SG Americas Securities LLC Increases Stock Position in Freshworks Inc. (NASDAQ:FRSH)

SG Americas Securities LLC boosted its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 303.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 56,057 shares of the company's stock after acquiring an additional 42,148 shares during the period. SG Americas Securities LLC's holdings in Freshworks were worth $791,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MRA Advisory Group bought a new stake in Freshworks during the 1st quarter worth approximately $320,000. Rhumbline Advisers raised its stake in Freshworks by 18.1% during the 1st quarter. Rhumbline Advisers now owns 325,704 shares of the company's stock worth $4,596,000 after acquiring an additional 49,873 shares during the period. GAMMA Investing LLC raised its stake in Freshworks by 2,639.5% during the 1st quarter. GAMMA Investing LLC now owns 9,369 shares of the company's stock worth $132,000 after acquiring an additional 9,027 shares during the period. Polar Asset Management Partners Inc. bought a new stake in Freshworks during the 4th quarter worth approximately $5,053,000. Finally, JT Stratford LLC raised its stake in Freshworks by 41.6% during the 4th quarter. JT Stratford LLC now owns 20,133 shares of the company's stock worth $326,000 after acquiring an additional 5,917 shares during the period. Institutional investors own 75.58% of the company's stock.

Insider Activity

In other news, Director Zachary Nelson sold 8,433 shares of the business'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 completion of the sale, the director now owns 24,890 shares in the company, valued at approximately $365,634.10. The trade was a 25.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mika Yamamoto sold 3,574 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total transaction of $50,750.80. Following the completion of the sale, the insider now directly owns 611,604 shares of the company's stock, valued at $8,684,776.80. The trade was a 0.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 169,121 shares of company stock valued at $2,665,716. 11.17% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. JMP Securities reiterated a "market outperform" rating and set a $27.00 price objective on shares of Freshworks in a research report on Wednesday, April 30th. Piper Sandler reiterated an "overweight" rating and set a $22.00 price objective (up previously from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. Wall Street Zen cut shares of Freshworks from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Jefferies Financial Group reduced their price objective on shares of Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Finally, Oppenheimer reduced their price objective on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Freshworks presently has a consensus rating of "Moderate Buy" and an average target price of $20.07.

Freshworks Stock Performance

NASDAQ FRSH traded down $0.14 on Monday, hitting $14.60. 3,170,399 shares of the stock were exchanged, compared to its average volume of 3,296,796. The stock has a fifty day moving average price of $14.64 and a two-hundred day moving average price of $15.62. The firm has a market capitalization of $4.31 billion, a P/E ratio of -60.83 and a beta of 0.97. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted 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 company 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%. Freshworks's quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.10 earnings per share. Sell-side analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

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.