Freshpet, Inc. $FRPT Shares Sold by Riverbridge Partners LLC

Riverbridge Partners LLC lessened its holdings in Freshpet, Inc. (NASDAQ:FRPT) by 5.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 637,761 shares of the company’s stock after selling 37,557 shares during the period. Freshpet makes up 1.1% of Riverbridge Partners LLC’s investment portfolio, making the stock its 26th largest position. Riverbridge Partners LLC owned 1.30% of Freshpet worth $36,710,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FRPT. Global Retirement Partners LLC acquired a new stake in shares of Freshpet during the 2nd quarter worth about $25,000. Laurel Wealth Advisors LLC acquired a new position in Freshpet in the third quarter valued at about $30,000. Integrated Wealth Concepts LLC acquired a new position in Freshpet in the second quarter valued at about $34,000. Legacies Wealth LLC acquired a new position in Freshpet in the third quarter valued at about $35,000. Finally, State of Wyoming acquired a new position in Freshpet in the second quarter valued at about $61,000.

Freshpet Price Performance

FRPT opened at $64.61 on Wednesday. The stock’s 50-day moving average price is $64.37 and its 200 day moving average price is $63.86. Freshpet, Inc. has a 12-month low of $46.45 and a 12-month high of $86.00. The company has a current ratio of 5.68, a quick ratio of 4.65 and a debt-to-equity ratio of 0.35. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of 25.64 and a beta of 1.75.

Freshpet (NASDAQ:FRPT) last announced its earnings results on Wednesday, November 4th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.19. The company had revenue of $317.84 million during the quarter, compared to analysts’ expectations of $312.02 million. Freshpet had a return on equity of 6.39% and a net margin of 10.90%. Freshpet’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period last year, the business posted $1.86 EPS. As a group, sell-side analysts expect that Freshpet, Inc. will post 1.25 earnings per share for the current year.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Benchmark reaffirmed a “buy” rating on shares of Freshpet in a research note on Wednesday, August 19th. TD Cowen reduced their price target on shares of Freshpet from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, October 13th. Weiss Ratings upgraded shares of Freshpet from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, September 28th. Needham & Company LLC initiated coverage on shares of Freshpet in a report on Thursday, October 1st. They issued a “hold” rating for the company. Finally, Piper Sandler reissued an “overweight” rating on shares of Freshpet in a research report on Monday, October 5th. Nine research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Freshpet presently has an average rating of “Moderate Buy” and an average target price of $80.31.

Freshpet Company Profile

Freshpet, Inc. makes and markets fresh, refrigerated food and treats for dogs and cats. Founded in 2006, the company focuses on recipes made with fresh ingredients and positioned as an alternative to shelf-stable pet food. Its products are sold under brands including Freshpet, Freshpet Select, Vital and Nature’s Fresh. Freshpet distributes them through refrigerated displays in grocery, mass-market, club and pet specialty stores, as well as through online retailers. The company primarily serves customers in the United States and Canada and also sells its products in select international markets.