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

Chewy (NYSE:CHWY - Free Report) had its target price hoisted by Morgan Stanley from $39.00 to $50.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada raised their target price on shares of Chewy from $42.00 to $44.00 and gave the company an "outperform" rating in a research note on Thursday. Barclays lifted their target price on shares of Chewy from $44.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 28th. Guggenheim upped their price target on shares of Chewy from $42.00 to $45.00 and gave the company a "buy" rating in a research report on Thursday. UBS Group lifted their price objective on Chewy from $36.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, June 5th. Finally, The Goldman Sachs Group boosted their target price on Chewy from $40.00 to $45.00 and gave the company a "buy" rating in a research note on Thursday, March 27th. Eight analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, Chewy has an average rating of "Moderate Buy" and a consensus target price of $43.72.

Chewy Trading Up 1.0%

Chewy stock traded up $0.41 during trading on Thursday, hitting $41.62. 7,209,845 shares of the company were exchanged, compared to its average volume of 6,951,167. The company has a market capitalization of $17.22 billion, a P/E ratio of 45.74, a PEG ratio of 2.21 and a beta of 1.75. The business's 50 day moving average is $39.63 and its 200 day moving average is $36.58. Chewy has a 52 week low of $19.75 and a 52 week high of $48.62.

Chewy (NYSE:CHWY - Get Free Report) last announced its earnings results on Wednesday, June 11th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. The firm had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.08 billion. Chewy had a return on equity of 24.47% and a net margin of 3.51%. The company's revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.31 EPS. Equities analysts expect that Chewy will post 0.24 EPS for the current year.

Insider Transactions at Chewy

In related news, CEO Sumit Singh sold 148,063 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $40.67, for a total value of $6,021,722.21. Following the completion of the sale, the chief executive officer now owns 705,252 shares of the company's stock, valued at approximately $28,682,598.84. This represents a 17.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Satish Mehta sold 9,243 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $36.50, for a total transaction of $337,369.50. Following the completion of the transaction, the chief technology officer now directly owns 276,467 shares in the company, valued at $10,091,045.50. The trade was a 3.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold 236,046 shares of company stock valued at $9,387,635 over the last 90 days. 0.43% of the stock is currently owned by corporate insiders.

Institutional Trading of Chewy

Several hedge funds have recently made changes to their positions in the business. BC Partners PE LP acquired a new stake in shares of Chewy during the first quarter worth about $7,142,402,000. Vanguard Group Inc. lifted its position in shares of Chewy by 31.8% during the fourth 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 in the last quarter. FMR LLC lifted its position in shares of Chewy by 32.4% during the fourth quarter. FMR LLC now owns 5,288,757 shares of the company's stock worth $177,120,000 after purchasing an additional 1,293,428 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 worth $150,345,000 after purchasing an additional 399,330 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its position in shares of Chewy by 47.4% during the fourth quarter. Clearbridge Investments LLC now owns 3,866,680 shares of the company's stock worth $129,495,000 after purchasing an additional 1,243,981 shares in the last quarter. Institutional investors and hedge funds 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.