Wells Fargo & Company Has Lowered Expectations for Freshpet (NASDAQ:FRPT) Stock Price

Freshpet (NASDAQ:FRPT) had its price target lowered by stock analysts at Wells Fargo & Company from $82.00 to $77.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 22.67% from the company’s previous close.

A number of other research firms also recently weighed in on FRPT. Benchmark reiterated a “buy” rating on shares of Freshpet in a report on Wednesday, August 19th. DA Davidson lowered their target price on Freshpet from $101.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Wall Street Zen upgraded Freshpet from a “sell” rating to a “hold” rating in a research report on Sunday, August 2nd. JPMorgan Chase & Co. upped their price target on Freshpet from $68.00 to $72.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 28th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $70.00 price objective on shares of Freshpet in a report on Thursday, August 6th. Ten equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $75.75.

Freshpet Stock Up 2.3%

Shares of NASDAQ FRPT opened at $62.77 on Monday. The firm has a fifty day simple moving average of $66.25 and a two-hundred day simple moving average of $60.34. The firm has a market capitalization of $3.08 billion, a PE ratio of 16.52 and a beta of 1.78. The company has a current ratio of 6.05, a quick ratio of 5.03 and a debt-to-equity ratio of 0.34. Freshpet has a 12 month low of $46.45 and a 12 month high of $86.00.

Freshpet (NASDAQ:FRPT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.17. Freshpet had a net margin of 17.28% and a return on equity of 5.97%. The company had revenue of $305.59 million for the quarter, compared to analysts’ expectations of $292.35 million. During the same quarter in the previous year, the company earned $0.33 earnings per share. Freshpet’s quarterly revenue was up 15.4% on a year-over-year basis. Equities analysts expect that Freshpet will post 1.26 earnings per share for the current year.

Insider Activity at Freshpet

In related news, Director Walter N. George purchased 1,000 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were bought at an average price of $64.92 per share, for a total transaction of $64,920.00. Following the purchase, the director directly owned 51,746 shares of the company’s stock, valued at approximately $3,359,350.32. This represents a 1.97% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William B. Cyr sold 41,022 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $72.86, for a total value of $2,988,862.92. Following the transaction, the chief executive officer directly owned 267,152 shares of the company’s stock, valued at approximately $19,464,694.72. This trade represents a 13.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 171,636 shares of company stock valued at $12,754,864 over the last quarter. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Freshpet

A number of institutional investors have recently modified their holdings of FRPT. Caitong International Asset Management Co. Ltd boosted its stake in Freshpet by 606.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 417 shares of the company’s stock worth $25,000 after purchasing an additional 358 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in Freshpet during the 2nd quarter valued at about $25,000. Integrated Wealth Concepts LLC bought a new stake in Freshpet during the 2nd quarter valued at about $34,000. State of Wyoming bought a new stake in Freshpet during the 2nd quarter valued at about $61,000. Finally, Versant Capital Management Inc raised its holdings in Freshpet by 254.8% in the second quarter. Versant Capital Management Inc now owns 1,689 shares of the company’s stock worth $100,000 after buying an additional 1,213 shares during the last quarter.

About Freshpet

Freshpet, Inc (NASDAQ: FRPT) is a pet food company that develops, manufactures and markets refrigerated, fresh food and treats for dogs and cats. Its products are made with ingredients such as meat, poultry, fish, vegetables and other components, and are kept refrigerated throughout distribution and retail.

The company sells fresh meals, rolls, treats and other pet nutrition products under the Freshpet brand and related product lines. Its offerings are marketed through grocery stores, mass merchants, club stores, pet specialty retailers, e-commerce platforms and other retail channels.

Freshpet was founded in 2006 and is based in Secaucus, New Jersey.