250,000 Shares in Freshpet, Inc. (FRPT) Acquired by Summit Partners Public Asset Management LLC
Summit Partners Public Asset Management LLC purchased a new position in shares of Freshpet, Inc. (NASDAQ:FRPT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 250,000 shares of the company’s stock, valued at approximately $4,150,000. Summit Partners Public Asset Management LLC owned approximately 0.79% of Freshpet at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in FRPT. Goldman Sachs Group Inc. bought a new stake in shares of Freshpet during the 1st quarter worth about $122,000. Bank of Montreal Can raised its position in shares of Freshpet by 1.4% during the 2nd quarter. Bank of Montreal Can now owns 7,368 shares of the company’s stock worth $122,000 after buying an additional 103 shares in the last quarter. American International Group Inc. raised its position in shares of Freshpet by 7.1% during the 1st quarter. American International Group Inc. now owns 13,762 shares of the company’s stock worth $151,000 after buying an additional 917 shares in the last quarter. UBS Asset Management Americas Inc. bought a new stake in shares of Freshpet during the 1st quarter worth about $155,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Freshpet during the 1st quarter worth about $183,000. Institutional investors own 66.81% of the company’s stock.
Freshpet, Inc. (FRPT) traded down 0.98% on Friday, hitting $15.15. 21,582 shares of the stock traded hands. Freshpet, Inc. has a 12-month low of $7.60 and a 12-month high of $18.25. The stock’s market capitalization is $481.77 million. The company’s 50 day moving average price is $15.61 and its 200-day moving average price is $14.67.
Freshpet (NASDAQ:FRPT) last announced its quarterly earnings results on Monday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). The firm had revenue of $39.97 million during the quarter, compared to analyst estimates of $38.09 million. Freshpet had a negative net margin of 2.57% and a negative return on equity of 3.44%. The business’s revenue was up 21.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.10) earnings per share. Analysts predict that Freshpet, Inc. will post ($0.09) EPS for the current year.
A number of analysts have commented on the stock. Zacks Investment Research downgraded shares of Freshpet from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Imperial Capital assumed coverage on shares of Freshpet in a research report on Thursday, July 20th. They set an “in-line” rating and a $16.50 price target on the stock. They noted that the move was a valuation call. SunTrust Banks, Inc. boosted their price target on shares of Freshpet from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, August 8th. Credit Suisse Group AG boosted their price target on shares of Freshpet from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, June 16th. Finally, Stifel Nicolaus restated a “buy” rating and set a $20.00 price target (up from $14.00) on shares of Freshpet in a research report on Thursday, July 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. Freshpet presently has an average rating of “Hold” and an average target price of $17.07.
In related news, CFO Richard A. Kassar sold 23,239 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $16.00, for a total value of $371,824.00. Following the sale, the chief financial officer now directly owns 208,971 shares in the company, valued at approximately $3,343,536. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Richard A. Kassar sold 8,977 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $16.00, for a total transaction of $143,632.00. Following the completion of the sale, the chief financial officer now owns 208,971 shares in the company, valued at $3,343,536. The disclosure for this sale can be found here. Insiders sold a total of 40,954 shares of company stock worth $653,704 over the last quarter. 6.80% of the stock is currently owned by corporate insiders.
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Freshpet, Inc is a manufacturer of fresh, refrigerated pet food distributed across North America. The Company operates in the segment of manufacturing, marketing and distribution of pet food and pet treats for dogs and cats. The Company’s products consist of dog food, cat food, and dog and cat treats.
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