Rhumbline Advisers Has $4.60 Million Holdings in Freshworks Inc. (NASDAQ:FRSH)

Rhumbline Advisers increased its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 18.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 325,704 shares of the company's stock after acquiring an additional 49,873 shares during the period. Rhumbline Advisers owned about 0.11% of Freshworks worth $4,596,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in FRSH. Legato Capital Management LLC acquired a new stake in Freshworks in the fourth quarter valued at approximately $515,000. New York State Common Retirement Fund raised its holdings in shares of Freshworks by 365.6% during the fourth quarter. New York State Common Retirement Fund now owns 278,409 shares of the company's stock valued at $4,502,000 after purchasing an additional 218,617 shares during the period. Ieq Capital LLC raised its holdings in shares of Freshworks by 29.3% during the fourth quarter. Ieq Capital LLC now owns 1,462,541 shares of the company's stock valued at $23,649,000 after purchasing an additional 331,298 shares during the period. Los Angeles Capital Management LLC acquired a new stake in shares of Freshworks in the 4th quarter worth about $2,043,000. Finally, Versor Investments LP raised its holdings in shares of Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company's stock worth $556,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company's stock.

Insider Buying and Selling at Freshworks

In other Freshworks news, Chairman Rathnagirish Mathrubootham sold 70,997 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $16.01, for a total value of $1,136,661.97. Following the completion of the sale, the chairman now owns 724,515 shares in the company, valued at $11,599,485.15. This represents a 8.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Mika Yamamoto sold 3,574 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total value of $50,750.80. Following the sale, the insider now owns 611,604 shares of the company's stock, valued at $8,684,776.80. This represents a 0.58% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 169,121 shares of company stock valued at $2,665,716. 11.17% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on FRSH. Cantor Fitzgerald upgraded shares of Freshworks to an "overweight" rating and set a $20.00 price objective for the company in a research note on Tuesday, June 3rd. Jefferies Financial Group cut their price target on shares of Freshworks from $22.00 to $20.00 and set a "hold" rating for the company in a report on Monday, March 31st. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 price objective on shares of Freshworks in a report on Monday, March 17th. Morgan Stanley lifted their target price on shares of Freshworks from $14.00 to $18.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 1st. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $22.00 price objective (up from $20.00) on shares of Freshworks in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, Freshworks currently has an average rating of "Moderate Buy" and an average target price of $20.07.

Freshworks Stock Down 4.6%

Shares of FRSH stock opened at $14.94 on Friday. The business's fifty day moving average is $14.36 and its 200 day moving average is $15.67. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of -46.69 and a beta of 0.97.

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 analysts' consensus estimates of $0.13 by $0.05. The firm had revenue of $196.27 million for the quarter, compared to the consensus estimate of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The company's quarterly revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.10 earnings per share. Equities research analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current fiscal 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.

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