Envestnet Asset Management Inc. Buys 60,063 Shares of Freshworks Inc. (NASDAQ:FRSH)

Key Points

• Envestnet Asset Management Inc. increased its stake in Freshworks by 267.7% during the 1st quarter, owning 82,502 shares worth about $1.16 million as per its recent 13F filing.
• Insider trading activity includes the sale of 7,558 shares by Director Barry L. Padgett, resulting in an 18.80% decrease in his position, and additional sales by insider Mika Yamamoto.
• Freshworks reported a 19.6% year-over-year increase in revenue with a quarterly earnings per share (EPS) of $0.18, surpassing analyst expectations.

Envestnet Asset Management Inc. increased its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 267.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 82,502 shares of the company's stock after buying an additional 60,063 shares during the period. Envestnet Asset Management Inc.'s holdings in Freshworks were worth $1,164,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Sei Investments Co. increased its stake in 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 acquiring an additional 30,524 shares during the last quarter. LPL Financial LLC bought a new position in Freshworks in the fourth quarter valued at $703,000. Norges Bank bought a new position in Freshworks in the fourth quarter valued at $57,527,000. Pictet Asset Management Holding SA grew 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 last quarter. Finally, National Bank of Canada FI grew its stake in shares of Freshworks by 1,385.8% during the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock valued at $64,000 after buying an additional 3,700 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company's stock.

Insider Activity at Freshworks

In related news, Director Barry L. Padgett sold 7,558 shares of the firm's stock in a transaction that occurred on 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mika Yamamoto sold 4,289 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $15.05, for a total transaction of $64,549.45. Following the sale, the insider directly owned 570,487 shares of the company's stock, valued at $8,585,829.35. This trade represents a 0.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 194,068 shares of company stock valued at $3,042,986 over the last ninety days. Corporate insiders own 11.17% of the company's stock.

Freshworks Stock Up 2.4%

Shares of FRSH stock traded up $0.31 during trading hours on Monday, hitting $12.99. 5,950,670 shares of the company's stock traded hands, compared to its average volume of 5,575,994. The stock's fifty day simple moving average is $14.76 and its two-hundred day simple moving average is $15.24. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The stock has a market cap of $3.83 billion, a price-to-earnings ratio of -72.16 and a beta of 0.94.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $204.68 million during the quarter, compared to analyst estimates of $198.85 million. During the same period last year, the business earned $0.08 earnings per share. The business's revenue was up 19.6% on a year-over-year basis. On average, equities analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wells Fargo & Company raised their price objective on Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a research note on Wednesday, April 30th. Cantor Fitzgerald raised Freshworks to an "overweight" rating and set a $20.00 price objective on the stock in a research note on Tuesday, June 3rd. Wall Street Zen raised Freshworks from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 29th. JMP Securities reaffirmed a "market outperform" rating and set a $27.00 price objective on shares of Freshworks in a research note on Wednesday, April 30th. Finally, Oppenheimer reduced their price objective on Freshworks from $24.00 to $19.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Freshworks presently has an average rating of "Moderate Buy" and an average price target 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.