Assenagon Asset Management S.A. Sells 1,564,232 Shares of Chewy $CHWY

Key Points

• Assenagon Asset Management cut its Chewy stake by 76.9%, selling 1,564,232 shares in the second quarter and retaining 471,132 shares worth about $9.26 million.
• Other major institutions increased their positions, including Wellington Management, Viking Global Investors, AQR Capital Management, Norges Bank and State Street; institutional investors collectively own 93.09% of Chewy.
• Analysts maintain a broadly positive outlook, with Chewy carrying a consensus “Moderate Buy” rating and a $32.05 price target, compared with a share price of $22.43.

Assenagon Asset Management S.A. cut its position in Chewy (NYSE:CHWY - Free Report) by 76.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 471,132 shares of the company's stock after selling 1,564,232 shares during the quarter. Assenagon Asset Management S.A. owned about 0.12% of Chewy worth $9,258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in CHWY. Wellington Management Group LLP lifted its holdings in shares of Chewy by 295.9% in the 3rd quarter. Wellington Management Group LLP now owns 17,622,768 shares of the company's stock worth $712,841,000 after acquiring an additional 13,171,325 shares during the last quarter. Viking Global Investors LP lifted its position in Chewy by 146.9% in the fourth quarter. Viking Global Investors LP now owns 13,536,645 shares of the company's stock valued at $447,386,000 after purchasing an additional 8,052,955 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Chewy by 120.2% during the third quarter. AQR Capital Management LLC now owns 10,196,146 shares of the company's stock valued at $407,948,000 after purchasing an additional 5,564,803 shares during the period. Norges Bank bought a new position in shares of Chewy in the fourth quarter worth approximately $154,647,000. Finally, State Street Corp grew its holdings in shares of Chewy by 75.5% in the second quarter. State Street Corp now owns 6,170,197 shares of the company's stock worth $262,974,000 after purchasing an additional 2,654,496 shares during the last quarter. Institutional investors own 93.09% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on CHWY shares. Jefferies Financial Group reaffirmed a "hold" rating and set a $23.00 price objective on shares of Chewy in a research report on Thursday, June 11th. Raymond James Financial reiterated a "buy" rating on shares of Chewy in a research note on Wednesday, June 10th. Mizuho reduced their price objective on shares of Chewy from $50.00 to $40.00 and set an "outperform" rating for the company in a research note on Wednesday, June 3rd. Needham & Company LLC reiterated a "hold" rating on shares of Chewy in a research note on Thursday, June 11th. Finally, Bank of America cut their price objective on shares of Chewy from $33.00 to $31.00 in a research report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's 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 Stock Down 0.7%

CHWY opened at $22.43 on Wednesday. Chewy has a 52-week low of $17.40 and a 52-week high of $43.50. The company has a market cap of $9.18 billion, a P/E ratio of 37.38, a price-to-earnings-growth ratio of 1.14 and a beta of 1.42. The firm's 50-day moving average price is $20.75 and its 200-day moving average price is $23.78.

Insiders Place Their Bets

In other Chewy news, 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 transaction of $81,916.47. Following the transaction, the general counsel owned 4,103 shares in the company, valued at approximately $79,967.47. This represents a 50.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.34% of the company's stock.

Chewy 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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