Senvest Management LLC Makes New $11.07 Million Investment in Chewy $CHWY

Key Points

• Senvest Management LLC opened a new position in Chewy during the first quarter, buying 410,000 shares worth about $11.07 million and ending with roughly 0.10% ownership of the company.
• Chewy continues to attract heavy institutional interest, with several large funds significantly increasing their stakes; overall, 93.09% of the stock is held by institutional investors and hedge funds.
• Analysts remain generally positive on CHWY despite some target cuts, with a consensus rating of “Moderate Buy” and an average price target of $32.05, while insider selling has also been reported recently.

Senvest Management LLC bought a new stake in Chewy (NYSE:CHWY - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 410,000 shares of the company's stock, valued at approximately $11,070,000. Senvest Management LLC owned about 0.10% of Chewy at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Wellington Management Group LLP increased its holdings in Chewy by 295.9% during the 3rd quarter. Wellington Management Group LLP now owns 17,622,768 shares of the company's stock valued at $712,841,000 after purchasing an additional 13,171,325 shares in the last quarter. Viking Global Investors LP boosted its stake in Chewy by 146.9% in the fourth quarter. Viking Global Investors LP now owns 13,536,645 shares of the company's stock worth $447,386,000 after purchasing an additional 8,052,955 shares in the last quarter. AQR Capital Management LLC boosted its stake in Chewy by 120.2% in the third quarter. AQR Capital Management LLC now owns 10,196,146 shares of the company's stock worth $407,948,000 after purchasing an additional 5,564,803 shares in the last quarter. Norges Bank bought a new stake in shares of Chewy during the fourth quarter worth $154,647,000. Finally, State Street Corp grew its holdings in shares of Chewy by 75.5% during 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. 93.09% of the stock is owned by institutional investors and hedge funds.

Chewy Stock Up 2.1%

CHWY stock opened at $20.89 on Friday. The company has a market cap of $8.55 billion, a P/E ratio of 34.81, a PEG ratio of 1.03 and a beta of 1.45. Chewy has a twelve month low of $17.40 and a twelve month high of $43.50. The business has a fifty day moving average of $20.28 and a 200-day moving average of $24.65.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CHWY shares. Morgan Stanley cut their price target on Chewy from $43.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, June 11th. Citizens Jmp decreased their price objective 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. Jefferies Financial Group restated a "hold" rating and issued a $23.00 price objective on shares of Chewy in a research report on Thursday, June 11th. Argus raised shares of Chewy to a "strong-buy" rating in a research note on Tuesday, April 7th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Chewy from $35.00 to $29.00 and set an "overweight" rating on the stock in a research report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Chewy currently has a consensus rating of "Moderate Buy" and an average target price of $32.05.

Insider Activity

In related news, CEO Sumit Singh sold 83,306 shares of Chewy stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $25.60, for a total value of $2,132,633.60. Following the completion of the sale, the chief executive officer directly owned 874,061 shares in the company, valued at $22,375,961.60. This trade represents a 8.70% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 business's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $19.49, for a total value of $81,916.47. Following the sale, the general counsel directly owned 4,103 shares of the company's stock, valued at $79,967.47. This represents a 50.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 91,729 shares of company stock worth $2,322,582. 0.34% of the stock is owned by company insiders.

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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