Jennison Associates LLC Has $751,000 Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Jennison Associates LLC lifted its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 9.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,971 shares of the company’s stock after buying an additional 2,743 shares during the quarter. Jennison Associates LLC’s holdings in Freshworks were worth $751,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Freshworks by 14.6% in the third quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock worth $369,134,000 after purchasing an additional 2,363,550 shares during the period. FMR LLC increased its position in shares of Freshworks by 76.5% in the third quarter. FMR LLC now owns 2,222,907 shares of the company’s stock worth $44,280,000 after purchasing an additional 963,426 shares during the period. Clearbridge Investments LLC increased its position in shares of Freshworks by 20.9% in the third quarter. Clearbridge Investments LLC now owns 1,803,628 shares of the company’s stock worth $35,928,000 after purchasing an additional 312,253 shares during the period. Lord Abbett & CO. LLC bought a new position in shares of Freshworks in the third quarter worth $34,644,000. Finally, Northern Trust Corp increased its position in shares of Freshworks by 4.0% in the third quarter. Northern Trust Corp now owns 1,637,507 shares of the company’s stock worth $32,619,000 after purchasing an additional 63,726 shares during the period. Institutional investors own 75.58% of the company’s stock.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the transaction, the director now directly owns 19,991 shares in the company, valued at approximately $361,437.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total value of $127,192.80. Following the transaction, the director now directly owns 19,991 shares in the company, valued at approximately $361,437.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Roxanne S. Austin sold 6,303 shares of the 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 transaction, the director now owns 88,431 shares in the company, valued at $1,904,803.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 460,792 shares of company stock worth $9,408,403. Corporate insiders own 26.66% of the company’s stock.

Freshworks Price Performance

Freshworks stock opened at $18.44 on Friday. The business has a 50 day moving average of $18.68 and a 200-day moving average of $20.03. Freshworks Inc. has a 1 year low of $12.22 and a 1 year high of $24.98. The company has a market capitalization of $5.49 billion, a P/E ratio of -39.23 and a beta of 0.90.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.04. The business had revenue of $160.11 million for the quarter, compared to analysts’ expectations of $158.11 million. Freshworks had a negative return on equity of 12.55% and a negative net margin of 23.04%. Equities analysts anticipate that Freshworks Inc. will post -0.37 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $25.00 price target on shares of Freshworks in a research report on Wednesday, February 7th. Jefferies Financial Group raised Freshworks from a “hold” rating to a “buy” rating and boosted their target price for the stock from $20.00 to $30.00 in a research note on Friday, January 5th. JMP Securities boosted their target price on Freshworks from $25.00 to $29.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 7th. Piper Sandler boosted their target price on Freshworks from $24.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Morgan Stanley lowered their target price on Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and a consensus target price of $25.29.

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.