Encore Global Management LP acquired a new stake in shares of Chewy (NYSE:CHWY – Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 111,500 shares of the company’s stock, valued at approximately $3,010,000. Chewy accounts for 2.1% of Encore Global Management LP’s investment portfolio, making the stock its 18th largest holding.
A number of other institutional investors and hedge funds also recently made changes to their positions in CHWY. Royal Bank of Canada raised its stake in Chewy by 2.5% during the 1st quarter. Royal Bank of Canada now owns 220,509 shares of the company’s stock worth $7,168,000 after buying an additional 5,466 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Chewy during the first quarter valued at approximately $510,000. NewEdge Advisors LLC increased its holdings in shares of Chewy by 5,238.3% during the first quarter. NewEdge Advisors LLC now owns 32,510 shares of the company’s stock valued at $1,057,000 after acquiring an additional 31,901 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Chewy by 1.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,176,138 shares of the company’s stock worth $38,236,000 after purchasing an additional 17,788 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Chewy by 31.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 383,966 shares of the company’s stock worth $12,483,000 after purchasing an additional 92,129 shares during the period. Institutional investors own 93.09% of the company’s stock.
Analysts Set New Price Targets
Several research firms recently issued reports on CHWY. JPMorgan Chase & Co. reduced their price target on shares of Chewy from $35.00 to $29.00 and set an “overweight” rating for the company in a research report on Thursday, June 11th. The Goldman Sachs Group dropped their price objective on shares of Chewy from $46.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, June 12th. Citizens Jmp lowered their target price on shares of Chewy from $45.00 to $28.00 and set a “market outperform” rating on the stock in a report on Thursday, June 11th. Barclays lowered their target price on shares of Chewy from $40.00 to $36.00 and set an “overweight” rating on the stock in a report on Thursday, June 11th. Finally, Piper Sandler set a $30.00 price target on Chewy in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.05.
Insider Activity
In other Chewy news, General Counsel Da-Wai Hu sold 4,203 shares of Chewy stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $19.49, for a total transaction of $81,916.47. Following the transaction, the general counsel owned 4,103 shares of the company’s stock, valued at $79,967.47. This trade represents a 50.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sumit Singh sold 83,306 shares of Chewy stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $25.60, for a total transaction of $2,132,633.60. Following the transaction, the chief executive officer directly owned 874,061 shares in the company, valued at approximately $22,375,961.60. This represents a 8.70% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last 90 days, insiders have sold 91,729 shares of company stock worth $2,322,582. 0.34% of the stock is owned by corporate insiders.
Chewy Price Performance
Shares of CHWY stock opened at $22.92 on Wednesday. The firm has a 50-day moving average of $20.35 and a 200-day moving average of $24.46. The company has a market cap of $9.39 billion, a P/E ratio of 38.21, a P/E/G ratio of 1.10 and a beta of 1.45. Chewy has a one year low of $17.40 and a one year high of $43.50.
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.
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