Ninety One UK Ltd Acquires Shares of 1,545,483 Freshworks Inc. (NASDAQ:FRSH)

Ninety One UK Ltd acquired a new stake in Freshworks Inc. (NASDAQ:FRSH) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,545,483 shares of the company’s stock, valued at approximately $36,303,000. Ninety One UK Ltd owned approximately 0.52% of Freshworks as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its holdings in Freshworks by 373.8% in the third 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 in the last quarter. Quarry LP acquired a new position in shares of Freshworks during the 2nd quarter worth about $35,000. Quantbot Technologies LP acquired a new position in shares of Freshworks during the 1st quarter worth about $59,000. UBS Group AG raised its position in shares of Freshworks by 117.5% during the 3rd quarter. UBS Group AG now owns 3,574 shares of the company’s stock worth $46,000 after purchasing an additional 1,931 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Freshworks during the 3rd quarter worth about $81,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Insider Buying and Selling at Freshworks

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

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and upped their price target for the stock from $20.00 to $30.00 in a research report on Friday, January 5th. Wolfe Research upgraded shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price objective for the company in a report on Tuesday, February 20th. JMP Securities increased their price objective on shares of Freshworks from $25.00 to $29.00 and gave the company a “market outperform” rating in a report on Wednesday, February 7th. Needham & Company LLC increased their price target on shares of Freshworks from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, December 28th. Finally, Piper Sandler increased their price target on shares of Freshworks from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Freshworks Stock Down 0.2 %

NASDAQ:FRSH opened at $17.65 on Friday. The company has a 50 day moving average price of $19.02 and a 200 day moving average price of $20.06. Freshworks Inc. has a fifty-two week low of $12.22 and a fifty-two week high of $24.98.

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

Freshworks Company Profile

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.