Riverbridge Partners LLC Sells 80,687 Shares of Freshpet, Inc. $FRPT

Riverbridge Partners LLC reduced its stake in Freshpet, Inc. (NASDAQ:FRPT) by 8.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 923,023 shares of the company’s stock after selling 80,687 shares during the quarter. Freshpet makes up 1.3% of Riverbridge Partners LLC’s investment portfolio, making the stock its 23rd largest holding. Riverbridge Partners LLC’s holdings in Freshpet were worth $54,421,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Freshpet by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 5,281,833 shares of the company’s stock valued at $321,822,000 after purchasing an additional 128,499 shares during the period. Wasatch Advisors LP grew its stake in Freshpet by 4.3% in the 4th quarter. Wasatch Advisors LP now owns 3,937,309 shares of the company’s stock valued at $239,900,000 after buying an additional 162,293 shares during the last quarter. William Blair Investment Management LLC raised its holdings in Freshpet by 30.9% in the 4th quarter. William Blair Investment Management LLC now owns 1,952,767 shares of the company’s stock worth $118,982,000 after acquiring an additional 461,444 shares during the period. Capital World Investors lifted its position in Freshpet by 7.1% during the 4th quarter. Capital World Investors now owns 1,587,691 shares of the company’s stock worth $96,738,000 after acquiring an additional 104,913 shares during the last quarter. Finally, Armistice Capital LLC lifted its position in Freshpet by 5.0% during the 4th quarter. Armistice Capital LLC now owns 1,296,000 shares of the company’s stock worth $78,965,000 after acquiring an additional 61,198 shares during the last quarter.

Wall Street Analysts Forecast Growth

FRPT has been the topic of several research analyst reports. Piper Sandler reaffirmed an “overweight” rating on shares of Freshpet in a research report on Monday, June 15th. Stifel Nicolaus set a $66.00 price objective on Freshpet in a research report on Thursday, May 7th. Weiss Ratings downgraded Freshpet from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, June 1st. Bank of America lowered their target price on Freshpet from $80.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, April 10th. Finally, DA Davidson upped their price target on Freshpet from $98.00 to $101.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Eleven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Freshpet presently has an average rating of “Moderate Buy” and an average target price of $74.88.

Freshpet Stock Performance

NASDAQ FRPT opened at $53.37 on Wednesday. The company’s fifty day moving average is $56.10 and its two-hundred day moving average is $63.72. Freshpet, Inc. has a 52-week low of $46.45 and a 52-week high of $86.00. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.18 and a quick ratio of 5.26. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 14.27 and a beta of 1.63.

Insider Activity

In other Freshpet news, CEO William B. Cyr sold 42,495 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 224,459 shares of the company’s stock, valued at $11,454,142.77. This represents a 15.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Craig D. Steeneck acquired 2,000 shares of Freshpet stock in a transaction on Wednesday, May 20th. The stock was purchased at an average price of $47.83 per share, with a total value of $95,660.00. Following the transaction, the director directly owned 37,500 shares in the company, valued at approximately $1,793,625. This trade represents a 5.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 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 company insiders.

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.