Freshworks Inc. (NASDAQ:FRSH) Shares Bought by Allianz Asset Management GmbH

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 position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 20.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 251,271 shares of the company's stock after buying an additional 41,878 shares during the quarter. Allianz Asset Management GmbH owned about 0.08% of Freshworks worth $3,545,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in shares of Freshworks by 2,786.7% in the 1st quarter. Principal Financial Group Inc. now owns 512,875 shares of the company's stock worth $7,237,000 after purchasing an additional 495,108 shares during the last quarter. Deutsche Bank AG raised its position in shares of Freshworks by 15.8% in the 4th quarter. Deutsche Bank AG now owns 513,810 shares of the company's stock worth $8,308,000 after purchasing an additional 70,001 shares during the last quarter. WCM Investment Management LLC purchased a new position in shares of Freshworks in the 1st quarter worth about $13,426,000. New York State Common Retirement Fund raised its position in shares of Freshworks by 75.8% in the 1st quarter. New York State Common Retirement Fund now owns 489,511 shares of the company's stock worth $6,907,000 after purchasing an additional 211,102 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in shares of Freshworks by 48.9% in the 4th quarter. ProShare Advisors LLC now owns 58,200 shares of the company's stock worth $941,000 after purchasing an additional 19,125 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald raised Freshworks to an "overweight" rating and set a $20.00 price target for the company in a research report on Tuesday, June 3rd. Morgan Stanley lifted their price objective on Freshworks from $14.00 to $18.00 and gave the stock an "equal weight" rating in a report on Thursday, May 1st. Wall Street Zen upgraded Freshworks from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. 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. Finally, Oppenheimer reduced their price objective on Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Freshworks currently has an average rating of "Moderate Buy" and a consensus target price of $20.29.

Freshworks Stock Performance

Freshworks stock traded down $0.31 during mid-day trading on Friday, hitting $12.68. The company's stock had a trading volume of 7,737,112 shares, compared to its average volume of 3,622,111. The company has a 50 day moving average of $14.82 and a 200-day moving average of $15.32. The stock has a market cap of $3.74 billion, a PE ratio of -70.44 and a beta of 0.95. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping 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 company had revenue of $204.68 million for the quarter, compared to analysts' expectations of $198.85 million. During the same period in the prior year, the business earned $0.08 EPS. The firm's quarterly revenue was up 19.6% on a year-over-year basis. On average, equities research analysts forecast that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Insider Activity at Freshworks

In other Freshworks news, insider Mika Yamamoto sold 4,289 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $15.05, for a total value of $64,549.45. Following the completion of the transaction, the insider directly owned 570,487 shares in the company, valued at approximately $8,585,829.35. The trade was a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $14.80, for a total transaction of $124,808.40. Following the completion of the transaction, the director owned 38,870 shares of the company's stock, valued at $575,276. This represents a 17.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 197,642 shares of company stock valued at $3,095,380 over the last 90 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.