Chewy (NYSE:CHWY) Price Target Cut to $43.00 by Analysts at Morgan Stanley

Chewy (NYSE:CHWY) had its target price lowered by investment analysts at Morgan Stanley from $49.00 to $43.00 in a research note issued on Tuesday,MarketScreener reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 107.33% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. TD Cowen lifted their price target on shares of Chewy from $39.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. Piper Sandler restated an “overweight” rating on shares of Chewy in a research report on Thursday, February 5th. The Goldman Sachs Group decreased their price objective on shares of Chewy from $52.00 to $46.00 and set a “buy” rating on the stock in a report on Thursday, March 26th. Argus upgraded shares of Chewy to a “strong-buy” rating in a research report on Tuesday, April 7th. Finally, Weiss Ratings cut shares of Chewy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 19th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Chewy currently has an average rating of “Moderate Buy” and a consensus price target of $42.14.

Chewy Trading Up 0.0%

NYSE CHWY opened at $20.74 on Tuesday. The stock has a market capitalization of $8.64 billion, a price-to-earnings ratio of 39.89, a PEG ratio of 0.90 and a beta of 1.50. Chewy has a twelve month low of $19.30 and a twelve month high of $48.62. The stock has a 50-day moving average of $24.75 and a 200 day moving average of $28.67.

Chewy (NYSE:CHWY) last issued its quarterly earnings results on Wednesday, March 25th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Chewy had a return on equity of 53.48% and a net margin of 1.77%.The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.28 EPS. Equities analysts predict that Chewy will post 0.89 EPS for the current fiscal year.

Insider Buying and Selling

In other Chewy news, CEO Sumit Singh sold 4,220 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $25.60, for a total transaction of $108,032.00. Following the completion of the transaction, the chief executive officer owned 123,955 shares of the company’s stock, valued at $3,173,248. This trade represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Da-Wai Hu sold 8,149 shares of Chewy stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $26.91, for a total transaction of $219,289.59. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 95,675 shares of company stock valued at $2,459,955 in the last 90 days. Insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Chewy

A number of hedge funds have recently made changes to their positions in CHWY. Essential Partners LLC increased its holdings in Chewy by 144.7% in the 1st quarter. Essential Partners LLC now owns 7,778 shares of the company’s stock valued at $210,000 after purchasing an additional 4,600 shares during the last quarter. Bank of America Corp DE lifted its stake in Chewy by 12.7% during the first quarter. Bank of America Corp DE now owns 4,816,924 shares of the company’s stock worth $130,057,000 after purchasing an additional 542,298 shares in the last quarter. Bull Harbor Capital LLC purchased a new position in shares of Chewy during the first quarter worth $398,000. Encore Global Management LP purchased a new position in shares of Chewy during the first quarter worth $3,010,000. Finally, Amundi grew its stake in shares of Chewy by 191.8% in the first quarter. Amundi now owns 1,466,126 shares of the company’s stock valued at $39,584,000 after buying an additional 963,750 shares in the last quarter. Hedge funds and other institutional investors own 93.09% of the company’s stock.

Chewy Company Profile

Chewy, Inc (NYSE: CHWY) is a leading e-commerce retailer specializing in pet food, supplies and services. The company offers a comprehensive assortment of products for dogs, cats, fish, birds and other small animals, including prescription medications, veterinary health products, grooming essentials and toys. Through its online platform and mobile app, Chewy provides an intuitive shopping experience with features such as Autoship, ensuring regular deliveries of pet essentials at schedule intervals.

Founded in 2011 by Ryan Cohen and Michael Day, Chewy initially operated under the name Mr.