Raymond James Financial Inc. Makes New Investment in Chewy, Inc. (NYSE:CHWY)

Raymond James Financial Inc. purchased a new position in Chewy, Inc. (NYSE:CHWY) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,083,888 shares of the company’s stock, valued at approximately $69,789,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CHWY. FMR LLC increased its position in Chewy by 166.8% in the third quarter. FMR LLC now owns 3,995,329 shares of the company’s stock worth $117,023,000 after buying an additional 2,497,689 shares in the last quarter. Eagle Asset Management Inc. increased its position in Chewy by 97.9% in the third quarter. Eagle Asset Management Inc. now owns 1,972,136 shares of the company’s stock worth $60,485,000 after buying an additional 975,647 shares in the last quarter. Allianz Asset Management GmbH increased its position in Chewy by 134.3% in the fourth quarter. Allianz Asset Management GmbH now owns 1,620,809 shares of the company’s stock worth $54,281,000 after buying an additional 929,116 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Chewy in the third quarter worth about $13,699,000. Finally, Retirement Systems of Alabama purchased a new stake in Chewy in the fourth quarter worth about $14,812,000. Hedge funds and other institutional investors own 93.09% of the company’s stock.

Insider Transactions at Chewy

In related news, 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 transaction, the chief financial officer now owns 546,257 shares in the company, valued at $20,473,712.36. The trade was a 36.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Argos Holdings Gp Llc sold 19,827,242 shares of the business’s stock in a transaction on 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. In the last 90 days, insiders sold 28,553,371 shares of company stock worth $933,605,214. 2.10% of the stock is currently owned by company insiders.

Chewy Stock Performance

Shares of Chewy stock opened at $33.36 on Monday. The stock has a market cap of $13.58 billion, a price-to-earnings ratio of 36.66, a price-to-earnings-growth ratio of 2.21 and a beta of 1.23. The stock has a 50 day moving average price of $36.76 and a 200-day moving average price of $32.66. Chewy, Inc. has a one year low of $14.69 and a one year high of $40.09.

Analysts Set New Price Targets

A number of brokerages have commented on CHWY. Mizuho upgraded Chewy from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $24.00 to $42.00 in a research report on Monday, January 6th. Piper Sandler increased their target price on Chewy from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, December 2nd. Royal Bank of Canada increased their target price on Chewy from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, December 5th. Evercore ISI upgraded Chewy from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $34.00 to $47.00 in a research report on Monday, January 13th. Finally, Bank of America upgraded Chewy from an “underperform” rating to a “buy” rating and increased their target price for the stock from $24.00 to $40.00 in a research report on Wednesday, November 20th. Five analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $37.30.

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.