Summit Investment Advisors Inc. Makes New Investment in Chewy, Inc. (NYSE:CHWY)

Summit Investment Advisors Inc. bought a new position in Chewy, Inc. (NYSE:CHWY) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 33,022 shares of the company’s stock, valued at approximately $1,106,000.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Chewy by 31.8% in the 4th quarter. Vanguard Group Inc. now owns 14,484,717 shares of the company’s stock worth $485,093,000 after purchasing an additional 3,493,926 shares during the period. Invesco Ltd. grew its holdings in shares of Chewy by 4,577.5% during the fourth quarter. Invesco Ltd. now owns 2,191,146 shares of the company’s stock valued at $73,381,000 after buying an additional 2,144,302 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Chewy during the fourth quarter valued at $69,789,000. Wealthfront Advisers LLC purchased a new stake in Chewy in the 4th quarter worth about $46,003,000. Finally, FMR LLC boosted its position in Chewy by 32.4% during the 4th quarter. FMR LLC now owns 5,288,757 shares of the company’s stock worth $177,120,000 after acquiring an additional 1,293,428 shares during the period. 93.09% of the stock is owned by hedge funds and other institutional investors.

Chewy Trading Up 1.2 %

Shares of Chewy stock opened at $35.18 on Friday. Chewy, Inc. has a 1-year low of $14.69 and a 1-year high of $40.09. The firm has a fifty day simple moving average of $34.29 and a 200-day simple moving average of $33.48. The stock has a market capitalization of $14.55 billion, a price-to-earnings ratio of 38.66, a PEG ratio of 2.21 and a beta of 1.68.

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

Analysts Set New Price Targets

CHWY has been the topic of a number of research reports. The Goldman Sachs Group upped their target price on Chewy from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, March 27th. Mizuho increased their target price on shares of Chewy from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, March 27th. Morgan Stanley lowered their price target on shares of Chewy from $40.00 to $39.00 and set an “overweight” rating on the stock in a report on Thursday. Deutsche Bank Aktiengesellschaft set a $27.00 price objective on Chewy and gave the stock a “hold” rating in a report on Monday. Finally, Wolfe Research upgraded Chewy from a “peer perform” rating to an “outperform” rating in a research note on Friday, January 3rd. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $38.47.

Insider Activity at Chewy

In other news, CFO David Reeder sold 307,558 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $37.48, for a total transaction of $11,527,273.84. Following the transaction, the chief financial officer now owns 546,257 shares in the company, valued at approximately $20,473,712.36. The trade was a 36.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sumit Singh sold 13,472 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $37.55, for a total transaction of $505,873.60. Following the completion of the sale, the chief executive officer now owns 505,109 shares of the company’s stock, valued at approximately $18,966,842.95. The trade was a 2.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 551,303 shares of company stock worth $20,752,583 in the last 90 days. 2.10% of the stock is owned by company insiders.

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.