Pictet Asset Management Holding SA Decreases Holdings in Chewy $CHWY

Key Points

• Pictet Asset Management cut its Chewy stake by 92.3% in Q4, selling 400,795 shares and leaving 33,520 shares valued at about $1.108 million.
• Chewy missed expectations for the quarter with $0.09 EPS versus $0.28 expected while reporting roughly flat revenue of $3.26 billion; shares opened at $24.52 and the company has a $10.22 billion market cap.
• Analysts hold a consensus of “Moderate Buy” with an average target of $42.91 despite several firms trimming targets, and insiders have sold roughly 95,675 shares (~$2.46 million) in the past 90 days.

Pictet Asset Management Holding SA trimmed its holdings in Chewy (NYSE:CHWY - Free Report) by 92.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 33,520 shares of the company's stock after selling 400,795 shares during the quarter. Pictet Asset Management Holding SA's holdings in Chewy were worth $1,108,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Quent Capital LLC purchased a new position in Chewy in the 3rd quarter worth $27,000. CoreCap Advisors LLC boosted its position in Chewy by 306.3% during the fourth quarter. CoreCap Advisors LLC now owns 845 shares of the company's stock valued at $28,000 after buying an additional 637 shares during the period. Osterweis Capital Management Inc. bought a new position in shares of Chewy during the second quarter valued at about $30,000. Strategic Advocates LLC purchased a new position in shares of Chewy in the third quarter worth about $43,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Chewy by 412.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,091 shares of the company's stock worth $46,000 after buying an additional 878 shares during the period. Hedge funds and other institutional investors own 93.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CHWY shares. JPMorgan Chase & Co. dropped their target price on Chewy from $46.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, March 26th. Royal Bank Of Canada raised their target price on shares of Chewy from $43.00 to $47.00 and gave the stock an "outperform" rating in a report on Monday, March 30th. BNP Paribas Exane reiterated a "neutral" rating and set a $28.00 price target (down from $38.00) on shares of Chewy in a report on Thursday, March 26th. Morgan Stanley cut their price target on shares of Chewy from $50.00 to $49.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Finally, The Goldman Sachs Group decreased their price objective on shares of Chewy from $52.00 to $46.00 and set a "buy" rating on the stock in a research report on Thursday, March 26th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Chewy has a consensus rating of "Moderate Buy" and an average target price of $42.91.

Chewy Stock Down 0.2%

Shares of CHWY stock opened at $24.52 on Wednesday. The stock has a fifty day moving average of $25.95 and a 200 day moving average of $30.02. Chewy has a 52 week low of $22.74 and a 52 week high of $48.62. The firm has a market capitalization of $10.22 billion, a price-to-earnings ratio of 47.16, a PEG ratio of 1.06 and a beta of 1.50.

Chewy (NYSE:CHWY - Get Free Report) last issued its quarterly earnings data on Wednesday, March 25th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.19). Chewy had a net margin of 1.77% and a return on equity of 53.48%. The company had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $3.26 billion. During the same period in the previous year, the firm posted $0.28 earnings per share. The firm's revenue for the quarter was up .5% compared to the same quarter last year. Equities research analysts anticipate that Chewy will post 0.89 earnings per share for the current year.

Insider Transactions at Chewy

In other Chewy news, CEO Sumit Singh sold 4,220 shares of the firm's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $25.60, for a total value of $108,032.00. Following the completion of the sale, the chief executive officer directly owned 123,955 shares in the company, valued at $3,173,248. This trade represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 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 8,149 shares of Chewy stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $26.91, for a total value of $219,289.59. The SEC filing for this sale provides additional information. Insiders have sold a total of 95,675 shares of company stock worth $2,459,955 in the last ninety days. Insiders own 0.43% of the company's stock.

About Chewy

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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