Bank of America Issues Positive Forecast for Freshpet (NASDAQ:FRPT) Stock Price

Freshpet (NASDAQ:FRPT) had its price objective raised by Bank of America from $60.00 to $67.00 in a report issued on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

Other research analysts have also recently issued research reports about the company. Jefferies Financial Group reaffirmed a “hold” rating and set a $56.00 price target on shares of Freshpet in a research report on Tuesday, November 4th. Truist Financial reduced their price target on Freshpet from $70.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday, November 4th. JPMorgan Chase & Co. lowered their price target on shares of Freshpet from $70.00 to $62.00 and set a “neutral” rating on the stock in a report on Thursday, October 23rd. Robert W. Baird cut their price target on shares of Freshpet from $100.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, October 31st. Finally, Morgan Stanley assumed coverage on Freshpet in a research report on Tuesday. They set an “equal weight” rating and a $71.00 target price for the company. Six analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $82.63.

Freshpet Stock Performance

Shares of FRPT stock opened at $62.61 on Friday. Freshpet has a one year low of $46.76 and a one year high of $164.07. The company has a market cap of $3.06 billion, a P/E ratio of 27.34, a P/E/G ratio of 0.88 and a beta of 1.72. The firm has a 50-day moving average of $56.61 and a 200-day moving average of $61.29. The company has a debt-to-equity ratio of 0.36, a current ratio of 5.52 and a quick ratio of 4.61.

Freshpet (NASDAQ:FRPT) last announced its earnings results on Monday, November 3rd. The company reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $1.43. Freshpet had a return on equity of 5.73% and a net margin of 11.44%.The firm had revenue of $288.85 million for the quarter, compared to the consensus estimate of $283.73 million. During the same quarter in the previous year, the business earned $0.24 EPS. The company’s revenue was up 14.0% compared to the same quarter last year. Equities research analysts forecast that Freshpet will post 1.55 EPS for the current fiscal year.

Insider Buying and Selling at Freshpet

In related news, President Scott James Morris sold 5,142 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $62.33, for a total value of $320,500.86. Following the completion of the sale, the president owned 30,858 shares of the company’s stock, valued at $1,923,379.14. This trade represents a 14.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 4.43% of the company’s stock.

Institutional Investors Weigh In On Freshpet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System increased its stake in shares of Freshpet by 0.4% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 42,582 shares of the company’s stock worth $2,894,000 after acquiring an additional 160 shares in the last quarter. Maryland State Retirement & Pension System lifted its stake in shares of Freshpet by 1.2% in the second quarter. Maryland State Retirement & Pension System now owns 16,510 shares of the company’s stock worth $1,122,000 after buying an additional 189 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of Freshpet by 55.0% in the third quarter. Parallel Advisors LLC now owns 555 shares of the company’s stock worth $31,000 after buying an additional 197 shares in the last quarter. Ossiam increased its position in shares of Freshpet by 81.1% during the second quarter. Ossiam now owns 509 shares of the company’s stock valued at $35,000 after acquiring an additional 228 shares in the last quarter. Finally, Yousif Capital Management LLC boosted its stake in Freshpet by 1.4% during the 2nd quarter. Yousif Capital Management LLC now owns 18,408 shares of the company’s stock valued at $1,251,000 after purchasing an additional 253 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.