Freshpet (NASDAQ:FRPT) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Freshpet (NASDAQ:FRPT) had its price objective lowered by research analysts at JPMorgan Chase & Co. from $78.00 to $76.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 18.99% from the company’s previous close.

FRPT has been the topic of a number of other reports. Piper Sandler reissued an “overweight” rating on shares of Freshpet in a research report on Monday, October 5th. Stifel Nicolaus upped their price objective on shares of Freshpet from $66.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Morgan Stanley restated an “equal weight” rating and issued a $72.00 price objective (down from $77.00) on shares of Freshpet in a research report on Thursday, August 6th. Weiss Ratings raised Freshpet from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, September 28th. Finally, Wells Fargo & Company reduced their target price on Freshpet from $82.00 to $77.00 and set an “overweight” rating on the stock in a report on Monday, October 5th. Ten investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Freshpet presently has a consensus rating of “Hold” and an average price target of $75.50.

Freshpet Trading Down 0.4%

Freshpet stock traded down $0.25 during midday trading on Monday, hitting $63.87. 201,500 shares of the stock were exchanged, compared to its average volume of 1,401,257. The company has a fifty day simple moving average of $65.96 and a two-hundred day simple moving average of $60.86. Freshpet has a 52 week low of $46.45 and a 52 week high of $86.00. The stock has a market capitalization of $3.14 billion, a PE ratio of 16.80 and a beta of 1.78. 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 (NASDAQ:FRPT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.39 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $305.59 million during the quarter, compared to analysts’ expectations of $292.35 million. During the same quarter in the previous year, the company earned $0.33 earnings per share. The business’s revenue for the quarter was up 15.4% on a year-over-year basis. Equities research analysts anticipate that Freshpet will post 1.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Walter George bought 1,000 shares of the stock in a transaction on Monday, September 14th. The stock was purchased at an average price of $64.92 per share, for a total transaction of $64,920.00. Following the acquisition, the director owned 51,746 shares in the company, 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 document filed with the SEC, which can be accessed through this link. Also, CEO William Cyr sold 41,022 shares of Freshpet stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $72.86, for a total value of $2,988,862.92. Following the completion of the sale, the chief executive officer directly owned 267,152 shares in the company, valued at $19,464,694.72. This represents a 13.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 171,636 shares of company stock valued at $12,754,864. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Freshpet

Several institutional investors have recently bought and sold shares of FRPT. Wellington Management Group LLP grew its stake in shares of Freshpet by 11.8% during the 2nd quarter. Wellington Management Group LLP now owns 2,829,688 shares of the company’s stock worth $167,291,000 after acquiring an additional 298,460 shares in the last quarter. William Blair Investment Management LLC bought a new stake in shares of Freshpet in the second quarter worth $107,066,000. Dimensional Fund Advisors LP lifted its position in shares of Freshpet by 9.3% in the first quarter. Dimensional Fund Advisors LP now owns 917,785 shares of the company’s stock worth $54,103,000 after purchasing an additional 78,196 shares in the last quarter. Jennison Associates LLC boosted its holdings in Freshpet by 200.6% during the first quarter. Jennison Associates LLC now owns 651,202 shares of the company’s stock worth $38,395,000 after purchasing an additional 434,582 shares during the last quarter. Finally, Alyeska Investment Group L.P. boosted its holdings in Freshpet by 146.5% during the second quarter. Alyeska Investment Group L.P. now owns 552,400 shares of the company’s stock worth $32,658,000 after purchasing an additional 328,259 shares during the last quarter.

Freshpet Company Profile

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 animal proteins, vegetables and other ingredients and are designed to be stored in the refrigerator rather than on a conventional shelf.

The company sells its products under the Freshpet brand and related product lines, including Freshpet Select and Vital. Its offerings include refrigerated meals, rolls, recipes and treats formulated for different pet sizes, ages and dietary needs.