Oppenheimer Asset Management Inc. reduced its position in shares of Freshpet Inc (NASDAQ:FRPT) by 31.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,689 shares of the company’s stock after selling 5,360 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Freshpet were worth $429,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently made changes to their positions in FRPT. BlackRock Inc. raised its holdings in Freshpet by 0.3% during the 1st quarter. BlackRock Inc. now owns 1,526,129 shares of the company’s stock worth $25,105,000 after purchasing an additional 4,854 shares during the last quarter. Barclays PLC raised its holdings in Freshpet by 130.3% during the 1st quarter. Barclays PLC now owns 9,283 shares of the company’s stock worth $153,000 after purchasing an additional 5,253 shares during the last quarter. Millennium Management LLC bought a new stake in Freshpet during the 1st quarter worth about $1,868,000. Royal Bank of Canada raised its holdings in Freshpet by 26.4% during the 1st quarter. Royal Bank of Canada now owns 24,867 shares of the company’s stock worth $409,000 after purchasing an additional 5,199 shares during the last quarter. Finally, OLD National Bancorp IN raised its holdings in Freshpet by 29.9% during the 2nd quarter. OLD National Bancorp IN now owns 15,821 shares of the company’s stock worth $434,000 after purchasing an additional 3,638 shares during the last quarter. 72.97% of the stock is owned by hedge funds and other institutional investors.
In other news, COO Scott James Morris sold 3,512 shares of the company’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $37.75, for a total value of $132,578.00. Following the completion of the sale, the chief operating officer now directly owns 173,672 shares of the company’s stock, valued at approximately $6,556,118. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Richard A. Kassar sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $33.85, for a total value of $677,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 80,546 shares of company stock valued at $2,790,800. 5.10% of the stock is currently owned by company insiders.
Freshpet (NASDAQ:FRPT) last announced its quarterly earnings results on Monday, August 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). The company had revenue of $47.60 million during the quarter, compared to the consensus estimate of $46.08 million. Freshpet had a negative net margin of 3.07% and a negative return on equity of 4.88%. The business’s revenue was up 23.0% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. On average, sell-side analysts predict that Freshpet Inc will post -0.05 earnings per share for the current year.
Several analysts have weighed in on FRPT shares. BidaskClub cut Freshpet from a “strong-buy” rating to a “buy” rating in a report on Friday, November 2nd. Zacks Investment Research raised Freshpet from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a report on Wednesday, July 18th. Stifel Nicolaus boosted their price objective on Freshpet from $27.00 to $33.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. Credit Suisse Group boosted their price objective on Freshpet from $26.00 to $32.00 and gave the stock a “hold” rating in a report on Monday, August 13th. Finally, Imperial Capital boosted their price objective on Freshpet from $18.00 to $35.00 and gave the stock an “in-line” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Freshpet presently has a consensus rating of “Buy” and an average price target of $29.57.
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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.
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