214,256 Shares of Freshworks Inc. $FRSH Acquired by CenterBook Partners LP

Key Points

• CenterBook Partners LP acquired a new 214,256-share stake in Freshworks during the third quarter, valued at approximately $2.74 million; institutional investors collectively own 75.58% of the company’s shares.
• Freshworks’ latest quarterly results beat estimates, with EPS of $0.22 versus $0.18 expected and revenue up 14.1% year over year to $245.43 million. Shares were reported down 4.6% and opened at $12.11.
• Analysts give Freshworks a consensus “Moderate Buy” rating and an average price target of $15.92, with two Strong Buy, eight Buy, and seven Hold ratings.

CenterBook Partners LP bought a new stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 214,256 shares of the company's stock, valued at approximately $2,740,000. CenterBook Partners LP owned about 0.08% of Freshworks as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nykredit A S purchased a new stake in shares of Freshworks during the 2nd quarter worth approximately $28,000. Provenance Wealth Advisors LLC purchased a new position in Freshworks in the third quarter valued at approximately $28,000. Root Financial Partners LLC purchased a new position in Freshworks in the third quarter valued at approximately $29,000. Summit Securities Group LLC lifted its stake in Freshworks by 186.3% in the first quarter. Summit Securities Group LLC now owns 6,043 shares of the company's stock valued at $49,000 after purchasing an additional 3,932 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in Freshworks by 164.0% in the first quarter. Meeder Asset Management Inc. now owns 6,156 shares of the company's stock valued at $49,000 after purchasing an additional 3,824 shares during the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Freshworks Trading Down 4.6%

FRSH opened at $12.11 on Friday. Freshworks Inc. has a 12 month low of $6.79 and a 12 month high of $15.51. The company has a market cap of $3.16 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 7.34 and a beta of 0.80. The company has a 50 day moving average of $13.45 and a 200 day moving average of $10.50.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its earnings results on Tuesday, November 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.04. The firm had revenue of $245.43 million for the quarter, compared to the consensus estimate of $245.06 million. Freshworks had a return on equity of 8.01% and a net margin of 22.28%. The business's quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.16 earnings per share. Research analysts forecast that Freshworks Inc. will post 0.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FRSH has been the subject of several research reports. Zacks Research raised Freshworks from a "hold" rating to a "strong-buy" rating in a report on Thursday. Needham & Company LLC restated a "buy" rating and issued a $15.00 target price on shares of Freshworks in a research note on Wednesday. Wall Street Zen raised Freshworks from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Robert W. Baird set a $13.00 price target on Freshworks in a research note on Wednesday, August 5th. Finally, Piper Sandler lifted their price objective on Freshworks from $12.00 to $15.00 and gave the stock a "neutral" rating in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Freshworks presently has an average rating of "Moderate Buy" and a consensus target price of $15.92.

Insider Buying and Selling at Freshworks

In related news, CAO Philippa Lawrence sold 52,767 shares of the business's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $13.25, for a total transaction of $699,162.75. Following the sale, the chief accounting officer directly owned 389,296 shares in the company, valued at approximately $5,158,172. The trade was a 11.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 8.54% of the company's stock.

Freshworks Profile

Freshworks Inc NASDAQ: FRSH develops cloud-based customer and employee engagement software for businesses of various sizes. Its products are designed to help organizations manage customer support, IT service operations, sales activities, and marketing workflows through user-friendly, artificial intelligence-enabled applications.

The company's product portfolio includes Freshdesk for customer service and support, Freshservice for IT and enterprise service management, Freshsales for customer relationship management, and Freshmarketer for marketing automation and customer engagement.

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