Riverbridge Partners LLC Has $85.40 Million Position in Freshpet, Inc. (NASDAQ:FRPT)

Riverbridge Partners LLC boosted its stake in Freshpet, Inc. (NASDAQ:FRPT) by 18.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,026,829 shares of the company’s stock after buying an additional 156,583 shares during the quarter. Freshpet makes up about 1.4% of Riverbridge Partners LLC’s holdings, making the stock its 24th biggest position. Riverbridge Partners LLC’s holdings in Freshpet were worth $85,401,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of FRPT. Principal Securities Inc. acquired a new stake in Freshpet during the fourth quarter valued at $85,000. Principal Financial Group Inc. lifted its holdings in shares of Freshpet by 36.4% during the 4th quarter. Principal Financial Group Inc. now owns 107,657 shares of the company’s stock valued at $15,945,000 after buying an additional 28,743 shares during the last quarter. CIBC Asset Management Inc bought a new stake in shares of Freshpet in the 4th quarter valued at approximately $221,000. Truist Financial Corp increased its holdings in Freshpet by 3.1% in the fourth quarter. Truist Financial Corp now owns 7,743 shares of the company’s stock worth $1,147,000 after buying an additional 230 shares during the last quarter. Finally, Ieq Capital LLC raised its position in Freshpet by 35.1% during the fourth quarter. Ieq Capital LLC now owns 3,632 shares of the company’s stock valued at $538,000 after acquiring an additional 944 shares in the last quarter.

Analysts Set New Price Targets

Several brokerages have recently commented on FRPT. Robert W. Baird dropped their price target on shares of Freshpet from $125.00 to $115.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 6th. Truist Financial lowered Freshpet from a “buy” rating to a “hold” rating and cut their price target for the stock from $90.00 to $80.00 in a report on Wednesday, April 30th. Wells Fargo & Company decreased their target price on Freshpet from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 6th. Stifel Nicolaus set a $90.00 price objective on shares of Freshpet and gave the stock a “buy” rating in a report on Thursday, June 12th. Finally, Jefferies Financial Group upgraded Freshpet from a “hold” rating to a “buy” rating and lowered their price target for the company from $155.00 to $150.00 in a research report on Monday, February 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, Freshpet currently has a consensus rating of “Hold” and an average target price of $122.00.

Freshpet Stock Performance

Shares of NASDAQ:FRPT opened at $71.72 on Friday. Freshpet, Inc. has a 12-month low of $70.65 and a 12-month high of $164.07. The company’s 50 day moving average price is $78.80 and its two-hundred day moving average price is $108.73. The firm has a market cap of $3.50 billion, a PE ratio of 231.35, a PEG ratio of 1.20 and a beta of 1.86. The company has a quick ratio of 3.92, a current ratio of 4.91 and a debt-to-equity ratio of 0.41.

Freshpet (NASDAQ:FRPT) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the firm posted $0.37 earnings per share. The company’s quarterly revenue was up 17.6% on a year-over-year basis. Equities research analysts predict that Freshpet, Inc. will post 1.55 earnings per share for the current year.

About Freshpet

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.