Freshworks Inc. (NASDAQ:FRSH) Shares Bought by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D boosted its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 12.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 128,400 shares of the company’s stock after acquiring an additional 14,266 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Freshworks were worth $3,016,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Freshworks by 14.6% during the third quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock worth $369,134,000 after acquiring an additional 2,363,550 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Freshworks in the third quarter valued at approximately $2,445,000. Ninety One North America Inc. acquired a new position in shares of Freshworks in the fourth quarter valued at approximately $15,405,000. Neo Ivy Capital Management acquired a new position in shares of Freshworks in the third quarter valued at approximately $81,000. Finally, Calamos Advisors LLC raised its position in shares of Freshworks by 39.7% in the fourth quarter. Calamos Advisors LLC now owns 36,804 shares of the company’s stock valued at $865,000 after buying an additional 10,465 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FRSH. Piper Sandler boosted their price objective on shares of Freshworks from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Morgan Stanley cut 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 report on Wednesday, April 17th. JMP Securities boosted their price objective on shares of Freshworks from $25.00 to $29.00 and gave the company a “market outperform” rating in a research report on Wednesday, February 7th. Wolfe Research raised shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target for the company in a research report on Tuesday, February 20th. Finally, Jefferies Financial Group raised 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. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and an average price target of $25.29.

Freshworks Trading Down 0.6 %

FRSH opened at $18.44 on Friday. Freshworks Inc. has a 52-week low of $12.22 and a 52-week high of $24.98. The company has a 50 day moving average of $18.68 and a two-hundred day moving average of $20.04.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $158.11 million. On average, research analysts expect that Freshworks Inc. will post -0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other Freshworks news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the business’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Roxanne S. Austin sold 6,303 shares of the company’s stock in a transaction 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 directly owns 88,431 shares in the company, valued at $1,904,803.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the company’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 disclosure for this sale can be found here. Insiders sold a total of 460,792 shares of company stock worth $9,408,403 over the last ninety days. 26.66% of the stock is owned by company insiders.

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.