Ninety One North America Inc. Purchases Shares of 655,791 Freshworks Inc. (NASDAQ:FRSH)

Ninety One North America Inc. purchased a new stake in shares of Freshworks Inc. (NASDAQ:FRSH) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 655,791 shares of the company’s stock, valued at approximately $15,405,000. Freshworks comprises about 0.8% of Ninety One North America Inc.’s portfolio, making the stock its 29th biggest holding. Ninety One North America Inc. owned about 0.22% of Freshworks as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Advisors Asset Management Inc. raised its holdings in shares of Freshworks by 373.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,663 shares of the company’s stock worth $33,000 after acquiring an additional 1,312 shares during the last quarter. Quarry LP acquired a new stake in shares of Freshworks in the 2nd quarter worth about $35,000. Quantbot Technologies LP acquired a new stake in shares of Freshworks in the 1st quarter worth about $59,000. UBS Group AG raised its holdings in shares of Freshworks by 117.5% in the 3rd quarter. UBS Group AG now owns 3,574 shares of the company’s stock worth $46,000 after acquiring an additional 1,931 shares during the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in Freshworks in the 3rd quarter valued at about $81,000. Institutional investors own 75.58% of the company’s stock.

Analysts Set New Price Targets

FRSH has been the subject of several analyst reports. Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and increased their price objective for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $25.00 price objective on shares of Freshworks in a research note on Wednesday, February 7th. Needham & Company LLC increased their price objective 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. 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 research note on Tuesday, February 20th. Finally, Morgan Stanley decreased their price objective on shares of Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and an average target price of $25.00.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 19,991 shares in the company, valued at $361,437.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 transaction of $127,192.80. Following the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $361,437.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 460,792 shares of company stock worth $9,408,403. Company insiders own 26.66% of the company’s stock.

Freshworks Trading Down 0.5 %

Shares of NASDAQ:FRSH traded down $0.08 during trading on Thursday, reaching $17.61. 1,021,872 shares of the stock traded hands, compared to its average volume of 2,516,786. The stock has a 50-day moving average of $19.09 and a two-hundred day moving average of $20.08. Freshworks Inc. has a 52-week low of $12.22 and a 52-week high of $24.98.

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

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.