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

Ameriprise Financial Inc. grew its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 34.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 369,370 shares of the company's stock after acquiring an additional 95,463 shares during the period. Ameriprise Financial Inc. owned 0.12% of Freshworks worth $5,973,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Algert Global LLC grew its stake in Freshworks by 722.4% in the fourth quarter. Algert Global LLC now owns 609,610 shares of the company's stock valued at $9,857,000 after purchasing an additional 535,481 shares in the last quarter. Al Mehwar Commercial Investments LLC acquired a new position in Freshworks in the fourth quarter worth approximately $266,000. Comerica Bank lifted its stake in Freshworks by 8,787.0% in the fourth quarter. Comerica Bank now owns 84,338 shares of the company's stock valued at $1,364,000 after acquiring an additional 83,389 shares during the last quarter. PDT Partners LLC bought a new stake in Freshworks in the fourth quarter worth approximately $566,000. Finally, Northern Trust Corp grew its position in Freshworks by 10.5% in the fourth quarter. Northern Trust Corp now owns 2,039,458 shares of the company's stock worth $32,978,000 after acquiring an additional 193,322 shares in the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Stock Up 3.3%

Freshworks stock traded up $0.47 during mid-day trading on Tuesday, reaching $14.89. The company had a trading volume of 2,032,589 shares, compared to its average volume of 3,293,223. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of -46.53 and a beta of 0.97. The company has a 50 day moving average of $14.08 and a 200-day moving average of $15.73. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77.

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on FRSH. Cantor Fitzgerald lifted their price objective on shares of Freshworks from $18.00 to $22.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Scotiabank raised their target price on Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a report on Wednesday, April 30th. JMP Securities reaffirmed a "market outperform" rating and issued a $27.00 price target on shares of Freshworks in a research report on Wednesday, April 30th. Barclays increased their price objective on Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group reduced 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.21.

Insiders Place Their Bets

In related news, insider Mika Yamamoto sold 2,859 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.74, for a total value of $47,859.66. Following the completion of the transaction, the insider now directly owns 615,893 shares of the company's stock, valued at $10,310,048.82. This trade represents a 0.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of the business's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $14.75, for a total transaction of $92,969.25. Following the completion of the sale, the director now directly owns 169,586 shares in the company, valued at $2,501,393.50. This trade represents a 3.58% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,421 shares of company stock worth $603,164. 11.17% of the stock is currently owned by company insiders.

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.