Algert Global LLC Acquires 535,481 Shares of Freshworks Inc. (NASDAQ:FRSH)

Algert Global LLC boosted its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 722.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 609,610 shares of the company's stock after acquiring an additional 535,481 shares during the quarter. Algert Global LLC owned 0.20% of Freshworks worth $9,857,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Freshworks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock worth $405,283,000 after purchasing an additional 1,357,526 shares during the last quarter. JPMorgan Chase & Co. lifted 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 purchasing an additional 1,752,995 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Freshworks by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company's stock worth $75,588,000 after buying an additional 79,388 shares during the last quarter. Franklin Resources Inc. raised its stake in 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 buying an additional 604,658 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Freshworks in the fourth quarter worth $61,530,000. 75.58% of the stock is currently owned by institutional investors.

Freshworks Stock Down 1.7 %

FRSH traded down $0.25 during midday trading on Friday, reaching $14.48. 941,386 shares of the company's stock were exchanged, compared to its average volume of 3,269,891. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77. The firm has a market capitalization of $4.37 billion, a price-to-earnings ratio of -45.25 and a beta of 0.97. The business has a 50-day simple moving average of $14.15 and a two-hundred day simple moving average of $15.48.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.05. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The business had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. During the same period last year, the business posted $0.10 earnings per share. The firm's quarterly revenue was up 18.9% on a year-over-year basis. As a group, research analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FRSH has been the subject of several recent analyst reports. Needham & Company LLC restated a "buy" rating and issued a $25.00 price target on shares of Freshworks in a research note on Monday, March 17th. JMP Securities restated a "market outperform" rating and issued a $27.00 price target on shares of Freshworks in a research report on Wednesday, April 30th. Cantor Fitzgerald lifted their target price on Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Morgan Stanley lifted their price objective on Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a report on Thursday, May 1st. Finally, Scotiabank boosted their price target on Freshworks from $14.00 to $18.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Freshworks currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.21.

Insider Transactions at Freshworks

In related news, Director Johanna Flower sold 1,450 shares of Freshworks stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $18.01, for a total value of $26,114.50. Following the completion of the transaction, the director now directly owns 41,491 shares in the company, valued at approximately $747,252.91. The trade was a 3.38 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.72, for a total transaction of $140,999.76. Following the transaction, the director now owns 24,187 shares of the company's stock, valued at $404,406.64. This trade represents a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,883 shares of company stock worth $464,113. Insiders own 19.15% of the company's stock.

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.