Granite Investment Partners LLC Has $47.40 Million Stock Holdings in Freshpet, Inc. (NASDAQ:FRPT)

Granite Investment Partners LLC cut its position in shares of Freshpet, Inc. (NASDAQ:FRPT) by 10.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 366,323 shares of the company’s stock after selling 41,309 shares during the quarter. Freshpet comprises about 2.0% of Granite Investment Partners LLC’s holdings, making the stock its 4th largest position. Granite Investment Partners LLC owned 0.76% of Freshpet worth $47,399,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of FRPT. Norges Bank acquired a new stake in shares of Freshpet during the fourth quarter worth $40,327,000. Public Employees Retirement Association of Colorado increased its position in shares of Freshpet by 3,434.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 226,316 shares of the company’s stock worth $19,635,000 after buying an additional 219,913 shares during the period. TimesSquare Capital Management LLC acquired a new stake in Freshpet in the first quarter worth $17,845,000. Verition Fund Management LLC acquired a new stake in Freshpet in the fourth quarter worth $12,395,000. Finally, Franklin Resources Inc. grew its holdings in Freshpet by 7.5% in the fourth quarter. Franklin Resources Inc. now owns 1,689,745 shares of the company’s stock worth $146,602,000 after purchasing an additional 117,864 shares during the period.

Wall Street Analysts Forecast Growth

FRPT has been the subject of a number of research reports. Bank of America raised their price target on shares of Freshpet from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Piper Sandler restated an “overweight” rating and issued a $150.00 price target on shares of Freshpet in a report on Tuesday, July 2nd. Robert W. Baird raised their price target on shares of Freshpet from $140.00 to $157.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Redburn Atlantic upgraded shares of Freshpet from a “neutral” rating to a “buy” rating and set a $168.00 price target for the company in a report on Thursday, May 23rd. Finally, Wells Fargo & Company raised their price target on shares of Freshpet from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $142.87.

Freshpet Stock Up 0.2 %

FRPT opened at $141.24 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.50 and a quick ratio of 3.69. The company’s 50-day moving average is $130.08 and its 200 day moving average is $123.26. Freshpet, Inc. has a fifty-two week low of $54.60 and a fifty-two week high of $144.38. The firm has a market capitalization of $6.84 billion, a P/E ratio of 784.67 and a beta of 1.39.

Freshpet (NASDAQ:FRPT) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. Freshpet had a net margin of 2.86% and a return on equity of 1.78%. The company had revenue of $235.30 million for the quarter, compared to analyst estimates of $230.99 million. During the same period last year, the firm earned ($0.35) earnings per share. The firm’s revenue was up 28.4% on a year-over-year basis. Research analysts expect that Freshpet, Inc. will post 0.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Freshpet news, EVP Stephen Macchiaverna sold 2,178 shares of Freshpet stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $140.01, for a total value of $304,941.78. Following the sale, the executive vice president now owns 86,039 shares of the company’s stock, valued at $12,046,320.39. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 3.60% of the company’s stock.

Freshpet Company Profile

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.