Nuveen Asset Management LLC Increases Holdings in Freshworks Inc. (NASDAQ:FRSH)

Nuveen Asset Management LLC increased its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 47.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 779,423 shares of the company's stock after acquiring an additional 250,622 shares during the period. Nuveen Asset Management LLC owned approximately 0.26% of Freshworks worth $12,603,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. raised its holdings 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 during the period. Versor Investments LP grew its stake in shares of Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company's stock valued at $556,000 after buying an additional 1,000 shares in the last quarter. Covestor Ltd lifted its holdings in Freshworks by 30.2% in the 4th 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 last quarter. Arizona State Retirement System lifted its holdings in Freshworks by 2.2% in the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company's stock worth $836,000 after purchasing an additional 1,103 shares during the last quarter. Finally, Xponance Inc. lifted its holdings in Freshworks by 10.2% in the 4th quarter. Xponance Inc. now owns 14,847 shares of the company's stock worth $240,000 after purchasing an additional 1,369 shares during the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Stock Up 2.3%

FRSH stock traded up $0.35 during midday trading on Friday, hitting $15.34. The company's stock had a trading volume of 3,575,089 shares, compared to its average volume of 3,281,991. The stock's 50-day moving average price is $14.02 and its 200 day moving average price is $15.70. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77. The stock has a market cap of $4.53 billion, a price-to-earnings ratio of -47.94 and a beta of 0.97.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating 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 company had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. During the same period in the previous year, the company posted $0.10 EPS. The firm's revenue for the quarter was up 18.9% compared to the same quarter last year. As a group, equities analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $14.69, for a total transaction of $123,880.77. Following the completion of the transaction, the director now owns 24,890 shares of the company's stock, valued at $365,634.10. This trade represents a 25.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.74, for a total value of $47,859.66. Following the sale, the insider now owns 615,893 shares in the company, valued at approximately $10,310,048.82. This represents a 0.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 40,201 shares of company stock worth $614,841. 11.17% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FRSH. Scotiabank upped their price target on Freshworks from $14.00 to $18.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 30th. Robert W. Baird set a $18.00 target price on Freshworks in a report on Wednesday, February 12th. UBS Group decreased 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. Morgan Stanley lifted their price objective on Freshworks from $14.00 to $18.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 1st. Finally, JMP Securities restated a "market outperform" rating and set a $27.00 target price on shares of Freshworks in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $20.21.

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.