Comerica Bank Raises Stock Holdings in Chewy, Inc. (NYSE:CHWY)

Comerica Bank increased its holdings in Chewy, Inc. (NYSE:CHWY - Free Report) by 172.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 67,773 shares of the company's stock after purchasing an additional 42,935 shares during the quarter. Comerica Bank's holdings in Chewy were worth $2,270,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Chewy by 31.8% during the fourth quarter. Vanguard Group Inc. now owns 14,484,717 shares of the company's stock worth $485,093,000 after purchasing an additional 3,493,926 shares during the period. Invesco Ltd. grew its position in shares of Chewy by 4,577.5% in the 4th quarter. Invesco Ltd. now owns 2,191,146 shares of the company's stock worth $73,381,000 after buying an additional 2,144,302 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Chewy during the fourth quarter valued at approximately $69,789,000. Wealthfront Advisers LLC bought a new position in shares of Chewy during the fourth quarter valued at approximately $46,003,000. Finally, FMR LLC lifted its stake in Chewy by 32.4% in the fourth quarter. FMR LLC now owns 5,288,757 shares of the company's stock worth $177,120,000 after acquiring an additional 1,293,428 shares during the period. 93.09% of the stock is owned by institutional investors.

Chewy Price Performance

Shares of Chewy stock traded up $1.32 on Friday, reaching $39.56. The company had a trading volume of 8,312,339 shares, compared to its average volume of 7,357,958. The firm has a market cap of $16.36 billion, a price-to-earnings ratio of 43.47, a P/E/G ratio of 2.21 and a beta of 1.69. The firm's 50-day moving average price is $34.42 and its two-hundred day moving average price is $34.40. Chewy, Inc. has a 1 year low of $15.53 and a 1 year high of $40.09.

Chewy (NYSE:CHWY - Get Free Report) last posted its quarterly earnings data on Wednesday, March 26th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.03 by $0.25. The company had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.20 billion. Chewy had a net margin of 3.51% and a return on equity of 24.47%. Chewy's quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.07 earnings per share. As a group, analysts anticipate that Chewy, Inc. will post 0.24 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have commented on CHWY. Evercore ISI upgraded shares of Chewy from an "in-line" rating to an "outperform" rating and raised their price objective for the stock from $34.00 to $47.00 in a report on Monday, January 13th. Morgan Stanley dropped their price objective on Chewy from $40.00 to $39.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Wedbush reissued an "outperform" rating and set a $39.00 price target on shares of Chewy in a report on Thursday, March 27th. Barclays upped their target price on shares of Chewy from $40.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, March 27th. Finally, JMP Securities cut their price objective on Chewy from $40.00 to $39.00 and set a "market outperform" rating for the company in a research note on Monday, April 14th. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $38.47.

Insider Transactions at Chewy

In other Chewy news, CFO David Reeder sold 7,863 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.50, for a total transaction of $286,999.50. Following the transaction, the chief financial officer now directly owns 11,582 shares in the company, valued at $422,743. This trade represents a 40.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sumit Singh sold 8,552 shares of the company's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $33.35, for a total transaction of $285,209.20. Following the completion of the sale, the chief executive officer now directly owns 62,096 shares of the company's stock, valued at approximately $2,070,901.60. This trade represents a 12.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,605 shares of company stock worth $3,872,220. 2.10% of the stock is currently owned by company insiders.

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.