Jasper Ridge Partners L.P. Increases Stock Holdings in Freshworks Inc. (NASDAQ:FRSH)

Jasper Ridge Partners L.P. increased its holdings in Freshworks Inc. (NASDAQ:FRSH) by 39.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 42,719 shares of the company’s stock after purchasing an additional 12,180 shares during the quarter. Jasper Ridge Partners L.P.’s holdings in Freshworks were worth $691,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Freshworks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock worth $405,283,000 after acquiring an additional 1,357,526 shares during the last quarter. Eminence Capital LP acquired a new position in shares of Freshworks during the 4th quarter worth approximately $86,002,000. Geode Capital Management LLC lifted its stake in Freshworks by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company’s stock valued at $75,588,000 after buying an additional 79,388 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Freshworks during the 4th quarter valued at $61,530,000. Finally, Norges Bank purchased a new position in Freshworks during the fourth quarter worth $57,527,000. 75.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Scotiabank upped their price objective on Freshworks from $14.00 to $18.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 30th. Jefferies Financial Group decreased their price target on shares of Freshworks from $22.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. Oppenheimer lowered their price target on shares of Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. Cantor Fitzgerald upped their price objective on shares of Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Morgan Stanley lifted their target price on shares of Freshworks from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and a consensus target price of $20.21.

Freshworks Trading Down 1.2 %

Shares of Freshworks stock opened at $14.56 on Friday. The business’s fifty day moving average price is $14.12 and its 200 day moving average price is $15.54. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The stock has a market capitalization of $4.30 billion, a P/E ratio of -45.50 and a beta of 0.97.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.05. The business had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The company’s revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.10 EPS. As a group, sell-side analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

Insiders Place Their Bets

In other news, Director Johanna Flower sold 1,450 shares of the stock in a transaction dated 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 sale, the director now owns 41,491 shares in the company, valued at approximately $747,252.91. This trade represents a 3.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.72, for a total value of $140,999.76. Following the transaction, the director now directly owns 24,187 shares in the company, valued at $404,406.64. This trade represents a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,883 shares of company stock worth $464,113 over the last ninety days. 19.15% of the stock is 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.