Man Group plc Acquires 275,251 Shares of Freshworks Inc. (NASDAQ:FRSH)

Man Group plc increased its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 1,546.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 293,049 shares of the company's stock after buying an additional 275,251 shares during the period. Man Group plc owned 0.10% of Freshworks worth $4,739,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FRSH. Barclays PLC lifted its position in Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company's stock worth $3,875,000 after buying an additional 84,568 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Freshworks by 102.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock worth $71,000 after buying an additional 2,223 shares in the last quarter. Blue Trust Inc. lifted its position in Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock worth $63,000 after buying an additional 954 shares in the last quarter. KBC Group NV lifted its position in Freshworks by 59.1% during the 4th quarter. KBC Group NV now owns 7,604 shares of the company's stock worth $123,000 after buying an additional 2,824 shares in the last quarter. Finally, Smith Group Asset Management LLC acquired a new position in Freshworks during the 4th quarter worth about $589,000. Institutional investors and hedge funds own 75.58% of the company's stock.

Insider Buying and Selling

In related news, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $14.75, for a total transaction of $92,969.25. Following the completion of the sale, the director now directly owns 169,586 shares of the company's stock, valued at approximately $2,501,393.50. This represents a 3.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $15.41, for a total value of $72,195.85. Following the sale, the director now directly owns 37,895 shares of the company's stock, valued at approximately $583,961.95. The trade was a 11.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 39,421 shares of company stock valued at $603,164. 11.17% of the stock is owned by corporate insiders.

Freshworks Trading Up 3.3%

Shares of FRSH stock traded up $0.47 on Tuesday, reaching $14.89. The company had a trading volume of 2,032,589 shares, compared to its average volume of 3,293,224. The stock has a market cap of $4.39 billion, a PE ratio of -46.53 and a beta of 0.97. The company has a 50-day moving average of $14.07 and a 200-day moving average of $15.73. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77.

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

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wells Fargo & Company upped their target price on shares of Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a research report on Wednesday, April 30th. Piper Sandler restated an "overweight" rating and set a $22.00 target price (up from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. Jefferies Financial Group cut their target price on shares of Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Needham & Company LLC restated a "buy" rating and set a $25.00 target price on shares of Freshworks in a research report on Monday, March 17th. Finally, Scotiabank upped their target price 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $20.21.

About Freshworks

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.