JPMorgan Chase & Co. Cuts Freshpet (NASDAQ:FRPT) Price Target to $66.00

Key Points

• JPMorgan Chase & Co. cut its price target on Freshpet to $66 (from $80) and kept a "neutral" rating, implying roughly a 13.6% upside from the prior close.
• Analyst views are mixed — the consensus is a Hold with an average target of $76, while individual targets and ratings range widely (about $62 up to the low $90s, from Sell to Buy).
• Freshpet beat quarterly EPS estimates ($0.64 vs. $0.43) with revenue of $285.23M (+8.6% YoY), yet shares traded at about $58.11 midday and have a market cap near $2.85B, below many analyst targets.

Freshpet (NASDAQ:FRPT - Get Free Report) had its price target reduced by equities research analysts at JPMorgan Chase & Co. from $80.00 to $66.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 13.57% from the stock's previous close.

Several other equities analysts also recently commented on the company. Bank of America upped their price objective on Freshpet from $60.00 to $67.00 and gave the company a "neutral" rating in a research note on Friday, December 19th. Benchmark raised their target price on Freshpet from $90.00 to $93.00 and gave the stock a "buy" rating in a research report on Monday. TD Cowen restated a "hold" rating on shares of Freshpet in a research note on Tuesday, March 17th. Deutsche Bank Aktiengesellschaft cut Freshpet from a "buy" rating to a "hold" rating and set a $62.00 price target on the stock. in a research report on Monday, December 15th. Finally, Morgan Stanley upgraded Freshpet from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $71.00 to $90.00 in a research note on Tuesday, February 24th. Nine investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $76.00.

Freshpet Stock Performance

Shares of NASDAQ FRPT traded down $0.82 during midday trading on Wednesday, reaching $58.11. The company's stock had a trading volume of 435,737 shares, compared to its average volume of 1,468,405. The firm has a 50 day moving average price of $72.58 and a 200-day moving average price of $62.19. The stock has a market capitalization of $2.85 billion, a P/E ratio of 22.47, a PEG ratio of 2.12 and a beta of 1.66. Freshpet has a 12-month low of $46.76 and a 12-month high of $89.80. The company has a debt-to-equity ratio of 0.35, a current ratio of 5.54 and a quick ratio of 4.57.

Freshpet (NASDAQ:FRPT - Get Free Report) last posted its quarterly earnings data on Monday, February 23rd. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.21. The business had revenue of $285.23 million for the quarter, compared to analysts' expectations of $285.66 million. Freshpet had a return on equity of 6.93% and a net margin of 12.63%.The business's revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 earnings per share. As a group, equities analysts predict that Freshpet will post 1.55 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Royal Bank of Canada boosted its position in shares of Freshpet by 86.3% in the first quarter. Royal Bank of Canada now owns 67,623 shares of the company's stock valued at $5,624,000 after acquiring an additional 31,334 shares during the period. Jones Financial Companies Lllp increased its holdings in Freshpet by 734.1% during the 1st quarter. Jones Financial Companies Lllp now owns 1,810 shares of the company's stock worth $151,000 after acquiring an additional 1,593 shares during the period. United Services Automobile Association purchased a new stake in Freshpet in the 1st quarter worth approximately $247,000. Cetera Investment Advisers lifted its stake in Freshpet by 211.6% in the 2nd quarter. Cetera Investment Advisers now owns 25,800 shares of the company's stock worth $1,753,000 after purchasing an additional 17,519 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Freshpet by 3.2% in the 2nd quarter. Legal & General Group Plc now owns 132,139 shares of the company's stock valued at $8,980,000 after purchasing an additional 4,132 shares during the period.

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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