Jupiter Asset Management Ltd. Invests $1.83 Million in Freshworks Inc. $FRSH

Jupiter Asset Management Ltd. purchased a new stake in shares of Freshworks Inc. (NASDAQ:FRSH) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 122,566 shares of the company’s stock, valued at approximately $1,827,000.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP bought a new stake in shares of Freshworks in the first quarter valued at about $48,813,000. Nuveen LLC bought a new position in shares of Freshworks during the 1st quarter worth approximately $35,129,000. Driehaus Capital Management LLC acquired a new stake in Freshworks in the 1st quarter valued at $34,231,000. Vanguard Group Inc. grew its position in Freshworks by 4.5% in the first quarter. Vanguard Group Inc. now owns 26,189,892 shares of the company’s stock valued at $369,539,000 after acquiring an additional 1,126,013 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its position in Freshworks by 27.9% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 3,951,115 shares of the company’s stock valued at $55,750,000 after acquiring an additional 862,315 shares during the period. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Mika Yamamoto sold 4,289 shares of Freshworks stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $13.18, for a total transaction of $56,529.02. Following the transaction, the insider directly owned 533,993 shares of the company’s stock, valued at $7,038,027.74. This trade represents a 0.80% 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, CAO Philippa Lawrence sold 2,590 shares of Freshworks stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $12.53, for a total value of $32,452.70. Following the transaction, the chief accounting officer owned 415,949 shares in the company, valued at approximately $5,211,840.97. This represents a 0.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 23,138 shares of company stock valued at $300,202 in the last ninety days. 11.17% of the stock is currently owned by insiders.

Freshworks Stock Performance

NASDAQ FRSH opened at $11.91 on Friday. The stock has a market capitalization of $3.47 billion, a P/E ratio of -119.09 and a beta of 0.90. Freshworks Inc. has a 52 week low of $10.51 and a 52 week high of $19.77. The stock has a fifty day moving average of $11.79 and a 200-day moving average of $13.48.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. The business had revenue of $204.68 million for the quarter. Freshworks had a negative return on equity of 0.37% and a negative net margin of 3.65%. Equities research analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on FRSH shares. Piper Sandler reduced their target price on shares of Freshworks from $25.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, November 7th. Needham & Company LLC reissued a “buy” rating and set a $25.00 price target on shares of Freshworks in a report on Friday, September 12th. Morgan Stanley decreased their price objective on shares of Freshworks from $18.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Friday, September 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Freshworks in a research note on Wednesday, October 8th. Finally, Robert W. Baird decreased their price target on Freshworks from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, September 15th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $19.38.

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.