Freshpet, Inc. (NASDAQ:FRPT) Shares Sold by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. has reduced its stake in Freshpet, Inc. by 91.0% during the first quarter, leaving it with only 12,167 shares valued at approximately $1,012,000.
• Wall Street analysts have differing views on Freshpet’s stock, with target prices ranging from $65.00 to $100.00, and a consensus rating of "Hold."
• Despite recent challenges, Freshpet reported a 17.6% year-over-year revenue growth with a revenue of $263.25 million for the last quarter, although it missed EPS estimates.

Victory Capital Management Inc. lessened its stake in Freshpet, Inc. (NASDAQ:FRPT - Free Report) by 91.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,167 shares of the company's stock after selling 123,462 shares during the period. Victory Capital Management Inc.'s holdings in Freshpet were worth $1,012,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FRPT. Amalgamated Bank increased its stake in Freshpet by 450.6% during the first quarter. Amalgamated Bank now owns 14,823 shares of the company's stock valued at $1,233,000 after purchasing an additional 12,131 shares during the last quarter. Impax Asset Management Group plc increased its stake in Freshpet by 40.0% during the first quarter. Impax Asset Management Group plc now owns 70,000 shares of the company's stock valued at $5,822,000 after purchasing an additional 20,000 shares during the last quarter. Principal Financial Group Inc. increased its stake in Freshpet by 124.0% during the first quarter. Principal Financial Group Inc. now owns 241,196 shares of the company's stock valued at $20,060,000 after purchasing an additional 133,539 shares during the last quarter. Ensign Peak Advisors Inc boosted its holdings in shares of Freshpet by 7.4% during the fourth quarter. Ensign Peak Advisors Inc now owns 98,481 shares of the company's stock valued at $14,586,000 after acquiring an additional 6,776 shares during the period. Finally, New York State Teachers Retirement System bought a new position in shares of Freshpet during the first quarter worth about $1,472,000.

Freshpet Price Performance

FRPT traded down $2.47 on Friday, reaching $65.85. The company had a trading volume of 2,948,465 shares, compared to its average volume of 1,177,079. The company has a fifty day moving average of $73.36 and a 200-day moving average of $92.29. The company has a market capitalization of $3.21 billion, a P/E ratio of 212.42, a PEG ratio of 1.36 and a beta of 1.77. The company has a current ratio of 4.91, a quick ratio of 3.92 and a debt-to-equity ratio of 0.41. Freshpet, Inc. has a one year low of $64.69 and a one year 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 analysts' consensus estimates of $0.13 by ($0.04). Freshpet had a net margin of 1.54% and a return on equity of 3.16%. The company had revenue of $263.25 million during the quarter, compared to the consensus estimate of $265.57 million. During the same quarter in the prior year, the company earned $0.37 EPS. The business's quarterly revenue was up 17.6% on a year-over-year basis. As a group, equities research analysts anticipate that Freshpet, Inc. will post 1.55 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FRPT. JPMorgan Chase & Co. reduced their target price on shares of Freshpet from $91.00 to $85.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. UBS Group started coverage on Freshpet in a research report on Monday, June 16th. They set a "sell" rating and a $65.00 price objective for the company. Truist Financial downgraded Freshpet from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $90.00 to $80.00 in a research report on Wednesday, April 30th. Stifel Nicolaus set a $90.00 price objective on Freshpet and gave the stock a "buy" rating in a research report on Thursday, June 12th. Finally, Wells Fargo & Company reduced their price objective on Freshpet from $100.00 to $88.00 and set an "overweight" rating for the company in a research report on Wednesday, July 9th. 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's stock. According to MarketBeat, Freshpet presently has an average rating of "Hold" and an average target price of $119.14.

Freshpet 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.