Allspring Global Investments Holdings LLC Lowers Position in Chewy $CHWY

Allspring Global Investments Holdings LLC cut its stake in shares of Chewy (NYSE:CHWY) by 54.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,155,929 shares of the company’s stock after selling 1,401,528 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.28% of Chewy worth $38,712,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in Chewy by 295.9% during the third quarter. Wellington Management Group LLP now owns 17,622,768 shares of the company’s stock valued at $712,841,000 after purchasing an additional 13,171,325 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Chewy by 120.2% during the 3rd quarter. AQR Capital Management LLC now owns 10,196,146 shares of the company’s stock valued at $407,948,000 after buying an additional 5,564,803 shares in the last quarter. Viking Global Investors LP bought a new position in Chewy in the 3rd quarter worth $221,815,000. State Street Corp boosted its holdings in Chewy by 75.5% in the 2nd quarter. State Street Corp now owns 6,170,197 shares of the company’s stock worth $262,974,000 after buying an additional 2,654,496 shares during the period. Finally, Champlain Investment Partners LLC purchased a new stake in Chewy in the 3rd quarter worth $89,022,000. Institutional investors own 93.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CHWY. Needham & Company LLC reissued a “hold” rating on shares of Chewy in a report on Thursday, December 11th. Morgan Stanley cut their price objective on Chewy from $50.00 to $49.00 and set an “overweight” rating for the company in a research report on Tuesday. Wall Street Zen raised Chewy from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Royal Bank Of Canada raised their price target on Chewy from $43.00 to $47.00 and gave the company an “outperform” rating in a report on Monday. Finally, Citigroup reduced their price objective on Chewy from $42.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $42.91.

Insider Activity at Chewy

In related news, CTO Satish Mehta sold 13,013 shares of Chewy stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $28.99, for a total transaction of $377,246.87. Following the completion of the transaction, the chief technology officer directly owned 273,835 shares of the company’s stock, valued at approximately $7,938,476.65. The trade was a 4.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.43% of the company’s stock.

Chewy Trading Up 0.9%

CHWY opened at $26.86 on Friday. The stock has a 50-day moving average of $26.42 and a 200 day moving average of $31.91. Chewy has a 12 month low of $22.74 and a 12 month high of $48.62. The firm has a market cap of $11.15 billion, a P/E ratio of 51.65, a P/E/G ratio of 1.66 and a beta of 1.61.

Chewy (NYSE:CHWY) last issued its quarterly earnings data 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 company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Chewy had a net margin of 1.77% and a return on equity of 53.48%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the company earned $0.28 earnings per share. On average, research analysts forecast that Chewy will post 0.24 earnings per share for the current fiscal year.

About Chewy

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.