Artisan Partners Limited Partnership Invests $16 Million in Freshworks Inc. (NASDAQ:FRSH)

Artisan Partners Limited Partnership acquired a new stake in shares of Freshworks Inc. (NASDAQ:FRSH) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 989,496 shares of the company’s stock, valued at approximately $16,000,000. Artisan Partners Limited Partnership owned about 0.33% of Freshworks as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Freshworks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock valued at $405,283,000 after purchasing an additional 1,357,526 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Freshworks by 49.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after buying an additional 1,752,995 shares during the last quarter. State Street Corp increased its position in Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock worth $54,290,000 after buying an additional 313,982 shares during the period. Geode Capital Management LLC lifted its stake in 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 buying an additional 66,342 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Freshworks by 18.1% during the third 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 period. Institutional investors and hedge funds own 75.58% of the company’s stock.

Analyst Upgrades and Downgrades

FRSH has been the topic of several recent research reports. Robert W. Baird set a $18.00 price objective on shares of Freshworks in a research report on Wednesday, February 12th. UBS Group set a $22.00 price target on Freshworks in a report on Thursday, February 6th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price objective on shares of Freshworks in a report on Monday, March 17th. Oppenheimer lifted their target price on Freshworks from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Finally, Piper Sandler increased their price target on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.14.

Insider Buying and Selling

In related news, insider Mika Yamamoto sold 2,859 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $15.84, for a total value of $45,286.56. Following the completion of the transaction, the insider now owns 400,249 shares of the company’s stock, valued at approximately $6,339,944.16. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total transaction of $133,663.05. Following the sale, the director now directly owns 24,187 shares in the company, valued at approximately $383,363.95. This trade represents a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,200 shares of company stock valued at $1,073,021. 19.15% of the stock is owned by corporate insiders.

Freshworks Price Performance

NASDAQ FRSH opened at $14.53 on Friday. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The company has a market capitalization of $4.38 billion, a P/E ratio of -45.41 and a beta of 0.92. The company’s 50 day simple moving average is $16.92 and its 200 day simple moving average is $15.05.

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

Freshworks 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.