Park Avenue Securities LLC Increases Stake in Chewy, Inc. (NYSE:CHWY)

Park Avenue Securities LLC raised its stake in shares of Chewy, Inc. (NYSE:CHWY) by 5.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,281 shares of the company’s stock after buying an additional 364 shares during the quarter. Park Avenue Securities LLC’s holdings in Chewy were worth $237,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Van ECK Associates Corp lifted its position in Chewy by 1,391.3% in the fourth quarter. Van ECK Associates Corp now owns 142,558 shares of the company’s stock worth $4,774,000 after buying an additional 132,999 shares during the last quarter. New York State Teachers Retirement System bought a new stake in Chewy in the fourth quarter worth $1,570,000. New Mexico Educational Retirement Board bought a new stake in shares of Chewy during the fourth quarter worth $971,000. Rhumbline Advisers lifted its holdings in Chewy by 4,096.3% during the 4th quarter. Rhumbline Advisers now owns 255,096 shares of the company’s stock valued at $8,543,000 after buying an additional 249,017 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in Chewy by 52.0% during the 4th quarter. Allworth Financial LP now owns 1,900 shares of the company’s stock valued at $71,000 after buying an additional 650 shares in the last quarter. 93.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Sumit Singh sold 148,063 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $40.67, for a total transaction of $6,021,722.21. Following the transaction, the chief executive officer now directly owns 705,252 shares in the company, valued at approximately $28,682,598.84. This represents a 17.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Satish Mehta sold 9,243 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.50, for a total transaction of $337,369.50. Following the sale, the chief technology officer now directly owns 276,467 shares of the company’s stock, valued at approximately $10,091,045.50. This trade represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 236,046 shares of company stock worth $9,387,635. Insiders own 0.43% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on CHWY shares. Seaport Res Ptn upgraded Chewy to a “hold” rating in a report on Monday, March 24th. JMP Securities reduced their target price on shares of Chewy from $40.00 to $39.00 and set a “market outperform” rating for the company in a report on Monday, April 14th. Barclays boosted their target price on shares of Chewy from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, May 28th. Cowen reiterated a “buy” rating on shares of Chewy in a report on Friday, June 6th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $44.00 target price (up from $42.00) on shares of Chewy in a report on Thursday, June 12th. Nine analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.72.

Chewy Stock Up 0.1%

Shares of CHWY opened at $41.71 on Tuesday. The firm has a 50-day moving average price of $40.05 and a 200 day moving average price of $36.74. The firm has a market capitalization of $17.25 billion, a PE ratio of 45.83, a P/E/G ratio of 2.21 and a beta of 1.75. Chewy, Inc. has a 52-week low of $19.75 and a 52-week high of $48.62.

Chewy (NYSE:CHWY) last posted its quarterly earnings data on Wednesday, June 11th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Chewy had a net margin of 3.51% and a return on equity of 24.47%. The company had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same period in the prior year, the firm earned $0.31 earnings per share. The business’s quarterly revenue was up 6.3% on a year-over-year basis. On average, equities analysts expect that Chewy, Inc. will post 0.24 EPS for the current year.

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.