New York State Common Retirement Fund Has $6.91 Million Stock Position in Freshworks Inc. (NASDAQ:FRSH)

New York State Common Retirement Fund grew its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 75.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 489,511 shares of the company's stock after acquiring an additional 211,102 shares during the quarter. New York State Common Retirement Fund owned 0.16% of Freshworks worth $6,907,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FRSH. National Bank of Canada FI raised its stake in Freshworks by 1,385.8% in the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock worth $64,000 after purchasing an additional 3,700 shares in the last quarter. Covestor Ltd increased its holdings in shares of Freshworks by 30.2% during the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after purchasing an additional 1,087 shares during the period. FNY Investment Advisers LLC acquired a new stake 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 buying an additional 1,750 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in shares of Freshworks by 91.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock valued at $84,000 after buying an additional 2,814 shares during the period. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Freshworks news, insider Mika Yamamoto sold 4,289 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $15.05, for a total value of $64,549.45. Following the completion of the transaction, the insider owned 570,487 shares of the company's stock, valued at $8,585,829.35. This represents a 0.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Johanna Flower sold 8,000 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $14.80, for a total value of $118,400.00. Following the completion of the transaction, the director owned 48,094 shares of the company's stock, valued at $711,791.20. This represents a 14.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 206,075 shares of company stock valued at $3,219,261. 11.17% of the stock is currently owned by insiders.

Freshworks Trading Down 1.6%

NASDAQ FRSH traded down $0.23 during trading on Thursday, hitting $14.26. 3,675,783 shares of the company's stock were exchanged, compared to its average volume of 3,615,843. The company has a market cap of $4.21 billion, a PE ratio of -59.41 and a beta of 0.95. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The stock's 50 day moving average price is $14.93 and its two-hundred day moving average price is $15.39.

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

Analyst Upgrades and Downgrades

FRSH has been the topic of a number of recent research reports. Scotiabank raised their price objective on Freshworks from $14.00 to $18.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 30th. UBS Group reduced their target price on Freshworks from $22.00 to $19.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Piper Sandler restated an "overweight" rating and issued a $22.00 price target (up previously from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. Morgan Stanley boosted their price target on 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 price objective on the stock in a research note on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $20.07.

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.