Freshpet, Inc. (NASDAQ:FRPT) Shares Sold by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC decreased its position in shares of Freshpet, Inc. (NASDAQ:FRPT) by 49.7% during the 4th quarter, Holdings Channel.com reports. The fund owned 10,480 shares of the company’s stock after selling 10,370 shares during the period. Pier 88 Investment Partners LLC’s holdings in Freshpet were worth $1,552,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Cerity Partners LLC purchased a new position in shares of Freshpet in the third quarter valued at approximately $1,044,000. The Manufacturers Life Insurance Company boosted its position in Freshpet by 2.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,848 shares of the company’s stock valued at $1,620,000 after buying an additional 336 shares during the period. Freedom Investment Management Inc. acquired a new position in shares of Freshpet in the third quarter worth $218,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Freshpet by 9.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,913 shares of the company’s stock valued at $1,493,000 after acquiring an additional 966 shares in the last quarter. Finally, Northwest & Ethical Investments L.P. boosted its holdings in Freshpet by 135.0% in the third quarter. Northwest & Ethical Investments L.P. now owns 1,175 shares of the company’s stock valued at $161,000 after purchasing an additional 675 shares during the period.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FRPT. Oppenheimer downgraded Freshpet from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 11th. Wells Fargo & Company lowered their price target on shares of Freshpet from $170.00 to $142.00 and set an “overweight” rating for the company in a report on Friday, February 21st. JPMorgan Chase & Co. reduced their price objective on shares of Freshpet from $154.00 to $102.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. Piper Sandler lowered their target price on shares of Freshpet from $160.00 to $145.00 and set an “overweight” rating for the company in a research note on Tuesday, March 25th. Finally, Citigroup cut their price target on Freshpet from $155.00 to $142.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Freshpet has a consensus rating of “Moderate Buy” and an average target price of $150.67.

Freshpet Stock Performance

Shares of FRPT opened at $84.39 on Monday. The company’s 50 day simple moving average is $118.17 and its 200-day simple moving average is $135.75. Freshpet, Inc. has a 12-month low of $80.27 and a 12-month high of $164.07. The firm has a market cap of $4.11 billion, a PE ratio of 89.78 and a beta of 1.58. The company has a current ratio of 4.72, a quick ratio of 3.91 and a debt-to-equity ratio of 0.41.

Freshpet (NASDAQ:FRPT) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.36 EPS for the quarter, meeting analysts’ consensus estimates of $0.36. Freshpet had a net margin of 4.81% and a return on equity of 3.92%. The company had revenue of $262.71 million for the quarter, compared to analyst estimates of $275.46 million. As a group, equities analysts predict that Freshpet, Inc. will post 1.55 EPS for the current year.

Freshpet Profile

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.