Fred Alger Management LLC Takes Position in Freshpet, Inc. (NASDAQ:FRPT)

Fred Alger Management LLC purchased a new position in shares of Freshpet, Inc. (NASDAQ:FRPT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,381 shares of the company’s stock, valued at approximately $308,000.

Several other hedge funds have also made changes to their positions in the stock. Norges Bank bought a new position in Freshpet during the 4th quarter worth $40,327,000. Public Employees Retirement Association of Colorado increased its holdings in shares of Freshpet by 3,434.5% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 226,316 shares of the company’s stock worth $19,635,000 after acquiring an additional 219,913 shares during the period. TimesSquare Capital Management LLC acquired a new stake in shares of Freshpet in the 1st quarter worth about $17,845,000. Verition Fund Management LLC acquired a new stake in shares of Freshpet in the 4th quarter worth about $12,395,000. Finally, M&G Plc acquired a new stake in shares of Freshpet in the 2nd quarter worth about $8,892,000.

Freshpet Stock Performance

Shares of FRPT opened at $135.74 on Friday. Freshpet, Inc. has a one year low of $54.60 and a one year high of $144.38. The company has a 50-day moving average of $132.03 and a two-hundred day moving average of $124.39. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of 754.11 and a beta of 1.39. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.50 and a quick ratio of 3.69.

Freshpet (NASDAQ:FRPT) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. The business had revenue of $235.30 million during the quarter, compared to analyst estimates of $230.99 million. Freshpet had a net margin of 2.86% and a return on equity of 1.78%. The firm’s revenue was up 28.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.35) earnings per share. On average, equities research analysts expect that Freshpet, Inc. will post 0.72 earnings per share for the current year.

Wall Street Analyst Weigh In

FRPT has been the topic of a number of analyst reports. Bank of America increased their price objective on shares of Freshpet from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. JPMorgan Chase & Co. increased their price objective on shares of Freshpet from $113.00 to $126.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price objective on shares of Freshpet in a report on Tuesday, July 2nd. Benchmark reaffirmed a “buy” rating and issued a $150.00 price objective on shares of Freshpet in a report on Wednesday, August 7th. Finally, Robert W. Baird increased their price objective on shares of Freshpet from $140.00 to $157.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Freshpet has an average rating of “Moderate Buy” and an average price target of $142.87.

Insider Transactions at Freshpet

In other news, EVP Stephen Macchiaverna sold 2,178 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $140.01, for a total value of $304,941.78. Following the completion of the sale, the executive vice president now directly owns 86,039 shares of the company’s stock, valued at $12,046,320.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.60% of the stock is owned by insiders.

Freshpet Company 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.