Raymond James Financial Inc. Acquires Shares of 2,083,888 Chewy, Inc. (NYSE:CHWY)

Raymond James Financial Inc. bought a new stake in shares of Chewy, Inc. (NYSE:CHWY) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,083,888 shares of the company’s stock, valued at approximately $69,789,000. Raymond James Financial Inc. owned 0.51% of Chewy as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the business. Bank of New York Mellon Corp increased its stake in shares of Chewy by 9.8% during the fourth quarter. Bank of New York Mellon Corp now owns 4,489,237 shares of the company’s stock valued at $150,345,000 after buying an additional 399,330 shares during the period. FMR LLC increased its stake in shares of Chewy by 166.8% during the third quarter. FMR LLC now owns 3,995,329 shares of the company’s stock valued at $117,023,000 after buying an additional 2,497,689 shares during the period. ArrowMark Colorado Holdings LLC increased its stake in shares of Chewy by 5.3% during the third quarter. ArrowMark Colorado Holdings LLC now owns 2,765,931 shares of the company’s stock valued at $81,014,000 after buying an additional 138,768 shares during the period. Eagle Asset Management Inc. increased its stake in shares of Chewy by 97.9% during the third quarter. Eagle Asset Management Inc. now owns 1,972,136 shares of the company’s stock valued at $60,485,000 after buying an additional 975,647 shares during the period. Finally, Allianz Asset Management GmbH increased its stake in shares of Chewy by 134.3% during the fourth quarter. Allianz Asset Management GmbH now owns 1,620,809 shares of the company’s stock valued at $54,281,000 after buying an additional 929,116 shares during the period. 93.09% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Chewy news, CEO Sumit Singh sold 71,161 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $35.00, for a total value of $2,490,635.00. Following the transaction, the chief executive officer now owns 6,677 shares of the company’s stock, valued at approximately $233,695. This represents a 91.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Argos Holdings Gp Llc sold 19,827,242 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $31.32, for a total value of $620,989,219.44. The disclosure for this sale can be found here. Insiders have sold a total of 28,553,371 shares of company stock valued at $933,605,214 over the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

Chewy Price Performance

Shares of NYSE:CHWY opened at $33.36 on Monday. The company has a market cap of $13.58 billion, a P/E ratio of 36.66, a PEG ratio of 2.21 and a beta of 1.23. Chewy, Inc. has a 1 year low of $14.69 and a 1 year high of $40.09. The stock’s fifty day moving average price is $36.76 and its 200-day moving average price is $32.66.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wedbush reissued an “outperform” rating and set a $39.00 target price (up from $35.00) on shares of Chewy in a research note on Thursday, December 5th. Argus raised Chewy from a “hold” rating to a “buy” rating in a research note on Thursday, January 23rd. The Goldman Sachs Group upped their price target on Chewy from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Barclays upped their price target on Chewy from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Finally, Piper Sandler upped their price target on Chewy from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, December 2nd. Five equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Chewy has a consensus rating of “Moderate Buy” and a consensus price target of $37.30.

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.