State of New Jersey Common Pension Fund D Decreases Position in Freshworks Inc. (NASDAQ:FRSH)

State of New Jersey Common Pension Fund D lowered its position in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 14.3% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 140,038 shares of the company's stock after selling 23,354 shares during the period. State of New Jersey Common Pension Fund D's holdings in Freshworks were worth $2,264,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in shares of Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock valued at $60,503,000 after buying an additional 1,752,995 shares during the last quarter. M&G PLC acquired a new stake in Freshworks in the 3rd quarter valued at about $9,094,000. Franklin Resources Inc. raised its holdings in Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock valued at $44,934,000 after acquiring an additional 604,658 shares during the last quarter. Invenomic Capital Management LP purchased a new position in Freshworks in the 3rd quarter worth approximately $5,260,000. Finally, State Street Corp boosted its holdings in shares of Freshworks by 7.1% during the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company's stock worth $54,290,000 after purchasing an additional 313,982 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company's stock.

Insider Transactions at Freshworks

In related news, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the completion of the transaction, the director now directly owns 26,957 shares in the company, valued at approximately $466,356.10. This trade represents a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of the company's stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $16.74, for a total value of $78,510.60. Following the sale, the director now owns 36,689 shares in the company, valued at approximately $614,173.86. This trade represents a 11.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,728,661 shares of company stock valued at $27,250,861. 19.15% of the stock is currently owned by corporate insiders.

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Analysts Set New Price Targets

Several research firms recently commented on FRSH. StockNews.com raised Freshworks from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. Morgan Stanley raised their target price on Freshworks from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research note on Monday, January 13th. Barclays boosted their price target on shares of Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 12th. Cantor Fitzgerald raised their price objective on shares of Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Finally, Oppenheimer lifted their target price on shares of Freshworks from $22.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.62.

Freshworks Stock Down 1.1 %

NASDAQ FRSH traded down $0.19 on Tuesday, reaching $17.01. The stock had a trading volume of 2,742,275 shares, compared to its average volume of 4,323,125. The stock has a fifty day moving average price of $17.09 and a two-hundred day moving average price of $14.44. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $20.91. The firm has a market capitalization of $5.15 billion, a price-to-earnings ratio of -53.16 and a beta of 0.91.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. Sell-side analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

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.