Ninety One North America Inc. Invests $15.41 Million in Freshworks Inc. (NASDAQ:FRSH)

Ninety One North America Inc. acquired a new position in shares of Freshworks Inc. (NASDAQ:FRSH) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 655,791 shares of the company’s stock, valued at approximately $15,405,000. Freshworks accounts for approximately 0.8% of Ninety One North America Inc.’s investment portfolio, making the stock its 29th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FRSH. BlackRock Inc. raised its holdings in Freshworks by 210.2% during the second quarter. BlackRock Inc. now owns 11,984,191 shares of the company’s stock worth $210,682,000 after purchasing an additional 8,120,351 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Freshworks by 37.9% during the third quarter. Vanguard Group Inc. now owns 12,599,434 shares of the company’s stock worth $163,415,000 after acquiring an additional 3,460,129 shares during the last quarter. State Street Corp grew its position in shares of Freshworks by 239.7% during the second quarter. State Street Corp now owns 3,294,195 shares of the company’s stock worth $57,912,000 after acquiring an additional 2,324,432 shares during the last quarter. Soros Fund Management LLC purchased a new position in shares of Freshworks during the first quarter worth approximately $34,883,000. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Freshworks during the third quarter worth approximately $34,644,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Analyst Ratings Changes

FRSH has been the topic of a number of analyst reports. Morgan Stanley lowered their price objective on shares of Freshworks from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $30.00 in a research report on Friday, January 5th. Needham & Company LLC lifted their price objective on shares of Freshworks from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, December 28th. JMP Securities boosted their target price on shares of Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $25.00 target price on shares of Freshworks in a research report on Wednesday, February 7th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Freshworks Trading Down 0.5 %

Shares of NASDAQ:FRSH traded down $0.08 during midday trading on Thursday, hitting $17.61. 1,021,872 shares of the stock were exchanged, compared to its average volume of 2,516,786. Freshworks Inc. has a twelve month low of $12.22 and a twelve month high of $24.98. The company has a 50 day moving average price of $19.09 and a 200-day moving average price of $20.08.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share 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 firm had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. On average, equities research analysts expect that Freshworks Inc. will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

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

Freshworks 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.