Renaissance Technologies LLC Raises Holdings in Chewy, Inc. (NYSE:CHWY)

Renaissance Technologies LLC lifted its stake in Chewy, Inc. (NYSE:CHWY) by 8.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,521,755 shares of the company’s stock after buying an additional 200,900 shares during the quarter. Renaissance Technologies LLC owned approximately 0.58% of Chewy worth $68,693,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CHWY. Fiera Capital Corp purchased a new stake in shares of Chewy in the second quarter worth about $44,373,000. Baillie Gifford & Co. boosted its stake in shares of Chewy by 7.2% in the first quarter. Baillie Gifford & Co. now owns 19,819,195 shares of the company’s stock worth $315,323,000 after buying an additional 1,336,431 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Chewy by 13.5% in the fourth quarter. Vanguard Group Inc. now owns 9,604,698 shares of the company’s stock worth $226,959,000 after buying an additional 1,140,269 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Chewy by 127.8% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,717,660 shares of the company’s stock worth $27,328,000 after purchasing an additional 963,540 shares during the period. Finally, Principal Financial Group Inc. acquired a new position in Chewy in the 2nd quarter worth about $14,380,000. Hedge funds and other institutional investors own 93.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Bank of America upped their price target on Chewy from $20.00 to $24.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Robert W. Baird upped their price target on Chewy from $26.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday, August 20th. Guggenheim upped their price target on Chewy from $25.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Citigroup upped their price target on Chewy from $16.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Finally, Evercore ISI upped their price target on Chewy from $22.00 to $29.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.11.

Chewy Price Performance

CHWY stock opened at $32.70 on Tuesday. The firm has a market capitalization of $14.22 billion, a PE ratio of 181.67, a price-to-earnings-growth ratio of 3.02 and a beta of 1.04. Chewy, Inc. has a 1 year low of $14.69 and a 1 year high of $39.10. The business has a 50 day simple moving average of $26.20 and a 200-day simple moving average of $21.53.

Insider Buying and Selling

In related news, CEO Sumit Singh sold 14,338 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 1,398,271 shares in the company, valued at $31,097,547.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CTO Satish Mehta sold 2,894 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $22.24, for a total value of $64,362.56. Following the sale, the chief technology officer now directly owns 573,463 shares in the company, valued at $12,753,817.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sumit Singh sold 14,338 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $22.24, for a total value of $318,877.12. Following the completion of the sale, the chief executive officer now owns 1,398,271 shares in the company, valued at $31,097,547.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,906,141 shares of company stock worth $540,973,233. Company insiders own 2.10% of the company’s stock.

Chewy 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.