Zacks Investment Research upgraded shares of Freshpet (NASDAQ:FRPT) from a sell rating to a hold rating in a research note released on Wednesday, May 9th.
According to Zacks, “Freshpet Inc. is a pet food company. The company manufactures and markets natural fresh foods, refrigerated meals, and treats for dogs and cats in the United States and Canada. Freshpet provides meats- based recipes, such as chicken, beef, lamb and salmon; fruits and vegetables, such as carrots, peas and leafy green vegetables, and high-fiber grains, such as brown rice, oats and barley. It sells its products under the Freshpet, Dognation, and Dog Joy brand names. Freshpet Inc. is headquartered in Secaucus, New Jersey. “
FRPT has been the topic of several other research reports. SunTrust Banks reiterated a buy rating and issued a $23.00 price target on shares of Freshpet in a research note on Tuesday, March 6th. BidaskClub lowered Freshpet from a hold rating to a sell rating in a research report on Tuesday, January 9th. ValuEngine upgraded Freshpet from a hold rating to a buy rating in a research report on Monday, April 2nd. Susquehanna Bancshares set a $17.00 price objective on Freshpet and gave the stock a hold rating in a research report on Tuesday, May 8th. Finally, Credit Suisse Group boosted their price objective on Freshpet from $17.00 to $20.00 and gave the stock a neutral rating in a research report on Wednesday, January 24th. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Freshpet presently has a consensus rating of Buy and an average price target of $20.00.
Shares of Freshpet opened at $21.75 on Wednesday, according to MarketBeat Ratings. Freshpet has a 52-week low of $20.75 and a 52-week high of $20.90.
Freshpet (NASDAQ:FRPT) last issued its quarterly earnings results on Monday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.03). Freshpet had a negative net margin of 2.97% and a negative return on equity of 4.35%. The business had revenue of $43.20 million during the quarter, compared to the consensus estimate of $42.06 million. During the same quarter in the previous year, the business posted ($0.09) EPS. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. analysts anticipate that Freshpet will post -0.03 EPS for the current year.
In other Freshpet news, COO Scott James Morris sold 10,000 shares of the company’s stock in a transaction dated Friday, May 11th. The stock was sold at an average price of $20.80, for a total value of $208,000.00. Following the sale, the chief operating officer now owns 207,798 shares in the company, valued at approximately $4,322,198.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Stephen Macchiaverna sold 4,946 shares of the company’s stock in a transaction dated Thursday, May 10th. The shares were sold at an average price of $20.50, for a total value of $101,393.00. Following the completion of the sale, the vice president now owns 73,884 shares in the company, valued at approximately $1,514,622. The disclosure for this sale can be found here. Insiders own 6.80% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRPT. Wells Fargo & Company MN grew its position in shares of Freshpet by 28.1% in the 3rd quarter. Wells Fargo & Company MN now owns 177,505 shares of the company’s stock valued at $2,778,000 after buying an additional 38,915 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Freshpet by 43.8% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 99,125 shares of the company’s stock valued at $1,552,000 after buying an additional 30,189 shares during the last quarter. Gilder Gagnon Howe & Co. LLC grew its position in shares of Freshpet by 59.4% in the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 2,682,342 shares of the company’s stock valued at $50,830,000 after buying an additional 999,832 shares during the last quarter. Public Employees Retirement Association of Colorado bought a new stake in shares of Freshpet in the 4th quarter valued at about $7,580,000. Finally, Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of Freshpet in the 4th quarter valued at about $311,000. Hedge funds and other institutional investors own 74.46% of the company’s stock.
Freshpet Company Profile
Freshpet, Inc manufactures and markets natural fresh products, refrigerated meals, and treats for dogs and cats in the United States, Canada, and the United Kingdom. The company sells its products under the Freshpet brand; and Dognation and Dog Joy labels through various classes of retail, including grocery, mass, club, pet specialty, and natural, as well as online.
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