State of New Jersey Common Pension Fund D boosted its stake in shares of Freshpet Inc (NASDAQ:FRPT) by 33.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 280,000 shares of the company’s stock after acquiring an additional 70,000 shares during the period. State of New Jersey Common Pension Fund D owned 0.79% of Freshpet worth $10,276,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of FRPT. Bank of New York Mellon Corp increased its stake in shares of Freshpet by 13.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 778,054 shares of the company’s stock valued at $21,357,000 after purchasing an additional 91,592 shares during the last quarter. Hood River Capital Management LLC bought a new position in shares of Freshpet in the 2nd quarter valued at $8,110,000. King Luther Capital Management Corp bought a new position in shares of Freshpet in the 2nd quarter valued at $485,000. OLD National Bancorp IN increased its stake in shares of Freshpet by 29.9% in the 2nd quarter. OLD National Bancorp IN now owns 15,821 shares of the company’s stock valued at $434,000 after purchasing an additional 3,638 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Freshpet by 14.6% in the 2nd quarter. Swiss National Bank now owns 42,450 shares of the company’s stock valued at $1,165,000 after purchasing an additional 5,400 shares during the last quarter. Hedge funds and other institutional investors own 72.68% of the company’s stock.
FRPT has been the topic of several recent analyst reports. Zacks Investment Research upgraded Freshpet from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Wednesday, July 18th. Robert W. Baird lifted their price target on Freshpet from $27.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, July 30th. Stifel Nicolaus lifted their price target on Freshpet from $27.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, August 7th. Credit Suisse Group lifted their price target on Freshpet from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, August 7th. Finally, BidaskClub lowered Freshpet from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 5th. Five equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $27.14.
In related news, VP Stephen Macchiaverna sold 5,000 shares of the business’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $33.00, for a total transaction of $165,000.00. Following the sale, the vice president now owns 77,938 shares in the company, valued at approximately $2,571,954. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Scott James Morris sold 3,512 shares of the business’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $37.75, for a total value of $132,578.00. Following the sale, the chief operating officer now owns 173,672 shares in the company, valued at approximately $6,556,118. The disclosure for this sale can be found here. Insiders have sold a total of 100,546 shares of company stock worth $3,458,300 in the last 90 days. 5.10% of the stock is currently owned by corporate insiders.
Shares of FRPT opened at $38.02 on Friday. Freshpet Inc has a 52-week low of $15.05 and a 52-week high of $39.70.
Freshpet (NASDAQ:FRPT) last issued its quarterly earnings data on Monday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). The firm had revenue of $47.60 million for the quarter, compared to the consensus estimate of $46.08 million. Freshpet had a negative return on equity of 5.05% and a negative net margin of 3.33%. The company’s revenue was up 23.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.08) EPS. Analysts anticipate that Freshpet Inc will post -0.05 EPS for the current year.
Freshpet, Inc manufactures and markets natural fresh products, refrigerated meals, and treats for dogs and cats in the United States, Canada, and the United Kingdom. The company sells its products under the Freshpet brand; and Dognation and Dog Joy labels through various classes of retail, including grocery, mass, club, pet specialty, and natural, as well as online.
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