New York State Common Retirement Fund Acquires 211,102 Shares of Freshworks Inc. (NASDAQ:FRSH)

New York State Common Retirement Fund grew its position in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 75.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 489,511 shares of the company's stock after buying an additional 211,102 shares during the quarter. New York State Common Retirement Fund owned approximately 0.16% of Freshworks worth $6,907,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in FRSH. National Bank of Canada FI raised its position in 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 acquiring an additional 3,700 shares in the last quarter. Covestor Ltd raised its position in shares of Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock valued at $76,000 after purchasing an additional 1,087 shares during the period. FNY Investment Advisers LLC bought a new position in shares of Freshworks in the first quarter valued at approximately $70,000. Quarry LP raised its position in shares of Freshworks by 47.8% in the fourth quarter. Quarry LP now owns 5,410 shares of the company's stock valued at $87,000 after purchasing an additional 1,750 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its position in Freshworks by 91.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock worth $84,000 after acquiring an additional 2,814 shares during the period. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Freshworks Trading Down 0.2%

FRSH stock traded down $0.03 during trading hours on Tuesday, hitting $14.74. 3,408,728 shares of the stock were exchanged, compared to its average volume of 3,408,731. The firm has a market capitalization of $4.35 billion, a P/E ratio of -61.41 and a beta of 0.95. The company has a 50-day simple moving average of $15.03 and a two-hundred day simple moving average of $15.43. 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 issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $196.27 million for the quarter, compared to analysts' expectations of $191.90 million. During the same quarter last year, the business earned $0.10 earnings per share. Freshworks's revenue was up 18.9% on a year-over-year basis. On average, equities research analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FRSH shares. Wells Fargo & Company lifted their price target on shares of Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 30th. Scotiabank boosted their target price on shares of Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 30th. JMP Securities restated a "market outperform" rating and issued a $27.00 target price on shares of Freshworks in a research note on Wednesday, April 30th. Morgan Stanley boosted their target price on shares of Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a research note on Thursday, May 1st. Finally, Cantor Fitzgerald upgraded shares of Freshworks to an "overweight" rating and set a $20.00 target price on the stock in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.07.

Insiders Place Their Bets

In other news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $14.80, for a total transaction of $124,808.40. Following the sale, the director directly owned 38,870 shares of the company's stock, valued at approximately $575,276. This trade represents a 17.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Barry L. Padgett sold 7,558 shares of Freshworks stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $15.14, for a total value of $114,428.12. Following the completion of the transaction, the director directly owned 32,635 shares in the company, valued at approximately $494,093.90. This 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 206,075 shares of company stock valued at $3,219,261 over the last ninety days. 11.17% of the stock is owned by insiders.

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.