Norges Bank Takes $37.05 Million Position in Freshpet, Inc. $FRPT

by · The Markets Daily

Norges Bank purchased a new stake in Freshpet, Inc. (NASDAQ:FRPT – Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 607,990 shares of the company’s stock, valued at approximately $37,045,000. Norges Bank owned about 1.25% of Freshpet at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Eurizon Capital SGR S.p.A. purchased a new stake in Freshpet during the fourth quarter valued at approximately $2,526,000. Geode Capital Management LLC raised its position in Freshpet by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 880,103 shares of the company’s stock valued at $53,637,000 after purchasing an additional 27,095 shares during the period. Key Financial Inc purchased a new stake in Freshpet during the fourth quarter valued at approximately $91,000. Royce & Associates LP raised its position in Freshpet by 62.0% during the fourth quarter. Royce & Associates LP now owns 83,019 shares of the company’s stock valued at $5,058,000 after purchasing an additional 31,759 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in Freshpet by 2.6% during the 4th quarter. Fisher Asset Management LLC now owns 295,712 shares of the company’s stock valued at $18,018,000 after buying an additional 7,550 shares during the period.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Oppenheimer upgraded Freshpet from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a report on Friday, March 20th. JPMorgan Chase & Co. upgraded Freshpet from a “neutral” rating to an “overweight” rating and increased their price target for the company from $66.00 to $68.00 in a report on Thursday, May 7th. Jefferies Financial Group decreased their price target on Freshpet from $75.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, April 22nd. TD Cowen upgraded Freshpet from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a report on Wednesday, April 8th. Finally, Morgan Stanley restated an “overweight” rating and set a $77.00 price target on shares of Freshpet in a report on Thursday, May 7th. Eleven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued 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 $74.88.

Read Our Latest Research Report on Freshpet

Insiders Place Their Bets

In related news, Director Craig D. Steeneck bought 2,000 shares of Freshpet stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average cost of $47.83 per share, with a total value of $95,660.00. Following the completion of the transaction, the director owned 37,500 shares in the company, valued at $1,793,625. The trade was a 5.63% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William B. Cyr sold 42,495 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $51.03, for a total transaction of $2,168,519.85. Following the transaction, the chief executive officer directly owned 224,459 shares in the company, valued at approximately $11,454,142.77. This trade represents a 15.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders acquired 4,211 shares of company stock worth $215,027 and sold 235,262 shares worth $11,664,591. Company insiders own 4.30% of the company’s stock.

Freshpet Stock Performance

FRPT stock opened at $51.40 on Tuesday. The company has a quick ratio of 5.26, a current ratio of 6.18 and a debt-to-equity ratio of 0.34. The business’s fifty day simple moving average is $57.71 and its two-hundred day simple moving average is $63.92. Freshpet, Inc. has a twelve month low of $46.45 and a twelve month high of $86.00. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 13.74 and a beta of 1.63.

Freshpet Company Profile

(Free Report)

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.

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