State of New Jersey Common Pension Fund D Buys 27,139 Shares of Freshworks Inc. (NASDAQ:FRSH)

State of New Jersey Common Pension Fund D grew its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 19.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 163,392 shares of the company’s stock after buying an additional 27,139 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.05% of Freshworks worth $1,876,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in FRSH. Blue Trust Inc. raised its holdings in Freshworks by 1,987.3% in the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after acquiring an additional 2,822 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of Freshworks by 34.2% in the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after purchasing an additional 757 shares in the last quarter. CWM LLC boosted its stake in Freshworks by 554.5% during the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after buying an additional 2,878 shares in the last quarter. Covestor Ltd increased its holdings in Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after buying an additional 1,704 shares during the period. Finally, Quarry LP increased its holdings in Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock valued at $55,000 after buying an additional 2,645 shares during the period. Institutional investors own 75.58% of the company’s stock.

Freshworks Trading Down 4.6 %

Shares of NASDAQ FRSH opened at $15.01 on Tuesday. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $24.98. The company has a 50-day moving average of $12.13 and a two-hundred day moving average of $12.46. The company has a market cap of $4.53 billion, a PE ratio of -44.15 and a beta of 0.72.

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total value of $93,199.68. Following the transaction, the director now owns 23,497 shares of the company’s stock, valued at approximately $259,406.88. This trade represents a 26.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total transaction of $52,331.45. Following the sale, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. This trade represents a 11.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,463 shares of company stock valued at $406,714 over the last quarter. Corporate insiders own 19.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on FRSH shares. JMP Securities lifted their target price on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Wells Fargo & Company lifted their price objective on Freshworks from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Canaccord Genuity Group raised their target price on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research note on Thursday, November 7th. Finally, Piper Sandler increased their price objective on Freshworks from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.69.

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.