Ameriprise Financial Inc. Acquires 95,463 Shares of Freshworks Inc. (NASDAQ:FRSH)

Ameriprise Financial Inc. grew its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 34.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 369,370 shares of the company's stock after buying an additional 95,463 shares during the quarter. Ameriprise Financial Inc. owned 0.12% of Freshworks worth $5,973,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of FRSH. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Freshworks during the fourth quarter valued at approximately $61,530,000. Norges Bank acquired a new position in shares of Freshworks during the fourth quarter valued at $57,527,000. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Freshworks during the fourth quarter valued at $49,946,000. Topline Capital Management LLC acquired a new position in shares of Freshworks during the fourth quarter valued at $27,166,000. Finally, Vanguard Group Inc. raised its stake in shares of Freshworks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock valued at $405,283,000 after purchasing an additional 1,357,526 shares in the last quarter. Hedge funds and other institutional investors own 75.58% of the company's stock.

Freshworks Stock Down 0.3%

Shares of FRSH traded down $0.04 during trading hours on Thursday, hitting $14.99. 2,125,022 shares of the company were exchanged, compared to its average volume of 3,286,800. The company has a market cap of $4.42 billion, a price-to-earnings ratio of -46.84 and a beta of 0.97. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The firm's fifty day moving average is $14.04 and its 200 day moving average is $15.71.

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

Insider Activity at Freshworks

In related news, insider Mika Yamamoto sold 3,574 shares of Freshworks stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total transaction of $50,750.80. Following the sale, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $15.41, for a total value of $72,195.85. Following the completion of the sale, the director now owns 37,895 shares in the company, valued at approximately $583,961.95. The trade was a 11.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,421 shares of company stock valued at $603,164 over the last 90 days. Insiders own 11.17% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on FRSH shares. Robert W. Baird set a $18.00 price objective on shares of Freshworks 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 on the stock in a report on Monday, March 31st. Wells Fargo & Company boosted their price target on Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a research note on Wednesday, April 30th. Canaccord Genuity Group upped their target price on Freshworks from $19.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Finally, Cantor Fitzgerald increased their price objective on Freshworks from $18.00 to $22.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Freshworks currently has an average rating of "Moderate Buy" and an average price target of $20.21.

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.