Blueshift Asset Management LLC Acquires Shares of 21,035 Freshworks Inc. (NASDAQ:FRSH)

Key Points

• Blueshift Asset Management LLC has acquired 21,035 shares of Freshworks Inc., valued at approximately $297,000, during the first quarter of 2023.
• Other institutional investors, including Xponance Inc. and Legato Capital Management LLC, also increased their stakes in Freshworks, reflecting a trend of institutional interest with 75.58% of the shares owned by such investors.
• Analysts are mixed in their outlook for Freshworks, with price target changes ranging from a decrease by UBS Group to an upgrade by Scotiabank, leading to an average target price of $20.29 and a consensus rating of "Moderate Buy."

Blueshift Asset Management LLC bought a new stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 21,035 shares of the company's stock, valued at approximately $297,000.

Other hedge funds also recently added to or reduced their stakes in the company. Sei Investments Co. grew its position in shares of Freshworks by 191.4% in the fourth quarter. Sei Investments Co. now owns 46,469 shares of the company's stock valued at $751,000 after purchasing an additional 30,524 shares during the last quarter. LPL Financial LLC acquired a new stake in shares of Freshworks in the fourth quarter valued at approximately $703,000. Pictet Asset Management Holding SA lifted its stake in shares of Freshworks by 18.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 25,742 shares of the company's stock valued at $416,000 after buying an additional 4,020 shares during the period. National Bank of Canada FI boosted its position in Freshworks by 1,385.8% during the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock worth $64,000 after acquiring an additional 3,700 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Freshworks by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company's stock worth $75,588,000 after acquiring an additional 79,388 shares during the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Freshworks news, Director Barry L. Padgett sold 7,558 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $15.14, for a total transaction of $114,428.12. Following the completion of the transaction, the director directly owned 32,635 shares of the company's stock, valued at $494,093.90. The trade was a 18.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 7,558 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $15.13, for a total transaction of $114,352.54. Following the completion of the sale, the director owned 44,218 shares in the company, valued at $669,018.34. The trade was a 14.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 206,789 shares of company stock worth $3,207,515 over the last three months. Insiders own 11.17% of the company's stock.

Analysts Set New Price Targets

FRSH has been the topic of a number of analyst reports. Oppenheimer decreased their target price on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. UBS Group decreased their price target on shares of Freshworks from $22.00 to $19.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Scotiabank lifted their price target on shares of Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a report on Wednesday, April 30th. Cantor Fitzgerald upgraded shares of Freshworks to an "overweight" rating and set a $20.00 price target on the stock in a report on Tuesday, June 3rd. Finally, Piper Sandler lifted their target price on shares of Freshworks from $22.00 to $25.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $20.29.

Freshworks Stock Down 1.4%

Shares of FRSH traded down $0.19 during midday trading on Thursday, hitting $13.14. The company had a trading volume of 355,068 shares, compared to its average volume of 3,646,618. The company's 50 day moving average price is $14.70 and its 200 day moving average price is $15.21. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of -73.06 and a beta of 0.94. 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 posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.12 by $0.06. The business had revenue of $204.68 million during the quarter, compared to analyst estimates of $198.85 million. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The company's quarterly revenue was up 19.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.08 EPS. Equities analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Freshworks 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.