989,496 Shares in Freshworks Inc. (NASDAQ:FRSH) Acquired by Artisan Partners Limited Partnership

Artisan Partners Limited Partnership acquired a new stake in Freshworks Inc. (NASDAQ:FRSH) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 989,496 shares of the company’s stock, valued at approximately $16,000,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its stake in shares of Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after acquiring an additional 954 shares during the last quarter. Versor Investments LP increased its position in Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after purchasing an additional 1,000 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Freshworks by 2.2% during the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock worth $836,000 after purchasing an additional 1,103 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Freshworks by 10.2% during the 4th quarter. Xponance Inc. now owns 14,847 shares of the company’s stock valued at $240,000 after buying an additional 1,369 shares during the last quarter. Finally, Avion Wealth bought a new stake in shares of Freshworks in the 4th quarter valued at approximately $26,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Wells Fargo & Company lowered shares of Freshworks from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $16.00 to $13.00 in a research report on Tuesday, January 21st. StockNews.com raised shares of Freshworks from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Cantor Fitzgerald increased their target price on shares of Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. UBS Group set a $22.00 target price on Freshworks in a report on Thursday, February 6th. Finally, Piper Sandler upped their price target on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $21.14.

Freshworks Trading Down 4.2 %

Shares of FRSH stock opened at $14.53 on Friday. The firm has a market capitalization of $4.38 billion, a P/E ratio of -45.41 and a beta of 0.92. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77. The firm’s fifty day simple moving average is $16.92 and its 200 day simple moving average is $15.05.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. Equities research analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Johanna Flower sold 1,450 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $18.01, for a total value of $26,114.50. Following the completion of the transaction, the director now directly owns 41,491 shares in the company, valued at approximately $747,252.91. This represents a 3.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.74, for a total transaction of $47,859.66. Following the sale, the insider now owns 615,893 shares in the company, valued at $10,310,048.82. This represents a 0.46 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,200 shares of company stock worth $1,073,021. 19.15% of the stock is currently owned by company insiders.

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.