Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $33.00 price target on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 16.57% from the stock’s current price.

According to Zacks, “Blue Buffalo Pet Products, Inc. develops, produces, markets and sells pet food primarily in the United States. The Company’s product lines include BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Naturally Fresh line. It offers dry foods, wet foods as well as treats for puppies, adult dogs, senior dogs and litters for kittens, adult cats and mature cats. Blue Buffalo Pet Products, Inc. is headquartered in Wilton, Connecticut. “

Other analysts have also issued reports about the stock. TheStreet upgraded shares of Blue Buffalo Pet Products from a “c” rating to a “b-” rating in a research report on Friday, August 11th. Barclays PLC restated a “buy” rating and set a $27.00 price target on shares of Blue Buffalo Pet Products in a research report on Friday, August 11th. Susquehanna Bancshares Inc restated a “buy” rating and set a $30.00 price target (down from $32.00) on shares of Blue Buffalo Pet Products in a research report on Monday, August 7th. Gabelli initiated coverage on shares of Blue Buffalo Pet Products in a research report on Wednesday, September 6th. They set a “buy” rating and a $33.00 price target for the company. Finally, Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $32.00 target price (up from $25.00) on shares of Blue Buffalo Pet Products in a report on Wednesday, September 27th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Blue Buffalo Pet Products currently has an average rating of “Buy” and an average price target of $29.36.

Shares of Blue Buffalo Pet Products (BUFF) traded down 2.71% on Tuesday, reaching $28.31. The company had a trading volume of 2,293,685 shares. Blue Buffalo Pet Products has a one year low of $21.60 and a one year high of $29.44. The company’s 50-day moving average is $27.47 and its 200-day moving average is $27.47. The company has a market capitalization of $5.58 billion, a PE ratio of 39.87 and a beta of 1.94.

Blue Buffalo Pet Products (NASDAQ:BUFF) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.21. Blue Buffalo Pet Products had a net margin of 12.13% and a return on equity of 98.02%. The business had revenue of $294.80 million during the quarter, compared to analyst estimates of $301.88 million. During the same period in the prior year, the business posted $0.19 earnings per share. The company’s revenue was up 2.8% on a year-over-year basis. Equities research analysts predict that Blue Buffalo Pet Products will post $0.92 earnings per share for the current year.

Blue Buffalo Pet Products announced that its board has authorized a share buyback program on Tuesday, August 8th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to purchase up to 1.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

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In other news, CFO Michael Nathenson sold 37,072 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $25.58, for a total transaction of $948,301.76. Following the completion of the sale, the chief financial officer now directly owns 37,072 shares in the company, valued at $948,301.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 187,072 shares of company stock valued at $4,736,802. 7.70% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its stake in Blue Buffalo Pet Products by 0.4% in the first quarter. Principal Financial Group Inc. now owns 13,046 shares of the company’s stock worth $300,000 after buying an additional 56 shares in the last quarter. NGAM Advisors L.P. raised its stake in Blue Buffalo Pet Products by 0.4% in the second quarter. NGAM Advisors L.P. now owns 27,961 shares of the company’s stock worth $638,000 after buying an additional 105 shares in the last quarter. ETRADE Capital Management LLC raised its stake in Blue Buffalo Pet Products by 0.4% in the second quarter. ETRADE Capital Management LLC now owns 32,243 shares of the company’s stock worth $735,000 after buying an additional 114 shares in the last quarter. Advisor Group Inc. raised its stake in Blue Buffalo Pet Products by 6.5% in the second quarter. Advisor Group Inc. now owns 4,513 shares of the company’s stock worth $103,000 after buying an additional 277 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Blue Buffalo Pet Products by 9.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,070 shares of the company’s stock worth $138,000 after buying an additional 533 shares in the last quarter. 88.74% of the stock is owned by institutional investors.

Blue Buffalo Pet Products Company Profile

Blue Buffalo Pet Products, Inc (BBPP) is a holding company. The Company operates as a pet food company. The Company, through its subsidiaries, develops, produces, markets and sells pet food under product lines, including BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Natural Veterinary Diet lines.

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Analyst Recommendations for Blue Buffalo Pet Products (NASDAQ:BUFF)

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