Norges Bank Acquires Shares of 89,793 Chewy, Inc. (NYSE:CHWY)

Norges Bank bought a new position in Chewy, Inc. (NYSE:CHWY) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 89,793 shares of the company’s stock, valued at approximately $3,007,000.

A number of other institutional investors have also recently made changes to their positions in CHWY. WINTON GROUP Ltd purchased a new stake in Chewy during the 4th quarter valued at $1,512,000. Artisan Partners Limited Partnership bought a new position in shares of Chewy during the fourth quarter valued at $10,164,000. EntryPoint Capital LLC purchased a new stake in shares of Chewy during the fourth quarter valued at $203,000. Corebridge Financial Inc. bought a new stake in Chewy in the 4th quarter worth about $6,208,000. Finally, Vanguard Group Inc. lifted its stake in Chewy by 31.8% during the 4th quarter. Vanguard Group Inc. now owns 14,484,717 shares of the company’s stock valued at $485,093,000 after acquiring an additional 3,493,926 shares during the period. Hedge funds and other institutional investors own 93.09% of the company’s stock.

Insider Buying and Selling at Chewy

In other news, CEO Sumit Singh sold 8,552 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $33.35, for a total transaction of $285,209.20. Following the completion of the transaction, the chief executive officer now directly owns 62,096 shares in the company, valued at approximately $2,070,901.60. This represents a 12.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David Reeder sold 307,558 shares of the business’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $37.48, for a total transaction of $11,527,273.84. Following the completion of the sale, the chief financial officer now owns 546,257 shares in the company, valued at $20,473,712.36. This represents a 36.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 837,538 shares of company stock worth $31,310,938. Insiders own 2.10% of the company’s stock.

Chewy Trading Down 2.1 %

NYSE:CHWY opened at $32.58 on Friday. The stock has a 50-day moving average price of $34.62 and a 200 day moving average price of $33.32. The stock has a market capitalization of $13.48 billion, a P/E ratio of 35.80, a P/E/G ratio of 2.21 and a beta of 1.68. Chewy, Inc. has a 12-month low of $14.69 and a 12-month high of $40.09.

Chewy (NYSE:CHWY) last announced its quarterly earnings data on Wednesday, March 26th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.25. Chewy had a net margin of 3.51% and a return on equity of 24.47%. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.20 billion. During the same period last year, the firm posted $0.07 EPS. The company’s revenue was up 15.0% on a year-over-year basis. On average, research analysts predict that Chewy, Inc. will post 0.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CHWY. Seaport Res Ptn raised shares of Chewy to a “hold” rating in a report on Monday, March 24th. Wolfe Research upgraded shares of Chewy from a “peer perform” rating to an “outperform” rating in a research note on Friday, January 3rd. JMP Securities restated a “market outperform” rating and issued a $37.00 price target on shares of Chewy in a research note on Monday, December 16th. Wedbush reiterated an “outperform” rating and set a $39.00 price objective on shares of Chewy in a research report on Thursday, March 27th. Finally, Morgan Stanley raised their target price on Chewy from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $38.47.

Chewy 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.