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

Chewy (NYSE:CHWY) had its price target dropped by Piper Sandler from $19.00 to $16.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential upside of 6.03% from the stock’s current price.

Other research analysts have also issued research reports about the company. Bank of America decreased their target price on Chewy from $17.00 to $16.50 and set an “underperform” rating for the company in a research report on Thursday, March 21st. Mizuho started coverage on Chewy in a research report on Tuesday, March 19th. They issued a “neutral” rating and a $18.00 target price for the company. The Goldman Sachs Group decreased their target price on Chewy from $36.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, March 21st. Barclays raised Chewy from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $19.00 to $30.00 in a research report on Thursday, January 11th. Finally, Royal Bank of Canada reduced their price objective on Chewy from $35.00 to $22.00 and set an “outperform” rating for the company in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Chewy presently has a consensus rating of “Moderate Buy” and an average price target of $27.50.

Chewy Price Performance

CHWY opened at $15.09 on Tuesday. The business has a 50 day simple moving average of $16.76 and a two-hundred day simple moving average of $18.63. The firm has a market capitalization of $6.56 billion, a price-to-earnings ratio of 188.65, a PEG ratio of 8.17 and a beta of 0.90. Chewy has a one year low of $15.07 and a one year high of $40.78.

Chewy (NYSE:CHWY) last released its quarterly earnings results on Wednesday, March 20th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.09. The business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. Chewy had a return on equity of 11.69% and a net margin of 0.33%. As a group, sell-side analysts expect that Chewy will post 0.08 EPS for the current fiscal year.

Insider Activity at Chewy

In other Chewy news, CTO Satish Mehta sold 40,523 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $17.70, for a total transaction of $717,257.10. Following the sale, the chief technology officer now directly owns 557,058 shares of the company’s stock, valued at $9,859,926.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Stacy Bowman sold 8,025 shares of Chewy stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $15.53, for a total value of $124,628.25. Following the completion of the transaction, 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 is available at this hyperlink. Also, CTO Satish Mehta sold 40,523 shares of Chewy stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $17.70, for a total value of $717,257.10. Following the completion of the transaction, 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. Over the last three months, insiders have sold 250,169 shares of company stock worth $4,396,079. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Vontobel Holding Ltd. boosted its holdings in shares of Chewy by 136.5% in the third quarter. Vontobel Holding Ltd. now owns 27,883 shares of the company’s stock valued at $509,000 after purchasing an additional 16,095 shares during the period. DnB Asset Management AS raised its stake in Chewy by 62.3% in the third quarter. DnB Asset Management AS now owns 18,579 shares of the company’s stock worth $339,000 after buying an additional 7,131 shares in the last quarter. SG Americas Securities LLC bought a new position in Chewy in the third quarter worth approximately $653,000. Exchange Traded Concepts LLC bought a new position in Chewy in the third quarter worth approximately $114,000. Finally, Counterpoint Mutual Funds LLC bought a new position in Chewy in the third quarter worth approximately $132,000. Hedge funds and other institutional investors 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.