Jennison Associates LLC Acquires 2,743 Shares of Freshworks Inc. (NASDAQ:FRSH)

Jennison Associates LLC grew its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 9.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,971 shares of the company’s stock after acquiring an additional 2,743 shares during the quarter. Jennison Associates LLC’s holdings in Freshworks were worth $751,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FRSH. Vanguard Group Inc. raised its holdings in shares of Freshworks by 14.6% during the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after buying an additional 2,363,550 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of Freshworks during the 3rd quarter valued at about $34,644,000. Ninety One UK Ltd purchased a new position in shares of Freshworks during the 4th quarter valued at about $36,303,000. Acadian Asset Management LLC raised its holdings in shares of Freshworks by 511.2% during the 3rd quarter. Acadian Asset Management LLC now owns 1,312,016 shares of the company’s stock valued at $26,118,000 after buying an additional 1,097,369 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of Freshworks by 76.5% during the 3rd quarter. FMR LLC now owns 2,222,907 shares of the company’s stock valued at $44,280,000 after buying an additional 963,426 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Stock Performance

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 stock has a market capitalization of $5.49 billion, a PE ratio of -39.23 and a beta of 0.90. The stock’s 50 day moving average price is $18.68 and its 200-day moving average price is $20.03.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.04. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. The company had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. Research analysts forecast that Freshworks Inc. will post -0.37 EPS for the current fiscal year.

Insider Activity at Freshworks

In related news, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total transaction of $135,766.62. Following the sale, the director now directly owns 88,431 shares in the company, valued at $1,904,803.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $20.22, for a total value of $94,831.80. Following the sale, the director now directly owns 17,387 shares of the company’s stock, valued at $351,565.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the sale, the director now directly owns 88,431 shares in the company, valued at $1,904,803.74. The disclosure for this sale can be found here. Insiders have sold 460,792 shares of company stock worth $9,408,403 over the last ninety days. 26.66% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

FRSH has been the topic of a number of research reports. Jefferies Financial Group raised Freshworks from a “hold” rating to a “buy” rating and raised their price objective for the company from $20.00 to $30.00 in a report on Friday, January 5th. JMP Securities lifted their price target on Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $25.00 price target on shares of Freshworks in a research note on Wednesday, February 7th. Wolfe Research raised Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a research note on Tuesday, February 20th. Finally, Morgan Stanley decreased their price target on Freshworks from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and an average target price of $25.29.

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.