83,075 Shares in Freshworks Inc. $FRSH Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• The Virginia Retirement Systems ET Al purchased 83,075 shares of Freshworks Inc. (NASDAQ: FRSH) valued at approximately $1.24 million in the second quarter.
• Freshworks reported a revenue of $204.68 million for the latest quarter, but had a negative net margin of 7.02% and is projected to post -0.19 earnings per share for the current fiscal year.
• Currently, approximately 75.58% of Freshworks' stock is owned by institutional investors and hedge funds, indicating strong interest from large investors.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Freshworks Inc. (NASDAQ:FRSH - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 83,075 shares of the company's stock, valued at approximately $1,239,000.

Other hedge funds have also bought and sold shares of the company. DekaBank Deutsche Girozentrale grew its stake in Freshworks by 91.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock worth $84,000 after purchasing an additional 2,814 shares in the last quarter. Liberty Mutual Group Asset Management Inc. bought a new position in Freshworks in the first quarter worth about $106,000. US Bancorp DE lifted its holdings in Freshworks by 671.4% in the first quarter. US Bancorp DE now owns 8,331 shares of the company's stock worth $118,000 after acquiring an additional 7,251 shares during the last quarter. Perbak Capital Partners LLP bought a new position in Freshworks in the first quarter worth about $147,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Freshworks in the first quarter worth about $155,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Freshworks Price Performance

NASDAQ FRSH opened at $11.42 on Friday. Freshworks Inc. has a 12 month low of $10.76 and a 12 month high of $19.77. The firm has a market capitalization of $3.33 billion, a PE ratio of -63.44 and a beta of 0.91. The company's 50 day simple moving average is $12.41 and its 200 day simple moving average is $13.63.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its quarterly earnings data on Thursday, September 11th. The company reported $0.18 EPS for the quarter. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The business had revenue of $204.68 million for the quarter. Sell-side analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FRSH has been the topic of a number of recent research reports. Weiss Ratings reissued a "sell (e+)" rating on shares of Freshworks in a report on Wednesday, October 8th. Robert W. Baird cut their target price on shares of Freshworks from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Monday, September 15th. Wells Fargo & Company initiated coverage on shares of Freshworks in a report on Tuesday, September 30th. They issued an "equal weight" rating and a $13.00 target price on the stock. Zacks Research raised shares of Freshworks from a "hold" rating to a "strong-buy" rating in a report on Monday, September 29th. Finally, Wall Street Zen cut shares of Freshworks from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Freshworks has an average rating of "Moderate Buy" and a consensus price target of $20.07.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 4,690 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $12.53, for a total transaction of $58,765.70. Following the transaction, the director owned 44,218 shares in the company, valued at $554,051.54. This trade represents a 9.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $13.14, for a total transaction of $110,809.62. Following the transaction, the director owned 38,870 shares in the company, valued at $510,751.80. This represents a 17.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 41,329 shares of company stock worth $534,620 over the last ninety days. Insiders own 11.17% of the company's stock.

Freshworks Company 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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