MetLife Investment Management LLC Increases Stock Holdings in Freshworks Inc. (NASDAQ:FRSH)

MetLife Investment Management LLC lifted its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 6.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 125,893 shares of the company’s stock after buying an additional 7,806 shares during the period. MetLife Investment Management LLC’s holdings in Freshworks were worth $2,036,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Freshworks during the fourth quarter worth $170,000. First Trust Advisors LP bought a new stake in Freshworks during the fourth quarter worth $2,045,000. Canada Pension Plan Investment Board lifted its holdings in Freshworks by 273.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 352,900 shares of the company’s stock worth $5,706,000 after acquiring an additional 258,300 shares during the period. Marshall Wace LLP lifted its holdings in Freshworks by 5,065.5% during the fourth quarter. Marshall Wace LLP now owns 816,978 shares of the company’s stock worth $13,211,000 after acquiring an additional 801,162 shares during the period. Finally, AlpInvest Partners B.V. lifted its holdings in Freshworks by 3.7% during the fourth quarter. AlpInvest Partners B.V. now owns 72,515 shares of the company’s stock worth $1,173,000 after acquiring an additional 2,601 shares during the period. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FRSH. JMP Securities set a $27.00 price objective on Freshworks in a research note on Wednesday, February 12th. Piper Sandler cut their target price on shares of Freshworks from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. UBS Group set a $22.00 target price on shares of Freshworks in a research report on Thursday, February 6th. Needham & Company LLC reiterated a “buy” rating and set a $25.00 target price on shares of Freshworks in a research report on Monday, March 17th. Finally, Scotiabank cut their target price on shares of Freshworks from $19.00 to $14.00 and set a “sector perform” rating for the company in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and an average target price of $19.64.

Insiders Place Their Bets

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the transaction, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $442,622.10. This trade represents a 25.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mika Yamamoto sold 3,574 shares of Freshworks stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total transaction of $50,750.80. Following the transaction, the insider now directly owns 611,604 shares in the company, valued at $8,684,776.80. This trade represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,177 shares of company stock valued at $498,042. 19.15% of the stock is currently owned by corporate insiders.

Freshworks Price Performance

Shares of FRSH opened at $14.13 on Tuesday. The firm’s 50 day simple moving average is $14.58 and its 200 day simple moving average is $15.36. The company has a market capitalization of $4.26 billion, a P/E ratio of -44.16 and a beta of 0.98. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share 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, equities 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.