Evercore ISI Forecasts Strong Price Appreciation for Chewy (NYSE:CHWY) Stock

Chewy (NYSE:CHWY - Free Report) had its price objective boosted by Evercore ISI from $47.00 to $52.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages have also recently issued reports on CHWY. Wedbush restated an "outperform" rating and issued a $39.00 price target on shares of Chewy in a research report on Thursday, March 27th. The Goldman Sachs Group boosted their price target on Chewy from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Thursday, March 27th. Barclays boosted their price target on Chewy from $44.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, May 28th. Morgan Stanley dropped their price target on Chewy from $40.00 to $39.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Citigroup boosted their target price on Chewy from $40.00 to $42.00 and gave the stock a "buy" rating in a research report on Thursday, March 27th. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat, Chewy presently has a consensus rating of "Moderate Buy" and an average target price of $43.72.

Chewy Price Performance

Shares of CHWY traded up $0.48 during midday trading on Thursday, reaching $41.24. 9,387,254 shares of the stock were exchanged, compared to its average volume of 6,949,193. The business's 50-day moving average price is $39.44 and its 200 day moving average price is $36.53. Chewy has a twelve month low of $19.75 and a twelve month high of $48.62. The company has a market capitalization of $17.06 billion, a price-to-earnings ratio of 45.32, a PEG ratio of 2.21 and a beta of 1.75.

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

Insiders Place Their Bets

In other Chewy news, CFO David Reeder sold 11,582 shares of Chewy stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $36.44, for a total value of $422,048.08. Following the transaction, the chief financial officer now owns 397,556 shares in the company, valued at approximately $14,486,940.64. The trade was a 2.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sumit Singh sold 8,552 shares of Chewy stock in a transaction that occurred 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 transaction, the chief executive officer now owns 62,096 shares in the company, valued at approximately $2,070,901.60. This trade represents a 12.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 236,046 shares of company stock valued at $9,387,635 over the last quarter. Insiders own 0.43% of the company's stock.

Hedge Funds Weigh In On Chewy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in shares of Chewy by 150.2% during the 1st quarter. Parallel Advisors LLC now owns 788 shares of the company's stock valued at $26,000 after buying an additional 473 shares during the period. Banque Transatlantique SA bought a new position in Chewy in the 4th quarter worth $30,000. Golden State Wealth Management LLC raised its holdings in Chewy by 104.6% in the 1st quarter. Golden State Wealth Management LLC now owns 941 shares of the company's stock worth $31,000 after acquiring an additional 481 shares during the period. N.E.W. Advisory Services LLC bought a new position in shares of Chewy during the 1st quarter worth about $44,000. Finally, North Star Investment Management Corp. increased its holdings in shares of Chewy by 26.6% during the 1st quarter. North Star Investment Management Corp. now owns 1,678 shares of the company's stock worth $55,000 after purchasing an additional 353 shares during the period. Institutional investors and hedge funds 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.