28,259 Shares in Freshpet, Inc. $FRPT Purchased by Fortis Group Advisors LLC

Key Points

• Fortis Group Advisors LLC initiated a new position in Freshpet, buying 28,259 shares valued at about $1.72 million, according to its latest 13F filing.
• Several analysts recently turned more bullish on FRPT, including TD Cowen and Oppenheimer raising ratings to buy/outperform. The stock currently carries a Moderate Buy consensus with an average price target of $74.88.
• Freshpet recently reported better-than-expected earnings of $0.64 per share, while revenue rose 8.6% year over year. However, the stock was trading at $48.35, well below its 52-week high of $89.80, and CEO William B. Cyr also sold shares in May.

Fortis Group Advisors LLC purchased a new position in Freshpet, Inc. (NASDAQ:FRPT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 28,259 shares of the company's stock, valued at approximately $1,722,000. Fortis Group Advisors LLC owned approximately 0.06% of Freshpet as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. JANA Partners Management LP raised its position in Freshpet by 4.1% in the third quarter. JANA Partners Management LP now owns 1,048,136 shares of the company's stock worth $57,763,000 after purchasing an additional 41,373 shares in the last quarter. Western Standard LLC acquired a new position in Freshpet in the third quarter worth about $3,527,000. ING Groep NV acquired a new position in Freshpet in the third quarter worth about $6,354,000. Public Sector Pension Investment Board raised its position in Freshpet by 14.5% in the third quarter. Public Sector Pension Investment Board now owns 190,296 shares of the company's stock worth $10,487,000 after purchasing an additional 24,045 shares in the last quarter. Finally, Deepwater Asset Management LLC raised its position in Freshpet by 14.3% in the third quarter. Deepwater Asset Management LLC now owns 190,301 shares of the company's stock worth $10,487,000 after purchasing an additional 23,768 shares in the last quarter.

Analyst Ratings Changes

Several research analysts recently issued reports on FRPT shares. TD Cowen raised shares of Freshpet from a "hold" rating to a "buy" rating and set a $80.00 price target for the company in a research report on Wednesday, April 8th. Weiss Ratings reissued a "hold (c)" rating on shares of Freshpet in a research report on Monday, April 20th. Oppenheimer raised shares of Freshpet from a "market perform" rating to an "outperform" rating and set a $80.00 price objective for the company in a report on Friday, March 20th. Morgan Stanley reaffirmed an "overweight" rating and set a $77.00 price objective on shares of Freshpet in a report on Thursday, May 7th. Finally, Wells Fargo & Company dropped their price objective on shares of Freshpet from $78.00 to $75.00 and set an "overweight" rating for the company in a report on Thursday, May 7th. Eleven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $74.88.

Freshpet Stock Performance

NASDAQ FRPT opened at $48.35 on Thursday. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of 12.93 and a beta of 1.73. The company has a 50 day moving average of $62.37 and a 200-day moving average of $64.25. The company has a current ratio of 6.18, a quick ratio of 5.26 and a debt-to-equity ratio of 0.34. Freshpet, Inc. has a 1-year low of $46.45 and a 1-year high of $89.80.

Freshpet (NASDAQ:FRPT - Get Free Report) last posted its quarterly earnings data on Monday, February 23rd. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.21. The company had revenue of $285.23 million during the quarter, compared to analyst estimates of $285.66 million. Freshpet had a net margin of 17.63% and a return on equity of 6.22%. The company's revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $0.36 earnings per share. On average, equities analysts forecast that Freshpet, Inc. will post 1.71 earnings per share for the current fiscal year.

Insider Activity at Freshpet

In other Freshpet news, CEO William B. Cyr sold 42,693 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $49.32, for a total value of $2,105,618.76. Following the transaction, the chief executive officer directly owned 165,446 shares in the company, valued at approximately $8,159,796.72. This trade represents a 20.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Walter N. George acquired 2,000 shares of the firm's stock in a transaction on Friday, May 8th. The stock was purchased at an average price of $54.67 per share, for a total transaction of $109,340.00. Following the completion of the transaction, the director directly owned 50,746 shares in the company, valued at approximately $2,774,283.82. The trade was a 4.10% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 140,866 shares of company stock valued at $6,996,765 in the last 90 days. 4.43% of the stock is currently owned by corporate insiders.

About Freshpet

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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