Freshpet, Inc. $FRPT Stock Holdings Decreased by Riverbridge Partners LLC

Key Points

• Riverbridge Partners LLC reduced its Freshpet stake by 8.0% in the first quarter, selling 80,687 shares and leaving it with 923,023 shares valued at about $54.4 million.
• Other hedge funds were more bullish: Wasatch Advisors and several others significantly increased their Freshpet holdings, with some positions more than doubling or rising sharply during recent quarters.
• Insider activity was mixed, with director Craig D. Steeneck buying shares while CEO William B. Cyr sold a large block; analysts currently rate the stock Moderate Buy with an average price target of $74.88.

Riverbridge Partners LLC lowered its position in shares of Freshpet, Inc. (NASDAQ:FRPT - Free Report) by 8.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 923,023 shares of the company's stock after selling 80,687 shares during the quarter. Freshpet accounts for about 1.3% of Riverbridge Partners LLC's holdings, making the stock its 23rd largest position. Riverbridge Partners LLC owned approximately 1.88% of Freshpet worth $54,421,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FRPT. Wasatch Advisors LP grew its position in Freshpet by 41.0% during the 2nd quarter. Wasatch Advisors LP now owns 3,839,332 shares of the company's stock worth $260,921,000 after purchasing an additional 1,116,217 shares in the last quarter. Balyasny Asset Management L.P. lifted its holdings in shares of Freshpet by 1,031.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 931,905 shares of the company's stock valued at $56,781,000 after purchasing an additional 1,031,905 shares in the last quarter. Capital World Investors boosted its position in shares of Freshpet by 151.8% in the third quarter. Capital World Investors now owns 1,482,778 shares of the company's stock worth $81,716,000 after buying an additional 893,949 shares during the period. Armistice Capital LLC grew its holdings in shares of Freshpet by 118.4% during the third quarter. Armistice Capital LLC now owns 1,234,802 shares of the company's stock valued at $68,050,000 after buying an additional 669,399 shares in the last quarter. Finally, Alyeska Investment Group L.P. grew its holdings in shares of Freshpet by 122.1% during the fourth quarter. Alyeska Investment Group L.P. now owns 1,197,317 shares of the company's stock valued at $72,953,000 after buying an additional 658,114 shares in the last quarter.

Insider Buying and Selling

In other Freshpet news, Director Craig D. Steeneck bought 2,000 shares of the firm's stock in a transaction on Wednesday, May 20th. The stock was bought at an average cost of $47.83 per share, with a total value of $95,660.00. Following the completion of the transaction, the director directly owned 37,500 shares of the company's stock, valued at approximately $1,793,625. The trade was a 5.63% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William B. Cyr sold 42,495 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $51.03, for a total transaction of $2,168,519.85. Following the transaction, the chief executive officer owned 224,459 shares in the company, valued at approximately $11,454,142.77. This trade represents a 15.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders acquired 4,211 shares of company stock valued at $215,027 and sold 235,262 shares valued at $11,664,591. 4.30% of the stock is owned by insiders.

Freshpet Stock Performance

Shares of FRPT stock opened at $53.37 on Wednesday. Freshpet, Inc. has a fifty-two week low of $46.45 and a fifty-two week high of $86.00. The stock's 50-day moving average is $56.10 and its two-hundred day moving average is $63.72. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.18 and a quick ratio of 5.26. The firm has a market cap of $2.62 billion, a P/E ratio of 14.27 and a beta of 1.63.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FRPT. Jefferies Financial Group dropped their price target on Freshpet from $75.00 to $70.00 and set a "hold" rating on the stock in a research report on Wednesday, April 22nd. Piper Sandler reaffirmed an "overweight" rating on shares of Freshpet in a research note on Monday, June 15th. Stifel Nicolaus set a $66.00 target price on Freshpet in a report on Thursday, May 7th. Weiss Ratings lowered shares of Freshpet from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, June 1st. Finally, Wells Fargo & Company decreased their price target 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 investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $74.88.

Freshpet Company 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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