Freshpet (NASDAQ:FRPT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage currently has a $51.00 price objective on the stock. Zacks Investment Research‘s price target points to a potential upside of 11.14% from the stock’s current price.
According to Zacks, “Freshpet Inc. is a pet food company. The company manufactures and markets natural fresh foods, refrigerated meals, and treats for dogs and cats in the United States and Canada. Freshpet provides meats- based recipes, such as chicken, beef, lamb and salmon; fruits and vegetables, such as carrots, peas and leafy green vegetables, and high-fiber grains, such as brown rice, oats and barley. It sells its products under the Freshpet, Dognation, and Dog Joy brand names. Freshpet Inc. is headquartered in Secaucus, New Jersey. “
A number of other equities analysts also recently commented on FRPT. SunTrust Banks downgraded shares of LegacyTexas Financial Group from a “buy” rating to a “hold” rating and dropped their target price for the stock from $43.00 to $39.05 in a research note on Tuesday, June 18th. DA Davidson began coverage on shares of Nomad Foods in a research note on Wednesday, June 19th. They issued a “buy” rating and a $26.00 target price on the stock. TheStreet downgraded shares of Whitestone REIT from a “b-” rating to a “c+” rating in a research note on Monday, April 1st. Finally, BidaskClub upgraded shares of Zai Lab from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $43.57.
Freshpet (NASDAQ:FRPT) last issued its earnings results on Monday, May 6th. The company reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). The company had revenue of $54.80 million during the quarter, compared to the consensus estimate of $54.28 million. Freshpet had a negative return on equity of 4.46% and a negative net margin of 2.57%. Freshpet’s revenue was up 26.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.10) earnings per share. Equities analysts anticipate that Freshpet will post 0.06 EPS for the current fiscal year.
In other news, CFO Richard A. Kassar sold 55,509 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $47.78, for a total value of $2,652,220.02. Following the completion of the sale, the chief financial officer now owns 184,463 shares of the company’s stock, valued at approximately $8,813,642.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephen Weise sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $47.50, for a total transaction of $237,500.00. Following the completion of the sale, the executive vice president now directly owns 5,000 shares of the company’s stock, valued at approximately $237,500. The disclosure for this sale can be found here. Insiders sold a total of 174,104 shares of company stock valued at $8,335,030 in the last ninety days. Corporate insiders own 5.10% of the company’s stock.
A number of large investors have recently bought and sold shares of FRPT. FMR LLC lifted its stake in shares of Freshpet by 749.2% in the first quarter. FMR LLC now owns 2,538,489 shares of the company’s stock worth $107,353,000 after buying an additional 2,239,553 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Freshpet by 13,467.1% in the first quarter. Marshall Wace LLP now owns 58,203 shares of the company’s stock worth $2,462,000 after buying an additional 57,774 shares in the last quarter. Champlain Investment Partners LLC purchased a new position in shares of Freshpet in the first quarter worth about $21,016,000. Granite Investment Partners LLC lifted its stake in shares of Freshpet by 14.9% in the first quarter. Granite Investment Partners LLC now owns 25,410 shares of the company’s stock worth $1,075,000 after buying an additional 3,294 shares in the last quarter. Finally, OppenheimerFunds Inc. lifted its stake in shares of Freshpet by 33.3% in the first quarter. OppenheimerFunds Inc. now owns 609,260 shares of the company’s stock worth $25,765,000 after buying an additional 152,158 shares in the last quarter. 86.74% of the stock is owned by institutional investors.
Freshpet Company Profile
Freshpet, Inc manufactures and markets natural fresh products, refrigerated meals, and treats for dogs and cats in the United States, Canada, and the United Kingdom. The company sells its products under the Freshpet brand; and Dognation and Dog Joy labels through various classes of retail, including grocery, mass, club, pet specialty, and natural, as well as online.
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