderate Buy” and an average price target of $32.35.

Chewy Stock Down 2.1 %

NYSE:CHWY opened at $33.33 on Monday. The business’s 50-day simple moving average is $30.08 and its two-hundred day simple moving average is $26.49. The stock has a market cap of $13.94 billion, a PE ratio of 40.65, a P/E/G ratio of 3.34 and a beta of 1.06. Chewy has a 52 week low of $14.69 and a 52 week high of $39.10.

Chewy (NYSE:CHWY) last posted its quarterly earnings results on Wednesday, August 28th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. The business had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.86 billion. Chewy had a return on equity of 21.00% and a net margin of 3.20%. Sell-side analysts anticipate that Chewy will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Chewy

In related news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the business’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Chewy

A number of large investors have recently modified their holdings of CHWY. 1620 Investment Advisors Inc. purchased a new stake in shares of Chewy in the second quarter valued at approximately $33,000. Blue Trust Inc. boosted its holdings in shares of Chewy by 183.6% in the third quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock valued at $38,000 after purchasing an additional 905 shares during the period. Industrial Alliance Investment Management Inc. purchased a new stake in shares of Chewy in the second quarter valued at approximately $44,000. First Horizon Advisors Inc. purchased a new stake in shares of Chewy in the second quarter valued at approximately $48,000. Finally, Skylands Capital LLC bought a new position in Chewy in the second quarter worth approximately $52,000. Hedge funds and other 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.