Chewy (NYSE:CHWY) Price Target Lowered to $35.00 at JPMorgan Chase & Co.

Chewy (NYSE:CHWY) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $40.00 to $35.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 62.78% from the stock’s previous close.

A number of other research firms have also recently weighed in on CHWY. Raymond James Financial raised Chewy from a “market perform” rating to an “outperform” rating and set a $28.00 price objective on the stock in a research report on Thursday, February 19th. Weiss Ratings downgraded shares of Chewy from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 19th. Royal Bank Of Canada increased their price objective on shares of Chewy from $43.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, March 30th. Citigroup decreased their price objective on shares of Chewy from $40.00 to $37.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Finally, Wall Street Zen downgraded shares of Chewy from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Chewy presently has an average rating of “Moderate Buy” and a consensus target price of $41.91.

Chewy Stock Performance

Shares of CHWY stock traded down $1.04 during mid-day trading on Tuesday, reaching $21.50. 7,871,442 shares of the company’s stock traded hands, compared to its average volume of 9,025,882. The firm has a market capitalization of $8.96 billion, a PE ratio of 42.79, a price-to-earnings-growth ratio of 0.98 and a beta of 1.50. Chewy has a 12 month low of $19.30 and a 12 month high of $48.62. The firm has a 50 day moving average price of $24.43 and a two-hundred day moving average price of $28.26.

Chewy (NYSE:CHWY) last released its earnings results on Wednesday, March 25th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.19). Chewy had a net margin of 1.77% and a return on equity of 53.48%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter last year, the firm posted $0.28 earnings per share. Chewy’s revenue for the quarter was up .5% on a year-over-year basis. As a group, equities analysts expect that Chewy will post 0.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Sumit Singh sold 4,220 shares of Chewy stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $25.60, for a total value of $108,032.00. Following the sale, the chief executive officer directly owned 123,955 shares of the company’s stock, valued at approximately $3,173,248. The trade was a 3.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $26.91, for a total value of $219,289.59. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 95,675 shares of company stock worth $2,459,955. 0.43% of the stock is currently owned by insiders.

Institutional Trading of Chewy

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its position in Chewy by 2.5% during the first quarter. Royal Bank of Canada now owns 220,509 shares of the company’s stock valued at $7,168,000 after purchasing an additional 5,466 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Chewy in the 1st quarter worth approximately $510,000. NewEdge Advisors LLC increased its position in shares of Chewy by 5,238.3% during the 1st quarter. NewEdge Advisors LLC now owns 32,510 shares of the company’s stock valued at $1,057,000 after purchasing an additional 31,901 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Chewy by 1.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,176,138 shares of the company’s stock valued at $38,236,000 after purchasing an additional 17,788 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Chewy by 31.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 383,966 shares of the company’s stock valued at $12,483,000 after buying an additional 92,129 shares during the period. 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.