Two Sigma Advisers LP Makes New Investment in Freshworks Inc. (NASDAQ:FRSH)

Two Sigma Advisers LP bought a new stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 429,200 shares of the company's stock, valued at approximately $6,940,000. Two Sigma Advisers LP owned about 0.14% of Freshworks as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Avion Wealth purchased a new stake in Freshworks during the fourth quarter valued at $26,000. Blue Trust Inc. increased its holdings in shares of Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock worth $63,000 after buying an additional 954 shares during the last quarter. National Bank of Canada FI raised its position in shares of Freshworks by 1,385.8% during the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock valued at $64,000 after buying an additional 3,700 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Freshworks by 102.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock valued at $71,000 after buying an additional 2,223 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Freshworks by 30.2% in the 4th quarter. Covestor Ltd now owns 4,686 shares of the company's stock valued at $76,000 after acquiring an additional 1,087 shares during the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FRSH shares. Canaccord Genuity Group boosted their price objective on Freshworks from $19.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. Jefferies Financial Group dropped their target price on Freshworks from $22.00 to $20.00 and set a "hold" rating for the company in a report on Monday, March 31st. Barclays increased 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. JMP Securities reaffirmed a "market outperform" rating and set a $27.00 price objective on shares of Freshworks in a research note on Wednesday, April 30th. Finally, Wells Fargo & Company increased their price objective 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. One 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $20.21.

Freshworks Stock Performance

FRSH traded up $0.47 during trading on Tuesday, hitting $14.89. 2,032,589 shares of the stock were exchanged, compared to its average volume of 3,293,223. The firm has a 50 day simple moving average of $14.08 and a 200 day simple moving average of $15.73. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of -46.53 and a beta of 0.97. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77.

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

Insider Buying and Selling

In other news, insider Mika Yamamoto sold 3,574 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 611,604 shares in the company, valued at approximately $8,684,776.80. This trade represents a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Zachary Nelson sold 8,433 shares of the 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 in the company, valued at $404,406.64. This trade represents a 25.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,421 shares of company stock valued at $603,164 over the last three months. 11.17% of the stock is owned by company 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.