Connor Clark & Lunn Investment Management Ltd. Has $9.35 Million Holdings in Freshworks Inc. (NASDAQ:FRSH)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its ownership in Freshworks Inc. by 14.5% during the first quarter, now holding approximately 0.22% of the company worth $9.35 million.
• Multiple analysts have increased their price targets for Freshworks, with Morgan Stanley and Scotiabank raising theirs to $18.00, while the consensus target price stands at $20.29.
• Freshworks reported a 19.6% increase in quarterly revenue compared to the previous year, with earnings per share exceeding analyst expectations at $0.18.

Connor Clark & Lunn Investment Management Ltd. lowered its position in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 14.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 662,671 shares of the company's stock after selling 112,365 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.22% of Freshworks worth $9,350,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Xponance Inc. boosted its stake in Freshworks by 5.1% in the 1st quarter. Xponance Inc. now owns 15,605 shares of the company's stock worth $220,000 after purchasing an additional 758 shares during the period. Covestor Ltd increased its holdings in Freshworks by 30.2% during the 4th quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after purchasing an additional 1,087 shares in the last quarter. Legato Capital Management LLC increased its holdings in Freshworks by 4.0% during the 1st quarter. Legato Capital Management LLC now owns 33,080 shares of the company's stock worth $467,000 after purchasing an additional 1,260 shares in the last quarter. BluePointe Capital Management LLC increased its holdings in Freshworks by 12.5% during the 1st quarter. BluePointe Capital Management LLC now owns 12,495 shares of the company's stock worth $176,000 after purchasing an additional 1,393 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in Freshworks by 3.3% during the 1st quarter. Arizona State Retirement System now owns 53,432 shares of the company's stock worth $754,000 after purchasing an additional 1,728 shares in the last quarter. Institutional investors own 75.58% of the company's stock.

Insiders Place Their Bets

In related news, Director Jennifer H. Taylor sold 4,690 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $12.53, for a total value of $58,765.70. Following the completion of the sale, the director directly owned 44,218 shares in the company, valued at approximately $554,051.54. This trade represents a 9.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Barry L. Padgett sold 7,558 shares of the firm'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 sale, the director owned 32,635 shares of the company's stock, valued at $494,093.90. This trade represents a 18.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 200,491 shares of company stock worth $3,101,115 in the last three months. Insiders own 11.17% of the company's stock.

Analyst Ratings Changes

FRSH has been the subject of a number of research reports. Morgan Stanley increased their target price on Freshworks from $14.00 to $18.00 and gave the stock an "equal weight" rating in a report on Thursday, May 1st. Wall Street Zen upgraded Freshworks from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. JMP Securities reiterated a "market outperform" rating and set a $27.00 target price on shares of Freshworks in a report on Wednesday, April 30th. Scotiabank increased their target price on Freshworks from $14.00 to $18.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 30th. Finally, Cantor Fitzgerald upgraded Freshworks to an "overweight" rating and set a $20.00 target price for the company in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $20.29.

Freshworks Trading Down 2.3%

Shares of Freshworks stock traded down $0.31 during trading hours on Thursday, reaching $12.96. 6,067,308 shares of the company's stock were exchanged, compared to its average volume of 3,754,384. The company has a 50 day moving average of $14.44 and a two-hundred day moving average of $15.04. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The stock has a market cap of $3.78 billion, a P/E ratio of -72.00 and a beta of 0.94.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.18 EPS for the quarter, topping 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 2.56%. The company had revenue of $204.68 million during the quarter, compared to the consensus estimate of $198.85 million. During the same period in the prior year, the business posted $0.08 EPS. The company's quarterly revenue was up 19.6% on a year-over-year basis. As a group, analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

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.