Norges Bank Acquires New Position in Chewy $CHWY

Norges Bank bought a new stake in shares of Chewy (NYSE:CHWY) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 4,679,171 shares of the company’s stock, valued at approximately $154,647,000.

Several other hedge funds have also made changes to their positions in the stock. Transatlantique Private Wealth LLC lifted its holdings in shares of Chewy by 3.0% in the 3rd quarter. Transatlantique Private Wealth LLC now owns 10,922 shares of the company’s stock worth $442,000 after purchasing an additional 314 shares during the last quarter. National Bank of Canada FI increased its position in Chewy by 12.5% in the 3rd quarter. National Bank of Canada FI now owns 2,910 shares of the company’s stock valued at $118,000 after acquiring an additional 324 shares during the period. Angeles Wealth Management LLC increased its position in shares of Chewy by 6.6% during the 3rd quarter. Angeles Wealth Management LLC now owns 5,305 shares of the company’s stock valued at $215,000 after purchasing an additional 330 shares during the period. 180 Wealth Advisors LLC increased its position in shares of Chewy by 4.4% during the 4th quarter. 180 Wealth Advisors LLC now owns 9,222 shares of the company’s stock valued at $305,000 after purchasing an additional 390 shares during the period. Finally, Harbour Investments Inc. boosted its position in shares of Chewy by 81.4% during the 4th quarter. Harbour Investments Inc. now owns 907 shares of the company’s stock valued at $30,000 after purchasing an additional 407 shares in the last quarter. Institutional investors own 93.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Bank of America reduced their price objective on Chewy from $46.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, March 26th. JPMorgan Chase & Co. reduced their price objective on Chewy from $40.00 to $35.00 and set an “overweight” rating for the company in a research note on Tuesday. Wedbush reduced their price objective on Chewy from $42.00 to $36.00 and set an “outperform” rating for the company in a research note on Thursday, March 26th. The Goldman Sachs Group reduced their price objective on Chewy from $52.00 to $46.00 and set a “buy” rating for the company in a research note on Thursday, March 26th. Finally, TD Cowen raised their price objective on Chewy from $39.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.45.

Insider Buying and Selling at Chewy

In other news, General Counsel Da-Wai Hu sold 8,149 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $26.91, for a total value of $219,289.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sumit Singh sold 4,220 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $25.60, for a total value of $108,032.00. Following the sale, the chief executive officer owned 123,955 shares of the company’s stock, valued at approximately $3,173,248. This represents a 3.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last ninety days, insiders sold 95,675 shares of company stock valued at $2,459,955. 0.34% of the stock is currently owned by insiders.

Chewy Stock Down 1.9%

Shares of Chewy stock opened at $21.07 on Thursday. The stock has a market cap of $8.78 billion, a PE ratio of 40.51, a price-to-earnings-growth ratio of 0.94 and a beta of 1.44. The business has a fifty day simple moving average of $24.34 and a 200-day simple moving average of $28.10. Chewy has a 12 month low of $19.30 and a 12 month high of $48.62.

Chewy (NYSE:CHWY) last issued its earnings results on Wednesday, March 25th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.19). The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.26 billion. Chewy had a return on equity of 53.48% and a net margin of 1.77%.The business’s quarterly revenue was up .5% on a year-over-year basis. During the same period last year, the business earned $0.28 EPS. Analysts expect that Chewy will post 0.88 EPS 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.