Freshpet (NASDAQ:FRPT) Raised to Buy at Zacks Investment Research

Share on StockTwits

Zacks Investment Research upgraded shares of Freshpet (NASDAQ:FRPT) from a hold rating to a buy rating in a report published on Tuesday, Zacks.com reports. The firm currently has $51.00 price target on the stock.

According to Zacks, “Freshpet Inc. is a pet food company. The company manufactures and markets natural fresh foods, refrigerated meals, and treats for dogs and cats in the United States and Canada. Freshpet provides meats- based recipes, such as chicken, beef, lamb and salmon; fruits and vegetables, such as carrots, peas and leafy green vegetables, and high-fiber grains, such as brown rice, oats and barley. It sells its products under the Freshpet, Dognation, and Dog Joy brand names. Freshpet Inc. is headquartered in Secaucus, New Jersey. “

Several other analysts also recently weighed in on FRPT. DA Davidson initiated coverage on Nomad Foods in a research note on Wednesday, June 19th. They issued a buy rating and a $26.00 price target on the stock. TheStreet downgraded Whitestone REIT from a b- rating to a c+ rating in a research note on Monday, April 1st. SunTrust Banks downgraded LegacyTexas Financial Group from a buy rating to a hold rating and cut their price target for the stock from $43.00 to $39.05 in a research note on Tuesday, June 18th. Finally, BidaskClub upgraded Zai Lab from a buy rating to a strong-buy rating in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $43.57.

Freshpet stock opened at $45.89 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.08 and a quick ratio of 0.72. The stock has a market cap of $1.68 billion, a P/E ratio of -305.93 and a beta of 1.11. The stock has a 50 day moving average of $46.71. Freshpet has a twelve month low of $25.81 and a twelve month high of $51.85.

Freshpet (NASDAQ:FRPT) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The company had revenue of $54.80 million during the quarter, compared to analysts’ expectations of $54.28 million. Freshpet had a negative return on equity of 4.46% and a negative net margin of 2.57%. The business’s quarterly revenue was up 26.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.10) EPS. Research analysts predict that Freshpet will post 0.06 earnings per share for the current fiscal year.

In related news, VP Stephen Macchiaverna sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $47.05, for a total value of $470,500.00. Following the transaction, the vice president now directly owns 82,938 shares of the company’s stock, valued at approximately $3,902,232.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott James Morris sold 49,766 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $47.79, for a total value of $2,378,317.14. Following the completion of the transaction, the insider now directly owns 170,232 shares in the company, valued at $8,135,387.28. The disclosure for this sale can be found here. Insiders sold a total of 174,104 shares of company stock worth $8,335,030 over the last ninety days. 5.10% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Stephens Inc. AR lifted its holdings in shares of Freshpet by 14.2% in the 4th quarter. Stephens Inc. AR now owns 7,531 shares of the company’s stock worth $242,000 after acquiring an additional 938 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Freshpet by 28.2% in the 4th quarter. Legal & General Group Plc now owns 5,209 shares of the company’s stock worth $167,000 after acquiring an additional 1,146 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Freshpet by 0.4% in the 4th quarter. Northern Trust Corp now owns 421,106 shares of the company’s stock worth $13,542,000 after acquiring an additional 1,862 shares during the last quarter. Great West Life Assurance Co. Can acquired a new position in shares of Freshpet in the 4th quarter worth approximately $58,000. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of Freshpet by 20.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 13,147 shares of the company’s stock worth $556,000 after acquiring an additional 2,273 shares during the last quarter. 86.74% of the stock is currently owned by institutional investors and hedge funds.

About Freshpet

Freshpet, Inc manufactures and markets natural fresh products, refrigerated meals, and treats for dogs and cats in the United States, Canada, and the United Kingdom. The company sells its products under the Freshpet brand; and Dognation and Dog Joy labels through various classes of retail, including grocery, mass, club, pet specialty, and natural, as well as online.

Featured Article: Find a Trading Strategy That Works

Get a free copy of the Zacks research report on Freshpet (FRPT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Freshpet (NASDAQ:FRPT)

Receive News & Ratings for Freshpet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freshpet and related companies with MarketBeat.com's FREE daily email newsletter.