Freshpet, Inc. (NASDAQ:FRPT – Get Free Report) shares rose 7.1% on Tuesday . The company traded as high as $71.83 and last traded at $72.5610. 506,557 shares traded hands during trading, a decline of 67% from the average daily volume of 1,513,920 shares. The stock had previously closed at $67.77.
Analysts Set New Price Targets
Several brokerages recently commented on FRPT. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $70.00 price target on shares of Freshpet in a research note on Thursday. JPMorgan Chase & Co. boosted their target price on shares of Freshpet from $68.00 to $72.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 28th. Wells Fargo & Company dropped their price target on shares of Freshpet from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. Bank of America cut their price target on shares of Freshpet from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Wednesday, July 1st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $72.00 price objective (down from $77.00) on shares of Freshpet in a research note on Thursday, August 6th. Ten equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Freshpet presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.31.
View Our Latest Analysis on Freshpet
Freshpet Stock Up 6.9%
Insider Buying and Selling at Freshpet
In other news, Director Craig D. Steeneck purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was bought at an average cost of $47.83 per share, for a total transaction of $95,660.00. Following the completion of the acquisition, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William B. Cyr sold 42,907 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $47.92, for a total value of $2,056,103.44. Following the completion of the sale, the chief executive officer directly owned 204,585 shares in the company, valued at approximately $9,803,713.20. This represents a 17.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 188,760 shares of company stock worth $9,306,127 in the last quarter. Insiders own 4.30% of the company’s stock.
Institutional Trading of Freshpet
Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its holdings in Freshpet by 86.3% in the 1st quarter. Royal Bank of Canada now owns 67,623 shares of the company’s stock valued at $5,624,000 after buying an additional 31,334 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Freshpet by 734.1% during the 1st quarter. Jones Financial Companies Lllp now owns 1,810 shares of the company’s stock valued at $151,000 after purchasing an additional 1,593 shares during the last quarter. United Services Automobile Association bought a new stake in Freshpet in the 1st quarter valued at $247,000. EverSource Wealth Advisors LLC boosted its holdings in Freshpet by 1,388.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 506 shares of the company’s stock valued at $34,000 after purchasing an additional 472 shares during the period. Finally, Cresset Asset Management LLC grew its position in Freshpet by 140.3% in the 2nd quarter. Cresset Asset Management LLC now owns 6,296 shares of the company’s stock worth $428,000 after purchasing an additional 3,676 shares during the last quarter.
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.
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