Wells Fargo & Company Cuts Freshpet (NASDAQ:FRPT) Price Target to $70.00

Freshpet (NASDAQ:FRPT) had its price target reduced by equities researchers at Wells Fargo & Company from $75.00 to $70.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 28.42% from the stock’s previous close.

Several other research firms have also recently issued reports on FRPT. Jefferies Financial Group lowered their price objective on shares of Freshpet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, April 22nd. Piper Sandler reaffirmed an “overweight” rating on shares of Freshpet in a research note on Monday, June 15th. Weiss Ratings lowered Freshpet from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, June 1st. Stifel Nicolaus set a $66.00 price objective on Freshpet in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. upgraded Freshpet from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $66.00 to $68.00 in a report on Thursday, May 7th. 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.25.

Freshpet Trading Up 0.8%

NASDAQ FRPT opened at $54.51 on Wednesday. The company’s 50-day moving average price is $53.84 and its 200-day moving average price is $63.20. The company has a current ratio of 6.18, a quick ratio of 5.26 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.68 billion, a PE ratio of 14.57 and a beta of 1.60. Freshpet has a 12 month low of $46.45 and a 12 month high of $86.00.

Insider Activity at Freshpet

In other Freshpet news, Director Craig D. Steeneck acquired 2,000 shares of Freshpet stock in a transaction that occurred on Wednesday, May 20th. The stock was bought at an average price of $47.83 per share, with a total value of $95,660.00. Following the completion of the purchase, the director directly owned 37,500 shares of the company’s stock, valued at approximately $1,793,625. This represents a 5.63% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William B. Cyr sold 42,495 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $51.03, for a total value of $2,168,519.85. Following the sale, the chief executive officer owned 224,459 shares of the company’s stock, valued at approximately $11,454,142.77. This represents a 15.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders bought 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 corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Optimize Financial Inc lifted its position in shares of Freshpet by 1.4% during the fourth quarter. Optimize Financial Inc now owns 10,957 shares of the company’s stock valued at $668,000 after buying an additional 156 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Freshpet by 1.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,164 shares of the company’s stock worth $680,000 after buying an additional 161 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Freshpet by 55.0% during the 3rd quarter. Parallel Advisors LLC now owns 555 shares of the company’s stock worth $31,000 after acquiring an additional 197 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in Freshpet by 32.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 882 shares of the company’s stock valued at $53,000 after acquiring an additional 214 shares during the last quarter. Finally, Ossiam lifted its position in Freshpet by 81.1% during the second quarter. Ossiam now owns 509 shares of the company’s stock valued at $35,000 after acquiring an additional 228 shares during the last quarter.

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.