Brokerages Set Freshpet, Inc. (NASDAQ:FRPT) Price Target at $167.20

Shares of Freshpet, Inc. (NASDAQ:FRPT) have been assigned an average rating of “Buy” from the seventeen brokerages that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $167.20.

Several analysts have weighed in on FRPT shares. Credit Suisse Group dropped their price target on Freshpet from $180.00 to $170.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 3rd. Truist Securities lowered their target price on Freshpet from $175.00 to $145.00 and set a “hold” rating on the stock in a research note on Tuesday, August 3rd. Oppenheimer lowered their target price on Freshpet from $200.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, August 23rd. Citigroup lowered their target price on Freshpet from $139.00 to $120.00 and set a “sell” rating on the stock in a research note on Wednesday, August 25th. Finally, Truist lowered their target price on Freshpet from $175.00 to $145.00 and set a “hold” rating on the stock in a research note on Tuesday, August 3rd.

In related news, COO Scott James Morris sold 1,997 shares of the stock in a transaction that occurred on Monday, June 28th. The stock was sold at an average price of $169.41, for a total value of $338,311.77. Following the completion of the transaction, the chief operating officer now directly owns 134,857 shares in the company, valued at $22,846,124.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stephen Weise sold 4,000 shares of the stock in a transaction that occurred on Thursday, September 2nd. The stock was sold at an average price of $134.00, for a total value of $536,000.00. The disclosure for this sale can be found here. Insiders sold 19,952 shares of company stock valued at $3,011,290 over the last quarter. 5.80% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Asset Management Inc boosted its position in shares of Freshpet by 4.4% during the first quarter. CIBC Asset Management Inc now owns 1,485 shares of the company’s stock worth $236,000 after buying an additional 62 shares during the period. Signaturefd LLC boosted its position in shares of Freshpet by 74.4% during the first quarter. Signaturefd LLC now owns 157 shares of the company’s stock worth $25,000 after buying an additional 67 shares during the period. Corbenic Partners LLC boosted its position in shares of Freshpet by 48.3% during the second quarter. Corbenic Partners LLC now owns 215 shares of the company’s stock worth $35,000 after buying an additional 70 shares during the period. Delta Investment Management LLC boosted its position in shares of Freshpet by 0.6% during the second quarter. Delta Investment Management LLC now owns 14,614 shares of the company’s stock worth $2,381,000 after buying an additional 89 shares during the period. Finally, Arizona State Retirement System boosted its position in shares of Freshpet by 0.8% during the first quarter. Arizona State Retirement System now owns 11,830 shares of the company’s stock worth $1,879,000 after buying an additional 92 shares during the period. Institutional investors and hedge funds own 92.84% of the company’s stock.

FRPT opened at $135.42 on Friday. The firm has a market cap of $5.87 billion, a price-to-earnings ratio of -322.43 and a beta of 0.72. Freshpet has a 12 month low of $101.35 and a 12 month high of $186.98. The stock has a fifty day moving average price of $140.82 and a 200-day moving average price of $156.51.

Freshpet (NASDAQ:FRPT) last released its quarterly earnings results on Sunday, August 1st. The company reported ($0.17) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.11). Freshpet had a negative return on equity of 3.25% and a negative net margin of 4.89%. The company had revenue of $108.62 million during the quarter, compared to the consensus estimate of $106.05 million. Freshpet’s revenue for the quarter was up 35.8% on a year-over-year basis. On average, research analysts forecast that Freshpet will post -0.19 earnings per share for the current fiscal year.

About Freshpet

Freshpet, Inc engages in the manufacturing, marketing, and distribution of pet food and pet treats for dogs and cats. Its products are sold throughout the United States and in Canada under the Freshpet Select, Vital and Nature’s Fresh brands. Its products include deli fresh grain free chicken recipe for dogs; dog joy turkey and apple bites treats for dogs; nature’s fresh grain free chicken recipe for cats; and vital grain free chicken and ocean whitefish recipe for cats.

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Analyst Recommendations for Freshpet (NASDAQ:FRPT)

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