Chewy (NYSE:CHWY) Price Target Cut to $36.00 by Analysts at JPMorgan Chase & Co.

Chewy (NYSE:CHWY) had its price objective lowered by analysts at JPMorgan Chase & Co. from $40.00 to $36.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 12.49% from the company’s current price.

Several other equities analysts also recently issued reports on CHWY. Wolfe Research raised shares of Chewy from a “peer perform” rating to an “outperform” rating in a research note on Friday, January 3rd. Citigroup lifted their price target on Chewy from $40.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, March 27th. Royal Bank of Canada restated an “outperform” rating and issued a $42.00 target price on shares of Chewy in a report on Thursday, March 27th. Wedbush reaffirmed an “outperform” rating and set a $39.00 price target on shares of Chewy in a research note on Thursday, March 27th. Finally, Evercore ISI raised Chewy from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $34.00 to $47.00 in a research report on Monday, January 13th. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $38.47.

Chewy Stock Up 1.4 %

NYSE CHWY traded up $0.43 during mid-day trading on Tuesday, hitting $32.00. The stock had a trading volume of 2,326,727 shares, compared to its average volume of 7,493,517. The company has a 50 day simple moving average of $35.28 and a 200 day simple moving average of $33.28. The company has a market cap of $13.03 billion, a price-to-earnings ratio of 34.94, a P/E/G ratio of 2.21 and a beta of 1.68. Chewy has a 52-week low of $14.69 and a 52-week high of $40.09.

Chewy (NYSE:CHWY) last announced its quarterly earnings results on Wednesday, March 26th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.25. The company had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.20 billion. Chewy had a net margin of 3.51% and a return on equity of 24.47%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.07 earnings per share. As a group, equities analysts anticipate that Chewy will post 0.24 earnings per share for the current fiscal year.

Insider Activity at Chewy

In related news, CEO Sumit Singh sold 8,552 shares of Chewy stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $33.35, for a total value of $285,209.20. Following the transaction, the chief executive officer now directly owns 62,096 shares in the company, valued at $2,070,901.60. The trade was a 12.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO David Reeder sold 307,558 shares of Chewy stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $37.48, for a total value of $11,527,273.84. Following the completion of the transaction, the chief financial officer now directly owns 546,257 shares in the company, valued at $20,473,712.36. This represents a 36.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 837,538 shares of company stock valued at $31,310,938 over the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CHWY. Parallel Advisors LLC lifted its position in shares of Chewy by 150.2% in the first quarter. Parallel Advisors LLC now owns 788 shares of the company’s stock worth $26,000 after purchasing an additional 473 shares in the last quarter. Banque Transatlantique SA purchased a new position in Chewy in the fourth quarter valued at about $30,000. Fifth Third Bancorp raised its stake in shares of Chewy by 83.0% during the 4th quarter. Fifth Third Bancorp now owns 979 shares of the company’s stock worth $33,000 after purchasing an additional 444 shares in the last quarter. Blue Trust Inc. increased its holdings in Chewy by 22.9% in the fourth quarter. Blue Trust Inc. now owns 1,718 shares of the company’s stock worth $58,000 after buying an additional 320 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Chewy in the third quarter valued at approximately $63,000. 93.09% of the stock is owned by institutional investors and hedge funds.

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.