Comerica Bank Purchases 83,389 Shares of Freshworks Inc. (NASDAQ:FRSH)

Comerica Bank lifted its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 8,787.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 84,338 shares of the company's stock after acquiring an additional 83,389 shares during the period. Comerica Bank's holdings in Freshworks were worth $1,364,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. PDT Partners LLC acquired a new position in shares of Freshworks in the fourth quarter valued at $566,000. Northern Trust Corp grew its position in Freshworks by 10.5% in the fourth quarter. Northern Trust Corp now owns 2,039,458 shares of the company's stock valued at $32,978,000 after acquiring an additional 193,322 shares during the period. Tudor Investment Corp ET AL acquired a new position in Freshworks during the fourth quarter worth $7,619,000. Quarry LP lifted its holdings in shares of Freshworks by 47.8% during the fourth quarter. Quarry LP now owns 5,410 shares of the company's stock valued at $87,000 after acquiring an additional 1,750 shares during the period. Finally, Parallax Volatility Advisers L.P. acquired a new stake in shares of Freshworks in the 4th quarter valued at $942,000. Institutional investors own 75.58% of the company's stock.

Analyst Upgrades and Downgrades

FRSH has been the subject of several analyst reports. Piper Sandler reissued an "overweight" rating and set a $22.00 price target (up from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. Morgan Stanley raised their price target on Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a report on Thursday, May 1st. Cantor Fitzgerald boosted their price objective on Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Robert W. Baird set a $18.00 price objective on shares of Freshworks in a research report on Wednesday, February 12th. Finally, Barclays raised their price target on Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $20.21.

Freshworks Trading Down 1.5%

Shares of Freshworks stock traded down $0.24 during trading on Wednesday, reaching $15.74. The stock had a trading volume of 2,004,050 shares, compared to its average volume of 3,276,750. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of -49.19 and a beta of 0.97. The stock has a fifty day moving average price of $14.10 and a two-hundred day moving average price of $15.59. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $191.90 million. During the same quarter last year, the firm earned $0.10 earnings per share. The firm's revenue for the quarter was up 18.9% compared to the same quarter last year. On average, equities analysts forecast that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Johanna Flower sold 1,450 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $18.01, for a total transaction of $26,114.50. Following the sale, the director now owns 41,491 shares in the company, valued at approximately $747,252.91. This trade represents a 3.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director now owns 24,187 shares in the company, valued at approximately $404,406.64. The trade was a 25.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 40,871 shares of company stock worth $629,278 in the last quarter. 19.15% of the stock is currently owned by corporate insiders.

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.