Ensign Peak Advisors Inc Grows Holdings in Freshworks Inc. (NASDAQ:FRSH)

Ensign Peak Advisors Inc increased its holdings in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 81.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 108,972 shares of the company's stock after buying an additional 48,950 shares during the period. Ensign Peak Advisors Inc's holdings in Freshworks were worth $1,762,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Freshworks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock worth $405,283,000 after buying an additional 1,357,526 shares during the period. Eminence Capital LP purchased a new stake in Freshworks during the 4th quarter worth approximately $86,002,000. Geode Capital Management LLC increased its stake in Freshworks by 1.7% during 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 period. Arrowstreet Capital Limited Partnership purchased a new stake in Freshworks during the 4th quarter worth approximately $61,530,000. Finally, Norges Bank purchased a new stake in Freshworks during the 4th quarter worth approximately $57,527,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Oppenheimer cut their target price on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. Wells Fargo & Company boosted their price target on shares of Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a report on Wednesday, April 30th. Robert W. Baird set a $18.00 price target on shares of Freshworks in a report on Wednesday, February 12th. StockNews.com upgraded shares of Freshworks from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. Finally, Morgan Stanley boosted their price target 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $20.21.

Freshworks Trading Down 1.7%

Shares of Freshworks stock opened at $15.48 on Friday. The company has a fifty day simple moving average of $14.11 and a 200-day simple moving average of $15.62. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The stock has a market cap of $4.57 billion, a price-to-earnings ratio of -48.38 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 earnings per share (EPS) 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 business had revenue of $196.27 million during the quarter, compared to analysts' expectations of $191.90 million. During the same quarter in the prior year, the business posted $0.10 EPS. The company's revenue for the quarter was up 18.9% on a year-over-year basis. On average, analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Mika Yamamoto sold 3,574 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $14.20, for a total transaction of $50,750.80. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $15.41, for a total transaction of $72,195.85. Following the sale, the director now owns 37,895 shares of the company's stock, valued at approximately $583,961.95. This represents a 11.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,871 shares of company stock worth $629,278. 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.

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