Vanguard Group Inc. Has $405.28 Million Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Vanguard Group Inc. boosted its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 5.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,063,879 shares of the company’s stock after buying an additional 1,357,526 shares during the period. Vanguard Group Inc. owned about 8.28% of Freshworks worth $405,283,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FRSH. JPMorgan Chase & Co. raised its holdings in shares of Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after acquiring an additional 1,752,995 shares during the period. State Street Corp raised its stake in Freshworks by 7.1% during the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after purchasing an additional 313,982 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Freshworks by 1.5% in the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock valued at $52,750,000 after purchasing an additional 66,342 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after buying an additional 604,658 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Freshworks by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,609,957 shares of the company’s stock valued at $26,033,000 after buying an additional 53,185 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Price Performance

Shares of NASDAQ:FRSH opened at $14.59 on Thursday. The stock has a market capitalization of $4.40 billion, a P/E ratio of -45.59 and a beta of 0.92. The business has a 50-day moving average of $16.73 and a two-hundred day moving average of $15.15. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. As a group, research analysts expect that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Morgan Stanley increased their price objective on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Piper Sandler increased their price target on shares of Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Needham & Company LLC restated a “buy” rating and set a $25.00 price target on shares of Freshworks in a report on Monday, March 17th. Scotiabank upped their price objective on shares of Freshworks from $17.00 to $19.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Finally, Canaccord Genuity Group lifted their target price on shares of Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and a consensus price target of $21.14.

Insider Activity at Freshworks

In related news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the sale, the director now owns 24,187 shares in the company, valued at $442,622.10. This represents a 25.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.74, for a total value of $47,859.66. Following the completion of the transaction, the insider now directly owns 615,893 shares in the company, valued at approximately $10,310,048.82. This represents a 0.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,688 shares of company stock worth $905,061. 19.15% of the stock is owned by insiders.

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.