Connor Clark & Lunn Investment Management Ltd. Sells 286,462 Shares of Chewy, Inc. (NYSE:CHWY)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in Chewy, Inc. (NYSE:CHWY) by 96.9% during the third quarter, Holdings Channel.com reports. The fund owned 9,240 shares of the company’s stock after selling 286,462 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Chewy were worth $271,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. 1620 Investment Advisors Inc. acquired a new position in shares of Chewy during the 2nd quarter worth approximately $33,000. Blue Trust Inc. increased its holdings in shares of Chewy by 183.6% in the third quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock valued at $38,000 after purchasing an additional 905 shares during the last quarter. Industrial Alliance Investment Management Inc. bought a new position in shares of Chewy in the second quarter valued at about $44,000. First Horizon Advisors Inc. acquired a new stake in shares of Chewy during the 2nd quarter worth about $48,000. Finally, Skylands Capital LLC bought a new stake in shares of Chewy during the 2nd quarter worth about $52,000. Institutional investors own 93.09% of the company’s stock.

Insider Transactions at Chewy

In other news, major shareholder Argos Holdings Gp Llc sold 26,870,748 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $29.40, for a total transaction of $789,999,991.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Chewy Stock Performance

CHWY opened at $33.41 on Monday. The company’s 50-day simple moving average is $30.16 and its two-hundred day simple moving average is $26.75. Chewy, Inc. has a 52-week low of $14.69 and a 52-week high of $39.10. The stock has a market capitalization of $13.97 billion, a P/E ratio of 40.74, a P/E/G ratio of 3.13 and a beta of 1.06.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CHWY. Piper Sandler restated an “overweight” rating and set a $35.00 price objective on shares of Chewy in a research report on Friday, September 20th. Needham & Company LLC restated a “hold” rating on shares of Chewy in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft increased their price objective on Chewy from $24.00 to $28.00 and gave the stock a “hold” rating in a research report on Friday, November 22nd. Bank of America raised shares of Chewy from an “underperform” rating to a “buy” rating and boosted their target price for the company from $24.00 to $40.00 in a research report on Wednesday, November 20th. Finally, Raymond James lowered shares of Chewy from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 21st. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Chewy has a consensus rating of “Moderate Buy” and an average price target of $32.35.

About Chewy

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.