Insider Selling: Chewy, Inc. (NYSE:CHWY) CEO Sells $318,877.12 in Stock

Chewy, Inc. (NYSE:CHWY) CEO Sumit Singh sold 14,338 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $22.24, for a total value of $318,877.12. Following the sale, the chief executive officer now directly owns 1,398,271 shares in the company, valued at approximately $31,097,547.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Chewy Stock Up 6.7 %

Shares of Chewy stock opened at $23.71 on Friday. The stock has a market cap of $10.31 billion, a P/E ratio of 131.72, a P/E/G ratio of 3.48 and a beta of 1.03. Chewy, Inc. has a 12-month low of $14.69 and a 12-month high of $39.10. The business’s 50 day moving average is $24.70 and its 200-day moving average is $19.64.

Chewy (NYSE:CHWY) last posted its quarterly earnings results on Wednesday, May 29th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.11. Chewy had a net margin of 0.73% and a return on equity of 16.62%. The firm had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.85 billion. On average, sell-side analysts expect that Chewy, Inc. will post 0.23 EPS for the current year.

Institutional Investors Weigh In On Chewy

Several hedge funds have recently bought and sold shares of CHWY. Envestnet Asset Management Inc. increased its position in Chewy by 243.6% during the second quarter. Envestnet Asset Management Inc. now owns 165,662 shares of the company’s stock worth $4,513,000 after buying an additional 117,454 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Chewy during the 2nd quarter worth approximately $380,000. Main Street Financial Solutions LLC acquired a new position in shares of Chewy during the 2nd quarter worth approximately $240,000. American Century Companies Inc. raised its stake in Chewy by 46.0% in the 2nd quarter. American Century Companies Inc. now owns 29,111 shares of the company’s stock valued at $793,000 after acquiring an additional 9,166 shares during the period. Finally, Malaga Cove Capital LLC lifted its holdings in Chewy by 18.9% during the 2nd quarter. Malaga Cove Capital LLC now owns 53,766 shares of the company’s stock valued at $1,465,000 after purchasing an additional 8,534 shares during the last quarter. 93.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CHWY has been the topic of a number of research analyst reports. Citigroup raised their price target on Chewy from $16.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. JPMorgan Chase & Co. lifted their price target on shares of Chewy from $22.00 to $28.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Chewy from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday, May 30th. Guggenheim boosted their price objective on shares of Chewy from $25.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Raymond James increased their target price on Chewy from $19.00 to $24.00 and gave the stock an “outperform” rating in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Chewy presently has a consensus rating of “Moderate Buy” and an average target price of $27.07.

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.