Rhumbline Advisers lifted its position in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 18.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 325,704 shares of the company's stock after purchasing an additional 49,873 shares during the quarter. Rhumbline Advisers owned about 0.11% of Freshworks worth $4,596,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Versor Investments LP increased 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 buying an additional 1,000 shares during the last quarter. Covestor Ltd increased its stake in 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 acquiring an additional 1,087 shares during the last quarter. Arizona State Retirement System raised its position in Freshworks by 2.2% during the fourth quarter. Arizona State Retirement System now owns 51,704 shares of the company's stock valued at $836,000 after purchasing an additional 1,103 shares in the last quarter. Xponance Inc. lifted its stake in Freshworks by 10.2% during the fourth 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. Finally, Quarry LP boosted its holdings in shares of Freshworks by 47.8% in the 4th quarter. Quarry LP now owns 5,410 shares of the company's stock worth $87,000 after purchasing an additional 1,750 shares in the last quarter. Institutional investors own 75.58% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on the company. Scotiabank raised their price objective on Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a report on Wednesday, April 30th. UBS Group decreased their price target on shares of Freshworks from $22.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Oppenheimer cut their price objective on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Piper Sandler reaffirmed an "overweight" rating and set a $22.00 target price (up previously from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. Finally, Morgan Stanley boosted their price target on shares of Freshworks from $14.00 to $18.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 1st. One investment 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. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $20.07.
Check Out Our Latest Research Report on FRSH
Insider Buying and Selling at Freshworks
In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $14.69, for a total value of $123,880.77. Following the sale, the director now owns 24,890 shares in the company, valued at approximately $365,634.10. This represents a 25.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Rathnagirish Mathrubootham sold 70,997 shares of Freshworks stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $16.01, for a total transaction of $1,136,661.97. Following the transaction, the chairman now owns 724,515 shares of the company's stock, valued at $11,599,485.15. The trade was a 8.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 169,121 shares of company stock valued at $2,665,716. 11.17% of the stock is currently owned by corporate insiders.
Freshworks Stock Performance
Shares of Freshworks stock traded down $0.15 during midday trading on Tuesday, reaching $15.32. 1,717,785 shares of the company's stock traded hands, compared to its average volume of 3,290,655. The stock has a 50 day moving average of $14.47 and a 200-day moving average of $15.66. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The company has a market cap of $4.52 billion, a PE ratio of -63.83 and a beta of 0.97.
Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.13 by $0.05. The business had revenue of $196.27 million during 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 company's revenue for the quarter was up 18.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 EPS. On average, equities analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.
About Freshworks
(
Free Report)
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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