Freshpet (NASDAQ:FRPT) Given New $70.00 Price Target at Wells Fargo & Company

Freshpet (NASDAQ:FRPT) had its price target cut by Wells Fargo & Company from $75.00 to $70.00 in a report issued on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also issued reports on FRPT. TD Cowen raised Freshpet from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research report on Wednesday, April 8th. Benchmark raised their target price on Freshpet from $90.00 to $93.00 and gave the stock a “buy” rating in a research report on Monday, March 23rd. Oppenheimer upgraded Freshpet from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a report on Friday, March 20th. Stifel Nicolaus set a $66.00 price target on Freshpet in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. raised Freshpet from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $66.00 to $68.00 in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $74.25.

Freshpet Price Performance

Shares of FRPT opened at $54.25 on Wednesday. The stock’s fifty day moving average is $53.62 and its 200-day moving average is $63.12. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 14.51 and a beta of 1.60. Freshpet has a one year low of $46.45 and a one year high of $86.00. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.26 and a current ratio of 6.18.

Insider Buying and Selling

In other Freshpet news, CEO William B. Cyr sold 42,907 shares of the company’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $47.92, for a total value of $2,056,103.44. Following the transaction, the chief executive officer directly owned 204,585 shares of the company’s stock, valued at $9,803,713.20. This represents a 17.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders bought 4,211 shares of company stock valued at $215,027 and sold 235,262 shares valued at $11,664,591. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Freshpet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sarasin & Partners LLP boosted its holdings in Freshpet by 6.1% in the second quarter. Sarasin & Partners LLP now owns 28,500 shares of the company’s stock worth $1,685,000 after purchasing an additional 1,650 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Freshpet by 254.8% during the 2nd quarter. Versant Capital Management Inc now owns 1,689 shares of the company’s stock worth $100,000 after acquiring an additional 1,213 shares in the last quarter. Militia Capital Management LLC acquired a new position in shares of Freshpet during the 1st quarter valued at about $542,000. California State Teachers Retirement System boosted its position in Freshpet by 27.2% during the first quarter. California State Teachers Retirement System now owns 59,465 shares of the company’s stock worth $3,506,000 after purchasing an additional 12,732 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Freshpet by 13.6% during the first quarter. The Manufacturers Life Insurance Company now owns 10,183 shares of the company’s stock worth $600,000 after purchasing an additional 1,217 shares during the period.

Freshpet Company Profile

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.