Corient Private Wealth LP Sells 28,548 Shares of Freshpet, Inc. $FRPT

Key Points

• Corient Private Wealth LP cut its Freshpet stake by 87.1% in the second quarter, selling 28,548 shares and retaining 4,239 shares valued at approximately $251,000.
• Insider activity was mixed: Director Walter George purchased 1,000 shares, while CEO William Cyr sold 41,022 shares. Insiders have sold 171,636 shares worth $12.75 million over the past three months.
• Freshpet reported quarterly revenue of $305.6 million and earnings of $0.39 per share, exceeding analyst estimates. Despite a consensus “Hold” rating, analysts’ average price target is $75.31 versus the stock’s reported $60.26 opening price.

Corient Private Wealth LP lessened its holdings in shares of Freshpet, Inc. (NASDAQ:FRPT - Free Report) by 87.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 4,239 shares of the company's stock after selling 28,548 shares during the period. Corient Private Wealth LP's holdings in Freshpet were worth $251,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd grew its holdings in 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 acquiring an additional 358 shares during the last quarter. Global Retirement Partners LLC acquired a new position in shares of Freshpet during the second quarter worth approximately $25,000. State of Wyoming acquired a new position in shares of Freshpet during the second quarter worth approximately $61,000. Versant Capital Management Inc increased its holdings in shares of Freshpet by 254.8% in the second quarter. Versant Capital Management Inc now owns 1,689 shares of the company's stock valued at $100,000 after purchasing an additional 1,213 shares in the last quarter. Finally, Lido Advisors LLC acquired a new stake in shares of Freshpet in the 1st quarter valued at $205,000.

Insiders Place Their Bets

In other news, Director Walter N. George acquired 1,000 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average price of $64.92 per share, for a total transaction of $64,920.00. Following the transaction, the director directly owned 51,746 shares in the company, valued at approximately $3,359,350.32. This represents a 1.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO William B. Cyr sold 41,022 shares of the firm's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $72.86, for a total value of $2,988,862.92. Following the sale, the chief executive officer directly owned 267,152 shares in the company, valued at $19,464,694.72. The trade was a 13.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 171,636 shares of company stock worth $12,754,864. Insiders own 4.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FRPT shares. Weiss Ratings upgraded shares of Freshpet from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, September 28th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $70.00 price target on shares of Freshpet in a research report on Thursday, August 6th. Wall Street Zen raised shares of Freshpet from a "sell" rating to a "hold" rating in a research note on Sunday, August 2nd. Morgan Stanley restated an "equal weight" rating and issued a $72.00 price objective (down from $77.00) on shares of Freshpet in a report on Thursday, August 6th. Finally, DA Davidson reduced their price objective on shares of Freshpet from $101.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $75.31.

Freshpet Stock Performance

Shares of FRPT stock opened at $60.26 on Monday. The stock has a market cap of $2.96 billion, a PE ratio of 15.86 and a beta of 1.78. The stock has a 50-day moving average of $66.18 and a 200-day moving average of $60.40. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.05 and a quick ratio of 5.03. Freshpet, Inc. has a one year low of $46.45 and a one year high of $86.00.

Freshpet (NASDAQ:FRPT - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.17. Freshpet had a net margin of 17.28% and a return on equity of 5.97%. The business had revenue of $305.59 million for the quarter, compared to analyst estimates of $292.35 million. During the same quarter last year, the firm earned $0.33 EPS. Freshpet's quarterly revenue was up 15.4% compared to the same quarter last year. As a group, sell-side analysts expect that Freshpet, Inc. will post 1.26 earnings per share for the current year.

Freshpet Profile

Freshpet, Inc NASDAQ: FRPT is a pet food company that develops, manufactures and markets refrigerated, fresh food and treats for dogs and cats. Its products are made with ingredients such as meat, poultry, fish, vegetables and other components, and are kept refrigerated throughout distribution and retail.

The company sells fresh meals, rolls, treats and other pet nutrition products under the Freshpet brand and related product lines. Its offerings are marketed through grocery stores, mass merchants, club stores, pet specialty retailers, e-commerce platforms and other retail channels.

Freshpet was founded in 2006 and is based in Secaucus, New Jersey.

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