Cwm LLC Grows Position in Freshworks Inc. (NASDAQ:FRSH)

Key Points

• Cwm LLC increased its holdings in Freshworks Inc. by 1,328.4% in Q1, owning 20,841 shares valued at $294,000 after purchasing an additional 19,382 shares.
• Several hedge funds increased their positions in Freshworks, including Vanguard Group, which boosted its stake by 5.7%, now holding shares worth over $405 million.
• Freshworks reported a revenue increase of 18.9% year-over-year, achieving $196.27 million in revenue for the last quarter, along with an earnings per share of $0.18, exceeding analyst expectations.

CWM LLC lifted its position in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 1,328.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,841 shares of the company's stock after buying an additional 19,382 shares during the quarter. CWM LLC's holdings in Freshworks were worth $294,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FRSH. National Bank of Canada FI increased its holdings in shares of Freshworks by 1,385.8% in the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock valued at $64,000 after acquiring an additional 3,700 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Freshworks in the 1st quarter valued at about $70,000. Covestor Ltd increased its holdings in shares of Freshworks by 30.2% in the 4th quarter. Covestor Ltd now owns 4,686 shares of the company's stock valued at $76,000 after acquiring an additional 1,087 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of Freshworks by 91.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock valued at $84,000 after acquiring an additional 2,814 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of Freshworks by 47.8% in the 4th quarter. Quarry LP now owns 5,410 shares of the company's stock valued at $87,000 after acquiring an additional 1,750 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company's stock.

Freshworks Stock Performance

NASDAQ FRSH traded down $0.07 during mid-day trading on Friday, hitting $14.19. The stock had a trading volume of 5,595,090 shares, compared to its average volume of 3,715,330. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $19.77. The company has a 50 day simple moving average of $14.91 and a 200 day simple moving average of $15.38.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.05. Freshworks had a negative return on equity of 4.41% and a negative net margin of 9.76%. The firm had revenue of $196.27 million during the quarter, compared to the consensus estimate of $191.90 million. During the same period last year, the business posted $0.10 EPS. Freshworks's quarterly revenue was up 18.9% on a year-over-year basis. Sell-side analysts expect that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Analysts Set New Price Targets

FRSH has been the subject of a number of research analyst reports. UBS Group decreased their target price on Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Morgan Stanley upped their target price on Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a research report on Thursday, May 1st. Scotiabank upped their target price on Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 30th. Piper Sandler reissued an "overweight" rating and issued a $22.00 target price (up from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. Finally, Oppenheimer decreased their price objective on Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $20.07.

Insider Activity at Freshworks

In other Freshworks news, Director Johanna Flower sold 8,000 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $14.80, for a total transaction of $118,400.00. Following the completion of the transaction, the director owned 48,094 shares of the company's stock, valued at approximately $711,791.20. This trade represents a 14.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $14.69, for a total value of $123,880.77. Following the transaction, the director directly owned 24,890 shares of the company's stock, valued at $365,634.10. The trade was a 25.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 206,075 shares of company stock valued at $3,219,261 in the last ninety days. 11.17% of the stock is owned by 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.