Clark Capital Management Group Inc. Makes New Investment in Freshworks Inc. $FRSH

Key Points

• Clark Capital Management Group Inc. has acquired a new position in Freshworks Inc. by purchasing 372,077 shares valued at approximately $5.25 million during the first quarter.
• Institutional investors collectively hold 75.58% of Freshworks' stock, with key investments also made by Principal Financial Group and Charles Schwab Investment Management.
• Freshworks reported earnings per share of $0.18 for the last quarter, exceeding analyst expectations and indicating a revenue growth of 19.6% year-over-year.

Clark Capital Management Group Inc. purchased a new position in Freshworks Inc. (NASDAQ:FRSH - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 372,077 shares of the company's stock, valued at approximately $5,250,000. Clark Capital Management Group Inc. owned approximately 0.13% of Freshworks as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. FNY Investment Advisers LLC bought a new stake in Freshworks during the first quarter valued at $70,000. DekaBank Deutsche Girozentrale grew its holdings in shares of Freshworks by 91.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock worth $84,000 after acquiring an additional 2,814 shares during the period. Liberty Mutual Group Asset Management Inc. bought a new stake in shares of Freshworks in the 1st quarter worth approximately $106,000. US Bancorp DE boosted its position in shares of Freshworks by 671.4% in the 1st quarter. US Bancorp DE now owns 8,331 shares of the company's stock worth $118,000 after purchasing an additional 7,251 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Freshworks by 2,639.5% in the 1st quarter. GAMMA Investing LLC now owns 9,369 shares of the company's stock valued at $132,000 after acquiring an additional 9,027 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freshworks

In related news, insider Mika Yamamoto sold 4,289 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $13.18, for a total transaction of $56,529.02. Following the completion of the transaction, the insider directly owned 533,993 shares in the company, valued at $7,038,027.74. The trade was a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Barry L. Padgett sold 7,558 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $15.14, for a total transaction of $114,428.12. Following the completion of the transaction, the director owned 32,635 shares of the company's stock, valued at approximately $494,093.90. This trade represents a 18.80% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 74,496 shares of company stock valued at $1,046,820. Company insiders own 11.17% of the company's stock.

Freshworks Trading Down 2.1%

Shares of NASDAQ:FRSH traded down $0.29 during trading on Wednesday, reaching $13.00. The company's stock had a trading volume of 816,617 shares, compared to its average volume of 3,724,145. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The firm's 50 day simple moving average is $13.72 and its two-hundred day simple moving average is $14.38. The stock has a market capitalization of $3.79 billion, a PE ratio of -72.19 and a beta of 0.94.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $204.68 million during the quarter, compared to the consensus estimate of $198.85 million. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The firm's quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.08 earnings per share. Freshworks has set its FY 2025 guidance at 0.560-0.580 EPS. Q3 2025 guidance at 0.120-0.140 EPS. Research analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Wall Street Zen lowered Freshworks from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 23rd. Cantor Fitzgerald upgraded Freshworks to an "overweight" rating and set a $20.00 price objective for the company in a research note on Tuesday, June 3rd. Finally, Piper Sandler upped their price objective on Freshworks from $22.00 to $25.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $20.29.

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.