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

Freshpet (NASDAQ:FRPT) had its price objective lowered by research analysts at Wells Fargo & Company from $75.00 to $70.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 28.42% from the company’s current price.

FRPT has been the topic of a number of other reports. Bank of America reduced their price target on shares of Freshpet from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Wednesday, July 1st. TD Cowen upgraded Freshpet from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Wednesday, April 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $77.00 target price on shares of Freshpet in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $63.00 target price on shares of Freshpet in a research report on Thursday, May 7th. Finally, Oppenheimer raised Freshpet from a “market perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research note on Friday, March 20th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.25.

Freshpet Trading Up 0.8%

Shares of FRPT opened at $54.51 on Wednesday. The firm has a market cap of $2.68 billion, a P/E ratio of 14.57 and a beta of 1.60. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.18 and a quick ratio of 5.26. Freshpet has a 1 year low of $46.45 and a 1 year high of $86.00. The company has a 50 day simple moving average of $53.84 and a two-hundred day simple moving average of $63.20.

Insider Activity at Freshpet

In other Freshpet news, CEO William B. Cyr sold 42,907 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $47.92, for a total transaction of $2,056,103.44. Following the sale, the chief executive officer directly owned 204,585 shares of the company’s stock, valued at $9,803,713.20. The trade was a 17.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders have bought 4,211 shares of company stock valued at $215,027 and have sold 235,262 shares valued at $11,664,591. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Freshpet

Several large investors have recently modified their holdings of the stock. Wasatch Advisors LP raised its position in Freshpet by 41.0% in the 2nd quarter. Wasatch Advisors LP now owns 3,839,332 shares of the company’s stock worth $260,921,000 after purchasing an additional 1,116,217 shares during the period. Balyasny Asset Management L.P. boosted its position in shares of Freshpet by 1,031.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 931,905 shares of the company’s stock valued at $56,781,000 after buying an additional 1,031,905 shares during the period. Capital World Investors grew its stake in shares of Freshpet by 151.8% during the third quarter. Capital World Investors now owns 1,482,778 shares of the company’s stock valued at $81,716,000 after buying an additional 893,949 shares during the last quarter. Armistice Capital LLC grew its stake in shares of Freshpet by 118.4% during the third quarter. Armistice Capital LLC now owns 1,234,802 shares of the company’s stock valued at $68,050,000 after buying an additional 669,399 shares during the last quarter. Finally, Alyeska Investment Group L.P. raised its holdings in shares of Freshpet by 122.1% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,197,317 shares of the company’s stock worth $72,953,000 after buying an additional 658,114 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.