1,545,483 Shares in Freshworks Inc. (NASDAQ:FRSH) Bought by Ninety One UK Ltd

Ninety One UK Ltd purchased a new position in shares of Freshworks Inc. (NASDAQ:FRSH) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 1,545,483 shares of the company’s stock, valued at approximately $36,303,000.

A number of other institutional investors have also recently bought and sold shares of the business. Arizona State Retirement System grew its stake in Freshworks by 2.6% in the 3rd quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock valued at $810,000 after purchasing an additional 1,020 shares during the period. Teacher Retirement System of Texas lifted its position in shares of Freshworks by 7.9% during the 4th quarter. Teacher Retirement System of Texas now owns 14,805 shares of the company’s stock valued at $218,000 after buying an additional 1,079 shares during the last quarter. Advisors Asset Management Inc. lifted its position in shares of Freshworks by 373.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,663 shares of the company’s stock valued at $33,000 after buying an additional 1,312 shares during the last quarter. Counterpoint Mutual Funds LLC lifted its position in shares of Freshworks by 29.8% during the 3rd quarter. Counterpoint Mutual Funds LLC now owns 6,833 shares of the company’s stock valued at $136,000 after buying an additional 1,567 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Freshworks by 12.1% during the 3rd quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock valued at $323,000 after buying an additional 1,750 shares during the last quarter. Institutional investors own 75.58% of the company’s stock.

Freshworks Price Performance

Shares of NASDAQ:FRSH opened at $17.65 on Friday. Freshworks Inc. has a 52-week low of $12.22 and a 52-week high of $24.98. The business’s 50 day moving average is $19.02 and its 200 day moving average is $20.06.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. The company had revenue of $160.11 million for the quarter, compared to analysts’ expectations of $158.11 million. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. On average, sell-side analysts forecast that Freshworks Inc. will post -0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the completion of the sale, the director now owns 19,991 shares in the company, valued at $361,437.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $21.54, for a total transaction of $135,766.62. Following the completion of the sale, the director now owns 88,431 shares in the company, valued at approximately $1,904,803.74. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total value of $127,192.80. Following the sale, the director now owns 19,991 shares of the company’s stock, valued at approximately $361,437.28. The disclosure for this sale can be found here. Insiders sold a total of 460,792 shares of company stock worth $9,408,403 over the last 90 days. Company insiders own 26.66% of the company’s stock.

Analysts Set New Price Targets

FRSH has been the topic of a number of recent research reports. Wolfe Research raised Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a research report on Tuesday, February 20th. JMP Securities increased their price objective on Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $25.00 price objective on shares of Freshworks in a report on Wednesday, February 7th. Piper Sandler increased their price objective on Freshworks from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Finally, Jefferies Financial Group raised Freshworks from a “hold” rating to a “buy” rating and increased their price objective for the stock from $20.00 to $30.00 in a report on Friday, January 5th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.00.

About Freshworks

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.