First Trust Advisors LP Lowers Stake in Freshpet, Inc. (NASDAQ:FRPT)

Posted by on May 27th, 2023

First Trust Advisors LP reduced its holdings in shares of Freshpet, Inc. (NASDAQ:FRPT – Get Rating) by 34.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 103,088 shares of the company’s stock after selling 53,334 shares during the period. First Trust Advisors LP owned approximately 0.21% of Freshpet worth $5,440,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Teacher Retirement System of Texas grew its position in Freshpet by 2.9% during the 3rd quarter. Teacher Retirement System of Texas now owns 6,840 shares of the company’s stock worth $343,000 after purchasing an additional 195 shares during the last quarter. Commerce Bank grew its position in Freshpet by 0.5% during the 3rd quarter. Commerce Bank now owns 42,820 shares of the company’s stock worth $2,145,000 after purchasing an additional 198 shares during the last quarter. First Republic Investment Management Inc. grew its position in Freshpet by 4.1% during the 2nd quarter. First Republic Investment Management Inc. now owns 6,078 shares of the company’s stock worth $315,000 after purchasing an additional 239 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in shares of Freshpet by 1.3% in the third quarter. Treasurer of the State of North Carolina now owns 19,477 shares of the company’s stock valued at $976,000 after acquiring an additional 250 shares in the last quarter. Finally, LPL Financial LLC boosted its holdings in shares of Freshpet by 3.6% in the second quarter. LPL Financial LLC now owns 7,568 shares of the company’s stock valued at $393,000 after acquiring an additional 263 shares in the last quarter.

Freshpet Stock Performance

Shares of FRPT opened at $62.80 on Friday. The company has a current ratio of 9.21, a quick ratio of 8.02 and a debt-to-equity ratio of 0.41. The stock has a market cap of $3.02 billion, a P/E ratio of -44.23 and a beta of 0.97. The company has a 50-day moving average of $65.73 and a two-hundred day moving average of $62.41. Freshpet, Inc. has a 12-month low of $36.02 and a 12-month high of $73.48.

Freshpet (NASDAQ:FRPT – Get Rating) last announced its earnings results on Monday, May 8th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.12). The business had revenue of $167.50 million for the quarter, compared to analyst estimates of $166.97 million. Freshpet had a negative return on equity of 6.60% and a negative net margin of 10.58%. The business’s revenue was up 26.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.40) EPS. As a group, research analysts predict that Freshpet, Inc. will post -0.97 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FRPT. Credit Suisse Group lifted their target price on shares of Freshpet from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Tuesday, February 28th. VNET Group reaffirmed a “maintains” rating on shares of Freshpet in a report on Friday, May 5th. Robert W. Baird lifted their target price on shares of Freshpet from $75.00 to $80.00 in a report on Tuesday, May 9th. Stephens lifted their target price on shares of Freshpet from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, February 28th. Finally, Benchmark reaffirmed a “buy” rating and issued a $100.00 target price on shares of Freshpet in a report on Tuesday, February 28th. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Freshpet currently has an average rating of “Moderate Buy” and a consensus target price of $76.31.

Insiders Place Their Bets

In other news, Director Cathal Walsh sold 6,277 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $70.10, for a total value of $440,017.70. Following the completion of the transaction, the director now owns 5,234 shares of the company’s stock, valued at $366,903.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 5.00% of the stock is currently owned by company insiders.

Freshpet Profile

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Freshpet, Inc engages in manufacturing, marketing, and distribution of pet food and pet treats for dogs and cats. Its products are blends of fresh meats, vegetables and fruits farmed locally and made at Freshpet kitchens. Its products include Deli Fresh Grain Free Chicken Recipe for Dogs, Joy Turkey and Apple Bites Treats, Nature’s Fresh Grain Free Chicken Recipe for Cats, and Vital Grain Free Chicken and Ocean Whitefish Recipe for Cats.

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Institutional Ownership by Quarter for Freshpet (NASDAQ:FRPT)

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