Victory Capital Management Inc. Trims Stake in Chewy, Inc. (NYSE:CHWY)

Victory Capital Management Inc. reduced its position in shares of Chewy, Inc. (NYSE:CHWY) by 31.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,286 shares of the company’s stock after selling 14,227 shares during the period. Victory Capital Management Inc.’s holdings in Chewy were worth $852,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. 1620 Investment Advisors Inc. purchased a new position in Chewy in the second quarter worth $33,000. Industrial Alliance Investment Management Inc. purchased a new position in Chewy in the second quarter worth $44,000. First Horizon Advisors Inc. purchased a new position in Chewy in the second quarter worth $48,000. Skylands Capital LLC purchased a new position in Chewy in the second quarter worth $52,000. Finally, Quest Partners LLC purchased a new position in Chewy in the fourth quarter worth $65,000. 93.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CHWY shares. Raymond James lowered shares of Chewy from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 21st. Evercore ISI upped their target price on shares of Chewy from $22.00 to $29.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Piper Sandler reiterated an “overweight” rating and issued a $35.00 target price on shares of Chewy in a research report on Friday. Wolfe Research began coverage on shares of Chewy in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Finally, JPMorgan Chase & Co. boosted their price target on shares of Chewy from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy 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 $29.11.

Chewy Trading Down 4.4 %

Shares of NYSE:CHWY opened at $29.72 on Friday. Chewy, Inc. has a 12 month low of $14.69 and a 12 month high of $39.10. The company has a market cap of $12.93 billion, a price-to-earnings ratio of 165.11, a price-to-earnings-growth ratio of 3.02 and a beta of 1.04. The company has a 50-day moving average price of $26.61 and a 200-day moving average price of $21.84.

Insider Buying and Selling

In related news, CTO Satish Mehta sold 2,894 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $22.24, for a total value of $64,362.56. Following the completion of the transaction, the chief technology officer now directly owns 573,463 shares of the company’s stock, valued at $12,753,817.12. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CTO Satish Mehta sold 2,894 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $22.24, for a total value of $64,362.56. Following the completion of the transaction, the chief technology officer now directly owns 573,463 shares of the company’s stock, valued at $12,753,817.12. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sumit Singh sold 14,338 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $22.24, for a total transaction of $318,877.12. Following the completion of the transaction, the chief executive officer now directly owns 1,398,271 shares of the company’s stock, valued at $31,097,547.04. The disclosure for this sale can be found here. Insiders sold a total of 18,906,141 shares of company stock valued at $540,973,233 over the last three months. Corporate insiders own 2.10% of the company’s stock.

About Chewy

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.