Simplify Asset Management Inc. Trims Stock Holdings in Chewy, Inc. (NYSE:CHWY)

Simplify Asset Management Inc. reduced its stake in shares of Chewy, Inc. (NYSE:CHWY) by 60.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,411 shares of the company’s stock after selling 110,251 shares during the period. Simplify Asset Management Inc.’s holdings in Chewy were worth $2,459,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Fifth Third Bancorp increased its stake in Chewy by 83.0% in the 4th quarter. Fifth Third Bancorp now owns 979 shares of the company’s stock worth $33,000 after buying an additional 444 shares in the last quarter. Blue Trust Inc. grew its position in shares of Chewy by 22.9% during the fourth quarter. Blue Trust Inc. now owns 1,718 shares of the company’s stock worth $58,000 after purchasing an additional 320 shares in the last quarter. Allworth Financial LP grew its position in shares of Chewy by 52.0% during the fourth quarter. Allworth Financial LP now owns 1,900 shares of the company’s stock worth $71,000 after purchasing an additional 650 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Chewy during the 3rd quarter valued at approximately $63,000. Finally, Union Bancaire Privee UBP SA purchased a new position in Chewy in the 4th quarter worth approximately $86,000. 93.09% of the stock is currently owned by institutional investors.

Chewy Stock Performance

Shares of CHWY stock opened at $33.86 on Friday. The stock has a 50 day moving average price of $36.25 and a 200 day moving average price of $32.99. Chewy, Inc. has a 52-week low of $14.69 and a 52-week high of $40.09. The firm has a market capitalization of $13.79 billion, a P/E ratio of 37.21, a P/E/G ratio of 2.21 and a beta of 1.23.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CHWY shares. Royal Bank of Canada lifted their price objective on shares of Chewy from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Thursday, December 5th. Needham & Company LLC reiterated a “hold” rating on shares of Chewy in a report on Thursday, December 5th. Guggenheim set a $42.00 price objective on shares of Chewy and gave the company a “buy” rating in a report on Tuesday, February 4th. Piper Sandler lifted their target price on Chewy from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, December 2nd. Finally, UBS Group increased their price target on Chewy from $30.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.95.

Insider Transactions at Chewy

In other Chewy news, CEO Sumit Singh sold 4,000 shares of the firm’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $37.52, for a total transaction of $150,080.00. Following the transaction, the chief executive officer now directly owns 518,581 shares in the company, valued at $19,457,159.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Satish Mehta sold 71,365 shares of Chewy stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $35.60, for a total value of $2,540,594.00. Following the sale, the chief technology officer now directly owns 262,853 shares of the company’s stock, valued at approximately $9,357,566.80. This trade represents a 21.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,726,333 shares of company stock worth $312,843,856. 2.10% of the stock is currently owned by insiders.

Chewy Company 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.