Neuberger Berman Group LLC Increases Stock Position in Chewy (NYSE:CHWY)

Key Points

• Neuberger Berman Group LLC increased its stake in Chewy (NYSE:CHWY) by 35.7%, holding approximately 2.3 million shares valued at around $74.9 million.
• Barclays raised Chewy's price target from $44 to $50 with an "overweight" rating, while other analysts maintain a consensus rating of "Moderate Buy" and an average price target of $43.78.
• Chewy reported a quarterly revenue of $3.12 billion, surpassing estimates, with an EPS of $0.35, which is an increase from $0.31 in the previous year.

Neuberger Berman Group LLC lifted its position in Chewy (NYSE:CHWY - Free Report) by 35.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,304,006 shares of the company's stock after buying an additional 606,526 shares during the period. Neuberger Berman Group LLC owned approximately 0.56% of Chewy worth $74,903,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Aigen Investment Management LP acquired a new position in shares of Chewy in the 1st quarter valued at $791,000. Jefferies Financial Group Inc. acquired a new position in shares of Chewy in the first quarter valued at about $3,251,000. D.A. Davidson & CO. raised its stake in shares of Chewy by 38.7% in the first quarter. D.A. Davidson & CO. now owns 43,725 shares of the company's stock worth $1,422,000 after purchasing an additional 12,206 shares during the last quarter. Polar Asset Management Partners Inc. lifted its holdings in shares of Chewy by 26.5% during the fourth quarter. Polar Asset Management Partners Inc. now owns 288,733 shares of the company's stock worth $9,670,000 after purchasing an additional 60,533 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Chewy by 74.5% in the first quarter. Victory Capital Management Inc. now owns 139,889 shares of the company's stock valued at $4,548,000 after buying an additional 59,711 shares during the last quarter. Hedge funds and other institutional investors own 93.09% of the company's stock.

Insider Buying and Selling

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 29,940,120 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $41.75, for a total value of $1,250,000,010.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Satish Mehta sold 8,727 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $35.82, for a total transaction of $312,601.14. Following the transaction, the chief technology officer directly owned 276,467 shares in the company, valued at approximately $9,903,047.94. The trade was a 3.06% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,008,777 shares of company stock worth $1,252,444,321. 0.43% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CHWY. Barclays lifted their price objective on shares of Chewy from $44.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, May 28th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $44.00 price target (up from $42.00) on shares of Chewy in a report on Thursday, June 12th. Needham & Company LLC reiterated a "hold" rating on shares of Chewy in a research note on Thursday, June 12th. Wall Street Zen cut Chewy from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 target price (up from $39.00) on shares of Chewy in a report on Thursday, June 12th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Chewy has an average rating of "Moderate Buy" and an average target price of $43.78.

Chewy Trading Up 4.0%

CHWY traded up $1.55 on Friday, hitting $40.49. 8,694,184 shares of the company's stock were exchanged, compared to its average volume of 6,145,767. Chewy has a fifty-two week low of $25.19 and a fifty-two week high of $48.62. The stock has a market cap of $16.81 billion, a price-to-earnings ratio of 45.49, a P/E/G ratio of 8.45 and a beta of 1.67. The firm has a 50-day moving average price of $39.42 and a 200-day moving average price of $37.95.

Chewy (NYSE:CHWY - Get Free Report) last announced its quarterly earnings data on Wednesday, June 11th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. Chewy had a net margin of 3.21% and a return on equity of 35.04%. The company had revenue of $3.12 billion during the quarter, compared to analysts' expectations of $3.08 billion. During the same quarter in the prior year, the company earned $0.31 EPS. Chewy's revenue was up 6.3% compared to the same quarter last year. On average, equities analysts predict that Chewy will post 0.24 EPS for the current year.

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.