Freshpet (NASDAQ:FRPT) Price Target Raised to $72.00

Freshpet (NASDAQ:FRPT) had its price target boosted by JPMorgan Chase & Co. from $68.00 to $72.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms also recently weighed in on FRPT. Wall Street Zen downgraded Freshpet from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Stifel Nicolaus set a $66.00 price target on Freshpet in a research report on Thursday, May 7th. TD Cowen raised Freshpet from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a research note on Wednesday, April 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $63.00 price target on shares of Freshpet in a research note on Thursday, May 7th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Freshpet in a research note on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $74.50.

Freshpet Trading Down 1.9%

Shares of NASDAQ:FRPT opened at $60.74 on Tuesday. The company has a market capitalization of $2.98 billion, a P/E ratio of 16.24 and a beta of 1.60. Freshpet has a 1 year low of $46.45 and a 1 year high of $86.00. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.18 and a quick ratio of 5.26. The business’s 50 day simple moving average is $54.68 and its 200 day simple moving average is $62.57.

Insiders Place Their Bets

In other news, CEO William B. Cyr sold 42,495 shares of Freshpet stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $51.03, for a total value of $2,168,519.85. Following the transaction, the chief executive officer owned 224,459 shares in the company, valued at approximately $11,454,142.77. This trade represents a 15.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Craig D. Steeneck purchased 2,000 shares of the stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average cost of $47.83 per share, with a total value of $95,660.00. Following the acquisition, the director directly owned 37,500 shares in the company, valued at $1,793,625. This represents a 5.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 4,211 shares of company stock worth $215,027 and sold 235,262 shares worth $11,664,591. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FRPT. Wasatch Advisors LP lifted its holdings in shares of Freshpet by 41.0% in the second quarter. Wasatch Advisors LP now owns 3,839,332 shares of the company’s stock worth $260,921,000 after acquiring an additional 1,116,217 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of Freshpet by 1,031.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 931,905 shares of the company’s stock valued at $56,781,000 after purchasing an additional 1,031,905 shares during the last quarter. Armistice Capital LLC grew its holdings in shares of Freshpet by 118.4% during the 3rd quarter. Armistice Capital LLC now owns 1,234,802 shares of the company’s stock valued at $68,050,000 after purchasing an additional 669,399 shares during the last quarter. Alyeska Investment Group L.P. increased its position in Freshpet by 122.1% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,197,317 shares of the company’s stock worth $72,953,000 after purchasing an additional 658,114 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in Freshpet by 278.5% during the 2nd quarter. AQR Capital Management LLC now owns 859,981 shares of the company’s stock worth $58,444,000 after purchasing an additional 632,756 shares in the last quarter.

Freshpet Company Profile

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.