Freshworks Inc. (NASDAQ:FRSH) Shares Bought by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. grew its holdings in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 625.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,631,949 shares of the company's stock after purchasing an additional 1,407,033 shares during the period. D. E. Shaw & Co. Inc. owned about 0.54% of Freshworks worth $26,389,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Smith Group Asset Management LLC purchased a new stake in shares of Freshworks during the fourth quarter worth approximately $589,000. Barclays PLC boosted its holdings in Freshworks by 33.4% in the third quarter. Barclays PLC now owns 337,621 shares of the company's stock valued at $3,875,000 after purchasing an additional 84,568 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Freshworks in the fourth quarter valued at approximately $20,666,000. Lisanti Capital Growth LLC acquired a new position in Freshworks in the fourth quarter valued at approximately $2,290,000. Finally, Ceera Investments LLC boosted its holdings in Freshworks by 1,261.7% in the fourth quarter. Ceera Investments LLC now owns 455,420 shares of the company's stock valued at $7,364,000 after purchasing an additional 421,975 shares in the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Freshworks Price Performance

NASDAQ FRSH traded down $0.26 on Thursday, reaching $15.48. The company had a trading volume of 1,582,174 shares, compared to its average volume of 3,275,044. The firm has a market capitalization of $4.57 billion, a PE ratio of -48.38 and a beta of 0.97. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77. The firm has a 50-day moving average of $14.10 and a 200-day moving average of $15.59.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FRSH shares. UBS Group decreased their price objective on Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and issued a $22.00 price objective (up from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. Cantor Fitzgerald increased their price objective on Freshworks from $18.00 to $22.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Morgan Stanley increased 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, JMP Securities reissued a "market outperform" rating and issued a $27.00 price objective on shares of Freshworks in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Freshworks currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.21.

Insider Activity at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.72, for a total value of $140,999.76. Following the sale, the director now directly owns 24,187 shares of the company's stock, valued at $404,406.64. This represents a 25.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Johanna Flower sold 1,450 shares of the company's 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 sale, the director now directly owns 41,491 shares in the company, valued at approximately $747,252.91. This represents a 3.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 40,871 shares of company stock valued at $629,278 over the last ninety days. Corporate insiders own 19.15% of the company's stock.

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.