Allianz Asset Management GmbH Grows Stock Holdings in Freshworks Inc. (NASDAQ:FRSH)

Key Points

• Allianz Asset Management GmbH boosted its stake in Freshworks Inc. by 20%, acquiring an additional 41,878 shares, bringing its total holdings to 251,271 shares, valued at approximately $3.5 million.
• Institutional investors collectively own 75.58% of Freshworks stock, indicating significant interest and support from large financial firms.
• Freshworks reported a 19.6% increase in revenue year-over-year, with quarterly earnings of $0.18 per share, exceeding analysts' expectations of $0.12.

Allianz Asset Management GmbH raised its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 20.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 251,271 shares of the company's stock after purchasing an additional 41,878 shares during the period. Allianz Asset Management GmbH owned 0.08% of Freshworks worth $3,545,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Eminence Capital LP purchased a new position in Freshworks in the fourth quarter worth $86,002,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Freshworks during the 4th quarter worth $61,530,000. Norges Bank purchased a new position in shares of Freshworks in the 4th quarter worth about $57,527,000. Fuller & Thaler Asset Management Inc. bought a new position in Freshworks during the fourth quarter valued at about $49,946,000. Finally, Topline Capital Management LLC purchased a new stake in Freshworks during the fourth quarter worth about $27,166,000. Institutional investors and hedge funds own 75.58% of the company's stock.

Freshworks Trading Down 2.4%

Shares of FRSH traded down $0.31 during mid-day trading on Friday, reaching $12.68. The company's stock had a trading volume of 7,737,112 shares, compared to its average volume of 5,189,084. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77. The company's fifty day moving average price is $14.79 and its two-hundred day moving average price is $15.29. The stock has a market cap of $3.74 billion, a PE ratio of -70.44 and a beta of 0.95.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.06. 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 during the quarter, compared to analysts' expectations of $198.85 million. During the same quarter in the prior year, the company posted $0.08 EPS. The firm's revenue for the quarter was up 19.6% compared to the same quarter last year. Research analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FRSH shares. Piper Sandler set a $25.00 price target on shares of Freshworks and gave the stock an "overweight" rating in a report on Wednesday. Oppenheimer dropped their price target on Freshworks from $24.00 to $19.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Wells Fargo & Company lifted their price objective on Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a report on Wednesday, April 30th. UBS Group cut their target price on shares of Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Finally, Cantor Fitzgerald raised shares of Freshworks to an "overweight" rating and set a $20.00 price target on the stock in a research report on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.29.

Insiders Place Their Bets

In other news, Director Johanna Flower sold 8,000 shares of Freshworks stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $14.80, for a total transaction of $118,400.00. Following the sale, the director owned 48,094 shares of the company's stock, valued at approximately $711,791.20. The trade was a 14.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the company's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $14.27, for a total value of $66,854.95. Following the transaction, the director owned 44,218 shares in the company, valued at $630,990.86. This trade represents a 9.58% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 197,642 shares of company stock worth $3,095,380. Insiders own 11.17% of the company's stock.

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.