Cerity Partners LLC Makes New $270,000 Investment in Freshworks Inc. (NASDAQ:FRSH)

Key Points

• Cerity Partners LLC acquired 19,154 shares of Freshworks Inc. for approximately $270,000 during the 1st quarter.
• Institutional investors now hold 75.58% of Freshworks' stock, with significant increases in holdings from several firms, including a 2,786.7% increase from Principal Financial Group Inc.
• Wall Street analysts have mixed ratings on Freshworks, with an average target price of $20.07, indicating a general outlook of "Moderate Buy."

Cerity Partners LLC purchased a new position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 19,154 shares of the company's stock, valued at approximately $270,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in FRSH. Eminence Capital LP acquired a new stake in Freshworks in the 4th quarter valued at approximately $86,002,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Freshworks in the fourth quarter worth $61,530,000. Norges Bank acquired a new position in shares of Freshworks in the fourth quarter worth $57,527,000. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Freshworks in the fourth quarter worth $49,946,000. Finally, Topline Capital Management LLC acquired a new position in shares of Freshworks in the fourth quarter worth $27,166,000. Institutional investors and hedge funds own 75.58% of the company's stock.

Insiders Place Their Bets

In other 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 transaction, the director directly owned 32,635 shares in the company, valued at $494,093.90. The trade was a 18.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 transaction, the director owned 38,870 shares in the company, valued at approximately $575,276. This trade represents a 17.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 206,075 shares of company stock valued at $3,219,261. 11.17% of the stock is owned by insiders.

Freshworks Price Performance

Shares of NASDAQ:FRSH traded down $0.41 on Thursday, reaching $13.17. The company's stock had a trading volume of 2,733,991 shares, compared to its average volume of 3,545,688. The stock's 50-day moving average is $14.87 and its two-hundred day moving average is $15.35. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $19.77. The stock has a market capitalization of $3.88 billion, a P/E ratio of -73.30 and a beta of 0.95.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.18 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.06. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.49%. The business had revenue of $204.68 million during the quarter, compared to analysts' expectations of $198.85 million. During the same period in the prior year, the company earned $0.08 earnings per share. The business's revenue was up 19.6% compared to the same quarter last year. Equities analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on FRSH. JMP Securities restated a "market outperform" rating and issued a $27.00 price target on shares of Freshworks in a research note on Wednesday, April 30th. Piper Sandler set a $25.00 price objective on shares of Freshworks and gave the stock an "overweight" rating in a research report on Wednesday. UBS Group decreased their price objective 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. Wells Fargo & Company lifted their price objective on shares of Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 30th. Finally, Oppenheimer decreased their price objective on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. One research 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 stock. According to MarketBeat.com, Freshworks presently has an average rating of "Moderate Buy" and a consensus target price of $20.29.

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.