Jennison Associates LLC Raises Stock Position in Freshpet, Inc. $FRPT

Key Points

• Jennison Associates LLC increased its Freshpet stake by 200.6% in the first quarter, adding 434,582 shares to bring its total to 651,202 shares worth about $38.4 million.
• Freshpet has drawn mixed but generally positive analyst sentiment, with an average rating of “Moderate Buy” and a consensus price target of $74.25. Recent ratings ranged from hold to buy, with Wells Fargo trimming its target to $70 while TD Cowen upgraded the stock to buy.
• Company insiders were active as well: CEO William B. Cyr sold 42,495 shares in May, while Director Craig D. Steeneck bought 2,000 shares. Freshpet shares recently traded around $56.95, below the 52-week high of $86.

Jennison Associates LLC grew its position in shares of Freshpet, Inc. (NASDAQ:FRPT - Free Report) by 200.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 651,202 shares of the company's stock after buying an additional 434,582 shares during the quarter. Jennison Associates LLC owned 1.33% of Freshpet worth $38,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Optimize Financial Inc boosted its position in Freshpet by 1.4% in the fourth quarter. Optimize Financial Inc now owns 10,957 shares of the company's stock worth $668,000 after purchasing an additional 156 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Freshpet by 1.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,164 shares of the company's stock valued at $680,000 after purchasing an additional 161 shares during the last quarter. Parallel Advisors LLC increased its position in shares of 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 purchasing an additional 197 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Freshpet by 32.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 882 shares of the company's stock worth $53,000 after purchasing an additional 214 shares during the period. Finally, Ossiam boosted its holdings in shares of Freshpet by 81.1% in the second quarter. Ossiam now owns 509 shares of the company's stock worth $35,000 after buying an additional 228 shares during the last quarter.

Analyst Ratings Changes

FRPT has been the subject of a number of research reports. Stifel Nicolaus set a $66.00 target price on shares of Freshpet in a report on Thursday, May 7th. Benchmark boosted their price objective on shares of Freshpet from $90.00 to $93.00 and gave the company a "buy" rating in a research report on Monday, March 23rd. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $63.00 price objective on shares of Freshpet in a research note on Thursday, May 7th. Wells Fargo & Company cut their price target on Freshpet from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Wednesday, July 8th. Finally, TD Cowen upgraded 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. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Freshpet has an average rating of "Moderate Buy" and a consensus price target of $74.25.

Insider Transactions at Freshpet

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

Freshpet Stock Performance

Shares of NASDAQ FRPT opened at $56.95 on Tuesday. The stock has a market cap of $2.80 billion, a PE ratio of 15.23 and a beta of 1.60. Freshpet, Inc. has a 1 year low of $46.45 and a 1 year high of $86.00. The firm has a fifty day moving average price of $53.08 and a 200-day moving average price of $62.70. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.18 and a quick ratio of 5.26.

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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