Algert Global LLC Increases Position in Freshworks Inc. (NASDAQ:FRSH)

Algert Global LLC increased its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 722.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 609,610 shares of the company's stock after purchasing an additional 535,481 shares during the quarter. Algert Global LLC owned approximately 0.20% of Freshworks worth $9,857,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Avion Wealth acquired a new position in shares of Freshworks during the fourth quarter worth $26,000. Blue Trust Inc. grew its stake in Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock worth $63,000 after buying an additional 954 shares during the last quarter. National Bank of Canada FI increased its position in Freshworks by 1,385.8% during the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock valued at $64,000 after buying an additional 3,700 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock valued at $71,000 after buying an additional 2,223 shares during the last quarter. Finally, Covestor Ltd raised its stake in Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock valued at $76,000 after buying an additional 1,087 shares during the last quarter. Institutional investors own 75.58% of the company's stock.

Freshworks Stock Up 1.5 %

Freshworks stock opened at $14.70 on Friday. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of -45.94 and a beta of 0.98. The business's 50-day moving average price is $14.35 and its 200 day moving average price is $15.42.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $196.27 million during the quarter, compared to analyst estimates of $191.90 million. During the same period in the previous year, the firm earned $0.10 EPS. The business's quarterly revenue was up 18.9% on a year-over-year basis. Equities analysts expect that Freshworks Inc. will post -0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. JMP Securities restated a "market outperform" rating and set a $27.00 price objective on shares of Freshworks in a report on Wednesday. UBS Group cut their price target on shares of Freshworks from $22.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday. Robert W. Baird set a $18.00 price objective on shares of Freshworks in a research note on Wednesday, February 12th. Morgan Stanley upped their target price on Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a research report on Thursday. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $22.00 price target (up previously from $20.00) on shares of Freshworks in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Freshworks presently has a consensus rating of "Moderate Buy" and an average target price of $20.21.

Insiders Place Their Bets

In related news, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the completion of the transaction, the director now owns 24,187 shares in the company, valued at $442,622.10. The trade was a 25.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mika Yamamoto sold 3,574 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total value of $50,750.80. Following the transaction, the insider now owns 611,604 shares in the company, valued at $8,684,776.80. This represents a 0.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,177 shares of company stock worth $498,042. Company insiders own 19.15% of the company's stock.

Freshworks Company 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.

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