Freshpet, Inc. $FRPT Stock Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management cut its Freshpet stake by 93.8% in the third quarter, selling 21,005 shares and retaining 1,383 shares valued at approximately $80,000.
• Analyst sentiment is mixed: Freshpet has an average “Hold” rating, with nine Buy, eight Hold and one Sell ratings, and a consensus price target of $75.53.
• Freshpet reported stronger-than-expected quarterly results, with earnings per share of $0.39 versus the $0.22 consensus estimate and revenue of $305.59 million, up 15.4% year over year. Meanwhile, insiders sold 171,636 shares worth about $12.75 million over the last 90 days.

Sterling Capital Management LLC trimmed its position in Freshpet, Inc. (NASDAQ:FRPT - Free Report) by 93.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,383 shares of the company's stock after selling 21,005 shares during the period. Sterling Capital Management LLC's holdings in Freshpet were worth $80,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Washington Trust Advisors Inc. grew its stake in shares of Freshpet by 1.6% during the 3rd quarter. Washington Trust Advisors Inc. now owns 19,270 shares of the company's stock valued at $1,109,000 after acquiring an additional 295 shares during the period. IFP Advisors Inc increased its holdings in shares of Freshpet by 3,640.4% in the third quarter. IFP Advisors Inc now owns 1,945 shares of the company's stock worth $112,000 after purchasing an additional 1,893 shares during the last quarter. GAMMA Investing LLC increased its stake in Freshpet by 34.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,439 shares of the company's stock worth $140,000 after acquiring an additional 625 shares during the last quarter. Tidal Investments LLC raised its stake in Freshpet by 1.8% during the second quarter. Tidal Investments LLC now owns 39,313 shares of the company's stock valued at $2,324,000 after purchasing an additional 697 shares in the last quarter. Finally, WINTON GROUP Ltd raised its position in shares of Freshpet by 456.0% during the 2nd quarter. WINTON GROUP Ltd now owns 116,816 shares of the company's stock valued at $6,906,000 after buying an additional 95,806 shares in the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Stifel Nicolaus increased their price target on Freshpet from $66.00 to $78.00 and gave the company a "buy" rating in a report on Thursday, August 6th. JPMorgan Chase & Co. cut their price target on shares of Freshpet from $78.00 to $76.00 and set an "overweight" rating on the stock in a report on Monday, October 26th. Weiss Ratings raised shares of Freshpet from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, September 28th. TD Cowen decreased their price objective on shares of Freshpet from $85.00 to $80.00 and set a "buy" rating for the company in a research note on Tuesday, October 13th. Finally, Morgan Stanley downgraded shares of Freshpet from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $77.00 to $72.00 in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Freshpet presently has an average rating of "Hold" and a consensus price target of $75.53.

Insider Transactions at Freshpet

In related news, CEO William B. Cyr sold 41,022 shares of Freshpet stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $72.86, for a total transaction of $2,988,862.92. Following the completion of the sale, the chief executive officer owned 267,152 shares in the company, valued at $19,464,694.72. This trade represents a 13.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Walter N. George acquired 1,000 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The shares were bought at an average price of $64.92 per share, with a total value of $64,920.00. Following the acquisition, the director directly owned 51,746 shares in the company, valued at $3,359,350.32. This represents a 1.97% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders sold 171,636 shares of company stock worth $12,754,864. Company insiders own 4.30% of the company's stock.

Freshpet Stock Performance

Shares of Freshpet stock opened at $69.62 on Tuesday. The stock's fifty day moving average is $65.13 and its two-hundred day moving average is $63.86. The company has a market capitalization of $3.42 billion, a PE ratio of 18.32 and a beta of 1.78. The company has a quick ratio of 5.03, a current ratio of 6.05 and a debt-to-equity ratio of 0.34. Freshpet, Inc. has a 52 week low of $46.45 and a 52 week high of $86.00.

Freshpet (NASDAQ:FRPT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.17. Freshpet had a return on equity of 5.97% and a net margin of 17.28%. 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 posted $0.33 earnings per share. The business's revenue was up 15.4% compared to the same quarter last year. As a group, analysts expect that Freshpet, Inc. will post 1.25 earnings per share for the current year.

About Freshpet

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 animal proteins, vegetables and other ingredients and are designed to be stored in the refrigerator rather than on a conventional shelf.

The company sells its products under the Freshpet brand and related product lines, including Freshpet Select and Vital. Its offerings include refrigerated meals, rolls, recipes and treats formulated for different pet sizes, ages and dietary needs.

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