Canada Pension Plan Investment Board Makes New Investment in Freshpet, Inc. $FRPT

Canada Pension Plan Investment Board acquired a new stake in shares of Freshpet, Inc. (NASDAQ:FRPT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 140,500 shares of the company's stock, valued at approximately $8,306,000. Canada Pension Plan Investment Board owned about 0.29% of Freshpet as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd boosted its stake in shares of Freshpet by 606.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 417 shares of the company's stock worth $25,000 after purchasing an additional 358 shares during the period. Global Retirement Partners LLC bought a new stake in shares of Freshpet during the 2nd quarter worth approximately $25,000. Motiv8 Investments LLC purchased a new position in Freshpet during the 4th quarter valued at $28,000. Parallel Advisors LLC boosted its holdings in Freshpet by 55.0% during the 3rd quarter. Parallel Advisors LLC now owns 555 shares of the company's stock valued at $31,000 after acquiring an additional 197 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in Freshpet by 1,388.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 506 shares of the company's stock valued at $34,000 after acquiring an additional 472 shares during the last quarter.

Insiders Place Their Bets

In other Freshpet news, CEO William B. Cyr sold 2,657 shares of the stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $75.40, for a total transaction of $200,337.80. Following the transaction, the chief executive officer directly owned 49,044 shares in the company, valued at $3,697,917.60. This represents a 5.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 171,636 shares of company stock valued at $12,754,864 over the last ninety days. 4.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FRPT. JPMorgan Chase & Co. boosted their target price on shares of Freshpet from $68.00 to $72.00 and gave the company an "overweight" rating in a research note on Tuesday, July 28th. Piper Sandler reiterated an "overweight" rating on shares of Freshpet in a report on Tuesday, August 11th. Bank of America lowered their price objective on shares of Freshpet from $75.00 to $70.00 and set a "neutral" rating for the company in a research report on Wednesday, July 1st. TD Cowen boosted their price objective on shares of Freshpet from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, Benchmark restated a "buy" rating on shares of Freshpet in a research note on Wednesday, August 19th. Ten research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $75.31.

Freshpet Price Performance

Shares of FRPT stock opened at $70.82 on Friday. Freshpet, Inc. has a twelve month low of $46.45 and a twelve month high of $86.00. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of 18.64 and a beta of 1.61. The stock has a fifty day simple moving average of $62.44 and a two-hundred day simple moving average of $62.94. The company has a current ratio of 6.05, a quick ratio of 5.03 and a debt-to-equity ratio of 0.34.

Freshpet (NASDAQ:FRPT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.17. The business had revenue of $305.59 million for the quarter, compared to the consensus estimate of $292.35 million. Freshpet had a return on equity of 5.97% and a net margin of 17.28%.The business's revenue was up 15.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.33 EPS. On average, analysts predict that Freshpet, Inc. will post 1.73 EPS for the current fiscal year.

Freshpet Profile

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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