Jupiter Asset Management Ltd. Purchases Shares of 11,758 Freshworks Inc. (NASDAQ:FRSH)

Jupiter Asset Management Ltd. purchased a new stake in shares of Freshworks Inc. (NASDAQ:FRSH) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 11,758 shares of the company’s stock, valued at approximately $214,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Freshworks by 6.9% during the fourth quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock valued at $465,490,000 after buying an additional 1,285,713 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Freshworks by 6.5% during the fourth quarter. Franklin Resources Inc. now owns 3,175,334 shares of the company’s stock valued at $74,589,000 after buying an additional 193,708 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Freshworks by 8.3% during the fourth quarter. Clearbridge Investments LLC now owns 1,953,453 shares of the company’s stock valued at $45,887,000 after buying an additional 149,825 shares during the last quarter. Norges Bank bought a new stake in shares of Freshworks during the fourth quarter valued at approximately $44,919,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Freshworks by 16.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,731,120 shares of the company’s stock valued at $40,667,000 after buying an additional 245,242 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Insider Activity at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $12.75, for a total transaction of $107,635.50. Following the completion of the transaction, the director now directly owns 16,535 shares of the company’s stock, valued at approximately $210,821.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of Freshworks stock in a transaction on Friday, May 10th. The shares were sold at an average price of $13.74, for a total transaction of $96,564.72. Following the sale, the director now owns 19,991 shares of the company’s stock, valued at approximately $274,676.34. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $12.75, for a total transaction of $107,635.50. Following the sale, the director now directly owns 16,535 shares in the company, valued at approximately $210,821.25. The disclosure for this sale can be found here. Insiders sold 34,296 shares of company stock valued at $443,630 in the last three months. 19.15% of the stock is owned by insiders.

Freshworks Stock Performance

FRSH stock traded down $0.10 during mid-day trading on Friday, reaching $13.09. 1,559,388 shares of the stock traded hands, compared to its average volume of 2,149,332. Freshworks Inc. has a one year low of $11.90 and a one year high of $24.98. The stock has a market capitalization of $3.91 billion, a PE ratio of -32.72 and a beta of 0.74. The business has a 50-day moving average price of $12.96 and a two-hundred day moving average price of $17.23.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. The business had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $163.53 million. On average, equities analysts expect that Freshworks Inc. will post -0.34 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FRSH has been the topic of several recent analyst reports. Needham & Company LLC reduced their price objective on shares of Freshworks from $30.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. Robert W. Baird cut shares of Freshworks from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $28.00 to $16.00 in a research report on Thursday, May 2nd. Cantor Fitzgerald reduced their price target on shares of Freshworks from $25.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. Canaccord Genuity Group reduced their price target on shares of Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Finally, Oppenheimer cut shares of Freshworks from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.53.

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.