Jennison Associates LLC Cuts Stock Position in Freshpet, Inc. (NASDAQ:FRPT)

Jennison Associates LLC trimmed its holdings in Freshpet, Inc. (NASDAQ:FRPT - Free Report) by 51.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 497,987 shares of the company's stock after selling 529,449 shares during the period. Jennison Associates LLC owned about 1.02% of Freshpet worth $41,418,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Freshpet in the 4th quarter valued at $75,253,000. Riverbridge Partners LLC lifted its holdings in Freshpet by 18.0% in the 1st quarter. Riverbridge Partners LLC now owns 1,026,829 shares of the company's stock worth $85,401,000 after purchasing an additional 156,583 shares during the last quarter. Principal Financial Group Inc. increased its position in Freshpet by 124.0% in the 1st quarter. Principal Financial Group Inc. now owns 241,196 shares of the company's stock worth $20,060,000 after buying an additional 133,539 shares during the period. Renaissance Technologies LLC raised its stake in Freshpet by 267.0% during the 4th quarter. Renaissance Technologies LLC now owns 155,596 shares of the company's stock valued at $23,045,000 after purchasing an additional 113,200 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Freshpet by 143.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 173,310 shares of the company's stock valued at $25,669,000 after purchasing an additional 102,232 shares during the last quarter.

Freshpet Trading Down 3.8%

Shares of FRPT stock traded down $2.70 on Monday, hitting $68.12. The company had a trading volume of 1,012,660 shares, compared to its average volume of 963,445. The firm has a market cap of $3.32 billion, a P/E ratio of 219.74, a P/E/G ratio of 1.34 and a beta of 1.79. The stock's 50-day moving average is $76.04 and its two-hundred day moving average is $96.85. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.92 and a current ratio of 4.91. Freshpet, Inc. has a twelve month low of $66.75 and a twelve month high of $164.07.

Freshpet (NASDAQ:FRPT - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). The company had revenue of $263.25 million for the quarter, compared to analysts' expectations of $265.57 million. Freshpet had a net margin of 1.54% and a return on equity of 3.16%. The firm's quarterly revenue was up 17.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.37 EPS. On average, equities research analysts anticipate that Freshpet, Inc. will post 1.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Benchmark lowered their price objective on Freshpet from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Piper Sandler decreased their target price on Freshpet from $160.00 to $145.00 and set an "overweight" rating on the stock in a report on Tuesday, March 25th. Wells Fargo & Company decreased their price target on Freshpet from $100.00 to $88.00 and set an "overweight" rating on the stock in a report on Wednesday, July 9th. Truist Financial lowered shares of Freshpet from a "buy" rating to a "hold" rating and reduced their target price for the company from $90.00 to $80.00 in a research note on Wednesday, April 30th. Finally, Robert W. Baird reduced their target price on Freshpet from $125.00 to $115.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $119.14.

Freshpet Company Profile

Freshpet, Inc, together with its subsidiaries, manufactures, distributes, and markets natural fresh meals and treats for dogs and cats in the United States, Canada, and Europe. It sells dog food, cat food, and dog treats under the Freshpet brand name; and Dognation and Dog Joy labels through various classes of retail, including grocery, mass, club, pet specialty, and natural, as well as online.