Chewy (NYSE:CHWY) Price Target Raised to $47.00

Chewy (NYSE:CHWY) had its price objective boosted by JPMorgan Chase & Co. from $36.00 to $47.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also weighed in on CHWY. Citigroup raised their target price on shares of Chewy from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, March 27th. JMP Securities reduced their price objective on Chewy from $40.00 to $39.00 and set a “market outperform” rating on the stock in a research report on Monday, April 14th. Wedbush reiterated an “outperform” rating and issued a $39.00 target price on shares of Chewy in a research report on Thursday, March 27th. Royal Bank of Canada reissued an “outperform” rating and set a $42.00 price target on shares of Chewy in a research note on Thursday, March 27th. Finally, Barclays upped their price objective on Chewy from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, May 28th. Nine equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.72.

Chewy Trading Up 1.0%

Shares of NYSE:CHWY opened at $41.62 on Thursday. The firm has a 50 day moving average of $39.84 and a 200-day moving average of $36.66. Chewy has a 12 month low of $19.75 and a 12 month high of $48.62. The stock has a market capitalization of $17.22 billion, a PE ratio of 45.74, a PEG ratio of 2.21 and a beta of 1.75.

Chewy (NYSE:CHWY) last announced its quarterly earnings data on Wednesday, June 11th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. The business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.08 billion. Chewy had a net margin of 3.51% and a return on equity of 24.47%. The company’s revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 earnings per share. On average, research analysts predict that Chewy will post 0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO David Reeder sold 7,863 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.50, for a total transaction of $286,999.50. Following the completion of the sale, the chief financial officer now owns 11,582 shares in the company, valued at approximately $422,743. This represents a 40.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sumit Singh sold 8,552 shares of the company’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $33.35, for a total transaction of $285,209.20. Following the completion of the sale, the chief executive officer now owns 62,096 shares of the company’s stock, valued at approximately $2,070,901.60. The trade was a 12.11% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 236,046 shares of company stock worth $9,387,635. 0.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chewy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BC Partners PE LP purchased a new position in shares of Chewy in the 1st quarter worth about $7,142,402,000. Vanguard Group Inc. raised its holdings in shares of Chewy by 31.8% in the 4th quarter. Vanguard Group Inc. now owns 14,484,717 shares of the company’s stock worth $485,093,000 after purchasing an additional 3,493,926 shares during the period. FMR LLC lifted its stake in Chewy by 32.4% in the fourth quarter. FMR LLC now owns 5,288,757 shares of the company’s stock valued at $177,120,000 after purchasing an additional 1,293,428 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Chewy by 9.8% during the fourth quarter. Bank of New York Mellon Corp now owns 4,489,237 shares of the company’s stock valued at $150,345,000 after purchasing an additional 399,330 shares during the period. Finally, Clearbridge Investments LLC grew its holdings in Chewy by 47.4% during the fourth quarter. Clearbridge Investments LLC now owns 3,866,680 shares of the company’s stock valued at $129,495,000 after purchasing an additional 1,243,981 shares during the period. 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.