Eminence Capital LP Acquires New Shares in Freshworks Inc. (NASDAQ:FRSH)

Eminence Capital LP acquired a new stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,318,611 shares of the company's stock, valued at approximately $86,002,000. Eminence Capital LP owned approximately 1.76% of Freshworks as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Barclays PLC raised its position in shares of 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 during the period. Tidal Investments LLC bought a new position in Freshworks in the 3rd quarter worth $534,000. Franklin Resources Inc. raised its holdings in Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock worth $44,934,000 after acquiring an additional 604,658 shares during the period. Everence Capital Management Inc. acquired a new position in Freshworks during the 4th quarter worth $190,000. Finally, Nisa Investment Advisors LLC boosted its holdings in Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock valued at $71,000 after acquiring an additional 2,223 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Price Performance

Shares of FRSH stock opened at $14.28 on Wednesday. The stock's fifty day simple moving average is $14.24 and its 200 day simple moving average is $15.47. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of -44.63 and a beta of 0.97.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.13 by $0.05. The company had revenue of $196.27 million for the quarter, compared to the consensus estimate of $191.90 million. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The firm's revenue for the quarter was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.10 EPS. On average, research analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current year.

Insider Transactions at Freshworks

In other Freshworks news, Director Johanna Flower sold 1,450 shares of the firm's stock in a transaction dated 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 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 can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was 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 in the company, valued at $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. Over the last 90 days, insiders sold 29,883 shares of company stock valued at $467,538. Corporate insiders own 19.15% of the company's stock.

Analysts Set New Price Targets

FRSH has been the subject of several research analyst reports. StockNews.com raised Freshworks from a "hold" rating to a "buy" rating in a research report on Thursday, February 13th. Needham & Company LLC reiterated a "buy" rating and set a $25.00 price target on shares of Freshworks in a report on Monday, March 17th. Robert W. Baird set a $18.00 price objective on shares of Freshworks in a research note on Wednesday, February 12th. Wells Fargo & Company boosted their target price on shares of Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 30th. Finally, Morgan Stanley boosted their price objective on shares of Freshworks from $14.00 to $18.00 and gave the stock an "equal weight" rating in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $20.21.

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.

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