Freshpet (NASDAQ:FRPT) Price Target Cut to $70.00 by Analysts at Bank of America

Freshpet (NASDAQ:FRPT) had its price target reduced by analysts at Bank of America from $75.00 to $70.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price target indicates a potential upside of 16.38% from the company’s current price.

A number of other equities research analysts also recently issued reports on FRPT. DA Davidson increased their target price on shares of Freshpet from $98.00 to $101.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Stifel Nicolaus set a $66.00 price target on shares of Freshpet in a report on Thursday, May 7th. TD Cowen raised shares of Freshpet from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a research note on Wednesday, April 8th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $63.00 price objective on shares of Freshpet in a report on Thursday, May 7th. Finally, Piper Sandler reissued an “overweight” rating on shares of Freshpet in a research report on Monday, June 15th. Eleven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Freshpet currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.56.

Freshpet Stock Up 1.7%

NASDAQ:FRPT traded up $1.03 during trading hours on Wednesday, hitting $60.15. 66,298 shares of the company’s stock traded hands, compared to its average volume of 1,527,336. The firm has a market cap of $2.96 billion, a P/E ratio of 16.03 and a beta of 1.63. Freshpet has a twelve month low of $46.45 and a twelve month high of $86.00. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.26 and a current ratio of 6.18. The stock’s fifty day moving average price is $54.91 and its two-hundred day moving average price is $63.49.

Insider Buying and Selling at Freshpet

In other Freshpet news, CEO William B. Cyr sold 42,495 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $51.03, for a total transaction of $2,168,519.85. Following the transaction, the chief executive officer directly owned 224,459 shares in the company, valued at $11,454,142.77. This trade represents a 15.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig D. Steeneck purchased 2,000 shares of Freshpet stock in a transaction on Wednesday, May 20th. The stock was bought at an average cost of $47.83 per share, with a total value of $95,660.00. Following the transaction, the director directly owned 37,500 shares of the company’s stock, valued at approximately $1,793,625. The trade was a 5.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 4,211 shares of company stock valued at $215,027 and sold 235,262 shares valued at $11,664,591. 4.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd grew its holdings in Freshpet by 606.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 417 shares of the company’s stock valued at $25,000 after purchasing an additional 358 shares during the last quarter. Motiv8 Investments LLC acquired a new stake in shares of Freshpet in the fourth quarter worth $28,000. Signaturefd LLC boosted its holdings in shares of Freshpet by 143.0% during the 4th quarter. Signaturefd LLC now owns 503 shares of the company’s stock worth $31,000 after buying an additional 296 shares during the period. Parallel Advisors LLC grew its stake in Freshpet by 55.0% in the 3rd quarter. Parallel Advisors LLC now owns 555 shares of the company’s stock valued at $31,000 after buying an additional 197 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in Freshpet by 445.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 529 shares of the company’s stock worth $32,000 after acquiring an additional 432 shares during the period.

About Freshpet

Freshpet Inc (NASDAQ: FRPT) is a leading pet food company specializing in fresh, refrigerated meals and treats for dogs and cats. The company’s products are formulated with carefully selected, natural ingredients and are designed to offer a higher level of nutrition and freshness than traditional dry or canned pet foods. Freshpet’s offerings include refrigerated rolls, pâtés and snacks, all of which are sold through the refrigerated section of grocery, mass-market and pet specialty stores.

Freshpet’s product portfolio is built around the concept of fresh, minimally processed recipes that do not require preservatives or artificial colors.