Maverick Capital Ltd. Increases Position in Freshpet, Inc. $FRPT

Key Points

• Maverick Capital increased its Freshpet stake by 356.4% in the first quarter, ending with 34,509 shares worth approximately $2.04 million. Several other hedge funds also expanded their positions or initiated new stakes.
• Analyst sentiment remains generally positive: Freshpet has a “Moderate Buy” consensus rating and an average price target of $74.25, despite some target reductions and a downgrade from Weiss Ratings.
• Freshpet shares opened at $59.50, up 3.4%, with a market capitalization of about $2.92 billion. Meanwhile, CEO William B. Cyr sold 42,907 shares worth roughly $2.06 million, and insiders have sold substantially more shares than they purchased over the past 90 days.

Maverick Capital Ltd. lifted its stake in Freshpet, Inc. (NASDAQ:FRPT - Free Report) by 356.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,509 shares of the company's stock after acquiring an additional 26,948 shares during the period. Maverick Capital Ltd. owned 0.07% of Freshpet worth $2,035,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FRPT. Caitong International Asset Management Co. Ltd grew its stake in Freshpet by 606.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 417 shares of the company's stock valued at $25,000 after purchasing an additional 358 shares during the last quarter. Motiv8 Investments LLC purchased a new stake in shares of Freshpet during the fourth quarter valued at about $28,000. Signaturefd LLC boosted its holdings in shares of Freshpet by 143.0% in the 4th quarter. Signaturefd LLC now owns 503 shares of the company's stock valued at $31,000 after buying an additional 296 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Freshpet by 55.0% in the 3rd quarter. Parallel Advisors LLC now owns 555 shares of the company's stock valued at $31,000 after buying an additional 197 shares in the last quarter. Finally, TD Waterhouse Canada Inc. purchased a new position in shares of Freshpet in the 4th quarter worth approximately $32,000.

Insider Activity

In related news, CEO William B. Cyr sold 42,907 shares of the firm's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $47.92, for a total value of $2,056,103.44. Following the completion of the transaction, the chief executive officer owned 204,585 shares in the company, valued at $9,803,713.20. This trade represents a 17.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, 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 currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently commented on FRPT shares. Piper Sandler reiterated an "overweight" rating on shares of Freshpet in a research note on Monday, June 15th. Weiss Ratings downgraded shares of Freshpet from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, June 1st. JPMorgan Chase & Co. raised shares of Freshpet from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $66.00 to $68.00 in a report on Thursday, May 7th. TD Cowen raised Freshpet from a "hold" rating to a "buy" rating and set a $80.00 price target on the stock in a research report on Wednesday, April 8th. Finally, Jefferies Financial Group decreased their price objective on Freshpet from $75.00 to $70.00 and set a "hold" rating for the company in a report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $74.25.

Freshpet Trading Up 3.4%

Shares of Freshpet stock opened at $59.50 on Tuesday. The firm's 50 day simple moving average is $53.94 and its two-hundred day simple moving average is $62.60. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 15.91 and a beta of 1.60. Freshpet, Inc. has a 12-month low of $46.45 and a 12-month high of $86.00. The company has a current ratio of 6.18, a quick ratio of 5.26 and a debt-to-equity ratio of 0.34.

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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