Lazard Asset Management LLC Increases Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Lazard Asset Management LLC boosted its position in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 40.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 119,030 shares of the company's stock after purchasing an additional 34,387 shares during the period. Lazard Asset Management LLC's holdings in Freshworks were worth $1,922,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its position in shares of Freshworks by 10.0% during the 4th quarter. Janus Henderson Group PLC now owns 80,501 shares of the company's stock valued at $1,302,000 after acquiring an additional 7,300 shares during the period. Jasper Ridge Partners L.P. lifted its position in shares of Freshworks by 39.9% during the 4th quarter. Jasper Ridge Partners L.P. now owns 42,719 shares of the company's stock valued at $691,000 after acquiring an additional 12,180 shares during the period. Graham Capital Management L.P. lifted its position in shares of Freshworks by 342.2% during the 4th quarter. Graham Capital Management L.P. now owns 112,427 shares of the company's stock valued at $1,818,000 after acquiring an additional 87,000 shares during the period. Focus Partners Wealth acquired a new stake in shares of Freshworks during the 4th quarter valued at approximately $167,000. Finally, Ensign Peak Advisors Inc lifted its position in shares of Freshworks by 81.6% during the 4th quarter. Ensign Peak Advisors Inc now owns 108,972 shares of the company's stock valued at $1,762,000 after acquiring an additional 48,950 shares during the period. Institutional investors and hedge funds own 75.58% of the company's stock.

Insider Activity

In other news, Director Jennifer H. Taylor sold 4,685 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $15.41, for a total transaction of $72,195.85. Following the completion of the sale, the director now directly owns 37,895 shares of the company's stock, valued at $583,961.95. The trade was a 11.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Johanna Flower sold 1,450 shares of the business's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $18.01, for a total transaction of $26,114.50. Following the sale, the director now directly owns 41,491 shares of the company's stock, valued at $747,252.91. This represents a 3.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 40,871 shares of company stock valued at $629,278 in the last ninety days. Company insiders own 11.17% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on FRSH shares. Scotiabank lifted their price target on shares of Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 30th. Needham & Company LLC restated a "buy" rating and set a $25.00 price objective on shares of Freshworks in a research report on Monday, March 17th. StockNews.com upgraded Freshworks from a "hold" rating to a "buy" rating in a research report on Thursday, February 13th. Jefferies Financial Group cut their price objective on Freshworks from $22.00 to $20.00 and set a "hold" rating for the company in a research report on Monday, March 31st. Finally, Piper Sandler restated an "overweight" rating and set a $22.00 price objective (up from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $20.21.

Freshworks Price Performance

FRSH stock traded down $0.23 during midday trading on Wednesday, hitting $14.51. The stock had a trading volume of 2,888,638 shares, compared to its average volume of 3,279,023. The firm has a market cap of $4.28 billion, a PE ratio of -45.34 and a beta of 0.97. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The company's 50-day moving average price is $14.13 and its 200 day moving average price is $15.71.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.13 by $0.05. The firm had revenue of $196.27 million during the quarter, compared to analysts' expectations of $191.90 million. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. Freshworks's revenue for the quarter was up 18.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.10 EPS. As a group, sell-side analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current year.

Freshworks 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.