Freshpet (NASDAQ:FRPT) Given New $77.00 Price Target at Wells Fargo & Company

Freshpet (NASDAQ:FRPT) had its price target decreased by Wells Fargo & Company from $82.00 to $77.00 in a research note published on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

FRPT has been the topic of a number of other research reports. TD Cowen increased their price objective on shares of Freshpet from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. boosted their target price on Freshpet from $68.00 to $72.00 and gave the company an “overweight” rating in a research report on Tuesday, July 28th. Bank of America cut their price target on Freshpet from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Wednesday, July 1st. Weiss Ratings raised Freshpet from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, September 28th. Finally, Needham & Company LLC initiated coverage on Freshpet in a research report on Thursday, October 1st. They set a “hold” rating on the stock. Ten analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Freshpet currently has a consensus rating of “Hold” and a consensus target price of $75.75.

Freshpet Stock Up 1.8%

Freshpet stock opened at $61.33 on Monday. The company has a quick ratio of 5.03, a current ratio of 6.05 and a debt-to-equity ratio of 0.34. Freshpet has a 12-month low of $46.45 and a 12-month high of $86.00. The firm’s fifty day moving average is $66.22 and its 200 day moving average is $60.36. The company has a market capitalization of $3.01 billion, a PE ratio of 16.14 and a beta of 1.78.

Freshpet (NASDAQ:FRPT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.17. Freshpet had a net margin of 17.28% and a return on equity of 5.97%. The business had revenue of $305.59 million during the quarter, compared to analysts’ expectations of $292.35 million. During the same period last year, the company posted $0.33 earnings per share. The business’s quarterly revenue was up 15.4% on a year-over-year basis. As a group, sell-side analysts predict that Freshpet will post 1.26 EPS for the current fiscal year.

Insider Activity

In related news, Director Walter N. George purchased 1,000 shares of the business’s stock in a transaction on Monday, September 14th. The stock was acquired at an average price of $64.92 per share, for a total transaction of $64,920.00. Following the purchase, the director owned 51,746 shares of the company’s stock, valued at approximately $3,359,350.32. This trade represents a 1.97% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William B. Cyr sold 2,657 shares of Freshpet stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $75.40, for a total value of $200,337.80. Following the transaction, the chief executive officer owned 49,044 shares of the company’s stock, valued at $3,697,917.60. This trade represents a 5.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 171,636 shares of company stock valued at $12,754,864. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Freshpet

Institutional investors and hedge funds have recently modified their holdings of the stock. Wasatch Advisors LP boosted its position in shares of Freshpet by 5.2% during the first quarter. Wasatch Advisors LP now owns 4,141,437 shares of the company’s stock valued at $244,179,000 after buying an additional 204,128 shares during the last quarter. Wellington Management Group LLP raised its position in Freshpet by 11.8% in the 2nd quarter. Wellington Management Group LLP now owns 2,829,688 shares of the company’s stock valued at $167,291,000 after buying an additional 298,460 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in Freshpet in the 2nd quarter valued at $107,066,000. Capital World Investors lifted its stake in Freshpet by 7.1% during the 4th quarter. Capital World Investors now owns 1,587,691 shares of the company’s stock valued at $96,738,000 after acquiring an additional 104,913 shares in the last quarter. Finally, Armistice Capital LLC lifted its stake in Freshpet by 5.0% during the 4th quarter. Armistice Capital LLC now owns 1,296,000 shares of the company’s stock valued at $78,965,000 after acquiring an additional 61,198 shares in the last quarter.

About Freshpet

Freshpet, Inc (NASDAQ: FRPT) is a pet food company that develops, manufactures and markets refrigerated, fresh food and treats for dogs and cats. Its products are made with ingredients such as meat, poultry, fish, vegetables and other components, and are kept refrigerated throughout distribution and retail.

The company sells fresh meals, rolls, treats and other pet nutrition products under the Freshpet brand and related product lines. Its offerings are marketed through grocery stores, mass merchants, club stores, pet specialty retailers, e-commerce platforms and other retail channels.

Freshpet was founded in 2006 and is based in Secaucus, New Jersey.