Allspring Global Investments Holdings LLC Has $23.99 Million Stake in Chewy $CHWY

Key Points

• Allspring Global Investments cut its Chewy stake by 22% in the first quarter, though it still held 901,118 shares valued at about $23.99 million.
• Chewy’s stock was up 5.0% in Tuesday trading, opening at $21.98, well below its 52-week high of $43.50 and above its low of $17.40.
• Recent insider activity has been mostly selling, including CEO Sumit Singh and General Counsel Da-Wai Hu, while analysts maintain a Moderate Buy consensus with an average price target of $32.05.

Allspring Global Investments Holdings LLC reduced its stake in shares of Chewy (NYSE:CHWY - Free Report) by 22.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 901,118 shares of the company's stock after selling 254,811 shares during the period. Allspring Global Investments Holdings LLC owned 0.22% of Chewy worth $23,988,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CHWY. CoreCap Advisors LLC raised its position in shares of Chewy by 306.2% during the fourth quarter. CoreCap Advisors LLC now owns 845 shares of the company's stock worth $28,000 after acquiring an additional 637 shares during the last quarter. Harbour Investments Inc. boosted its holdings in Chewy by 81.4% in the fourth quarter. Harbour Investments Inc. now owns 907 shares of the company's stock valued at $30,000 after acquiring an additional 407 shares during the last quarter. Osterweis Capital Management Inc. bought a new stake in Chewy in the second quarter valued at approximately $30,000. Los Angeles Capital Management LLC acquired a new stake in Chewy during the 4th quarter valued at approximately $31,000. Finally, Modus Advisors LLC acquired a new stake in Chewy during the 4th quarter valued at approximately $34,000. 93.09% of the stock is owned by institutional investors and hedge funds.

Chewy Trading Up 5.0%

NYSE:CHWY opened at $21.98 on Tuesday. Chewy has a 12 month low of $17.40 and a 12 month high of $43.50. The stock has a market capitalization of $9.00 billion, a price-to-earnings ratio of 36.64, a PEG ratio of 1.06 and a beta of 1.45. The firm has a fifty day simple moving average of $20.34 and a two-hundred day simple moving average of $24.94.

Insider Transactions at Chewy

In related news, CEO Sumit Singh sold 83,306 shares of the company's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $25.60, for a total transaction of $2,132,633.60. Following the transaction, the chief executive officer directly owned 874,061 shares of the company's stock, valued at approximately $22,375,961.60. This represents a 8.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Da-Wai Hu sold 4,203 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.49, for a total value of $81,916.47. Following the completion of the transaction, the general counsel owned 4,103 shares in the company, valued at approximately $79,967.47. The trade was a 50.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 91,729 shares of company stock worth $2,322,582 in the last three months. Insiders own 0.34% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CHWY. Needham & Company LLC restated a "hold" rating on shares of Chewy in a research report on Thursday, June 11th. Wedbush decreased their price objective on shares of Chewy from $42.00 to $36.00 and set an "outperform" rating for the company in a research report on Thursday, March 26th. Guggenheim reissued a "buy" rating and set a $45.00 target price on shares of Chewy in a research note on Monday, April 27th. Citizens Jmp dropped their target price on shares of Chewy from $45.00 to $28.00 and set a "market outperform" rating on the stock in a report on Thursday, June 11th. Finally, Argus raised shares of Chewy to a "strong-buy" rating in a research report on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $32.05.

Chewy Company Profile

Chewy, Inc NYSE: CHWY is a leading e-commerce retailer specializing in pet food, supplies and services. The company offers a comprehensive assortment of products for dogs, cats, fish, birds and other small animals, including prescription medications, veterinary health products, grooming essentials and toys. Through its online platform and mobile app, Chewy provides an intuitive shopping experience with features such as Autoship, ensuring regular deliveries of pet essentials at schedule intervals.

Founded in 2011 by Ryan Cohen and Michael Day, Chewy initially operated under the name Mr.

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