Piper Sandler Trims Chewy (NYSE:CHWY) Target Price to $16.00

Chewy (NYSE:CHWY) had its price target cut by Piper Sandler from $19.00 to $16.00 in a report released on Tuesday, Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Bank of America reduced their price objective on Chewy from $17.00 to $16.50 and set an underperform rating on the stock in a research note on Thursday, March 21st. Royal Bank of Canada cut their target price on Chewy from $35.00 to $22.00 and set an outperform rating on the stock in a research note on Friday, March 22nd. JMP Securities reaffirmed a market outperform rating and set a $28.00 target price on shares of Chewy in a research note on Friday, March 15th. JPMorgan Chase & Co. cut their target price on Chewy from $25.00 to $22.00 and set an overweight rating on the stock in a research note on Thursday, March 21st. Finally, Jefferies Financial Group cut their target price on Chewy from $27.00 to $25.00 and set a buy rating on the stock in a research note on Thursday, March 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $27.50.

Chewy Price Performance

Shares of NYSE CHWY opened at $15.39 on Tuesday. The business’s 50 day moving average is $16.72 and its two-hundred day moving average is $18.61. Chewy has a 1-year low of $14.69 and a 1-year high of $40.78. The stock has a market capitalization of $6.69 billion, a P/E ratio of 192.31, a PEG ratio of 8.12 and a beta of 0.90.

Chewy (NYSE:CHWY) last issued its quarterly earnings data on Wednesday, March 20th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.09. Chewy had a return on equity of 11.69% and a net margin of 0.33%. The company had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.79 billion. As a group, equities research analysts anticipate that Chewy will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Chewy news, CAO Stacy Bowman sold 8,025 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $15.53, for a total transaction of $124,628.25. Following the completion of the sale, the chief accounting officer now owns 243,769 shares in the company, valued at $3,785,732.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Chewy news, CAO Stacy Bowman sold 8,025 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $15.53, for a total transaction of $124,628.25. Following the completion of the sale, the chief accounting officer now owns 243,769 shares in the company, valued at $3,785,732.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Satish Mehta sold 40,523 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $17.70, for a total value of $717,257.10. Following the sale, the chief technology officer now owns 557,058 shares of the company’s stock, valued at approximately $9,859,926.60. The disclosure for this sale can be found here. Insiders have sold a total of 250,169 shares of company stock valued at $4,396,079 over the last quarter. 2.10% of the stock is owned by corporate insiders.

Institutional Trading of Chewy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Baillie Gifford & Co. lifted its holdings in shares of Chewy by 16.8% during the 4th quarter. Baillie Gifford & Co. now owns 18,482,764 shares of the company’s stock valued at $436,748,000 after purchasing an additional 2,654,376 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Chewy by 13.5% during the 4th quarter. Vanguard Group Inc. now owns 9,604,698 shares of the company’s stock valued at $226,959,000 after purchasing an additional 1,140,269 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Chewy by 101.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,478,510 shares of the company’s stock valued at $63,518,000 after purchasing an additional 1,751,131 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Chewy during the 4th quarter valued at $42,223,000. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of Chewy by 141.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,188,823 shares of the company’s stock valued at $21,708,000 after purchasing an additional 695,907 shares during the last quarter. 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.