Pier 88 Investment Partners LLC Has $2.85 Million Holdings in Freshpet, Inc. (NASDAQ:FRPT)

Pier 88 Investment Partners LLC decreased its stake in Freshpet, Inc. (NASDAQ:FRPT) by 25.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,850 shares of the company’s stock after selling 7,090 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Freshpet were worth $2,852,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Axxcess Wealth Management LLC acquired a new stake in shares of Freshpet during the 1st quarter worth about $811,000. SG Americas Securities LLC acquired a new position in shares of Freshpet in the 2nd quarter worth approximately $3,964,000. Great Lakes Advisors LLC acquired a new stake in Freshpet during the 2nd quarter valued at $4,299,000. Vanguard Group Inc. raised its position in Freshpet by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 4,666,407 shares of the company’s stock valued at $540,650,000 after purchasing an additional 13,709 shares during the last quarter. Finally, Prevail Innovative Wealth Advisors LLC acquired a new position in Freshpet in the first quarter worth $1,935,000.

Freshpet Stock Performance

Shares of FRPT opened at $153.73 on Thursday. The firm’s 50 day moving average price is $140.43 and its two-hundred day moving average price is $131.55. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.91 and a current ratio of 4.72. Freshpet, Inc. has a twelve month low of $68.14 and a twelve month high of $159.12. The firm has a market cap of $7.46 billion, a P/E ratio of 172.73 and a beta of 1.39.

Freshpet (NASDAQ:FRPT) last released its earnings results on Monday, November 4th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The firm had revenue of $253.40 million during the quarter, compared to analysts’ expectations of $248.36 million. Freshpet had a return on equity of 3.67% and a net margin of 4.75%. The company’s revenue was up 26.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.15) EPS. On average, analysts forecast that Freshpet, Inc. will post 0.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other Freshpet news, insider Thembeka Machaba sold 2,500 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $153.85, for a total transaction of $384,625.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Stephen Macchiaverna sold 2,178 shares of Freshpet stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $140.01, for a total transaction of $304,941.78. Following the completion of the sale, the executive vice president now owns 86,039 shares of the company’s stock, valued at approximately $12,046,320.39. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Thembeka Machaba sold 2,500 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $153.85, for a total transaction of $384,625.00. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FRPT shares. Citigroup raised their price objective on shares of Freshpet from $124.00 to $129.00 and gave the company a “neutral” rating in a research report on Wednesday, July 17th. Truist Financial upped their price objective on Freshpet from $160.00 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. DA Davidson boosted their target price on Freshpet from $183.00 to $189.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft boosted their price objective on Freshpet from $161.00 to $163.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, Stifel Nicolaus raised their target price on shares of Freshpet from $155.00 to $165.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Freshpet presently has an average rating of “Moderate Buy” and a consensus target price of $156.13.

About Freshpet

Freshpet, Inc, together with its subsidiaries, manufactures, distributes, and markets natural fresh meals and treats for dogs and cats in the United States, Canada, and Europe. It sells dog food, cat food, and dog treats under the Freshpet brand name; and Dognation and Dog Joy labels through various classes of retail, including grocery, mass, club, pet specialty, and natural, as well as online.