SG Americas Securities LLC Buys 42,148 Shares of Freshworks Inc. (NASDAQ:FRSH)

SG Americas Securities LLC grew its holdings in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 303.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 56,057 shares of the company's stock after acquiring an additional 42,148 shares during the quarter. SG Americas Securities LLC's holdings in Freshworks were worth $791,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in FRSH. Vanguard Group Inc. increased its position in Freshworks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock valued at $405,283,000 after purchasing an additional 1,357,526 shares during the period. Eminence Capital LP bought a new position in Freshworks in the 4th quarter worth about $86,002,000. Geode Capital Management LLC boosted its stake in Freshworks by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company's stock worth $75,588,000 after purchasing an additional 79,388 shares in the last quarter. TPG GP A LLC raised its position in Freshworks by 28.7% in the 4th quarter. TPG GP A LLC now owns 4,346,855 shares of the company's stock worth $70,289,000 after buying an additional 969,283 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Freshworks during the 4th quarter valued at about $61,530,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FRSH has been the subject of several analyst reports. JMP Securities reissued a "market outperform" rating and issued a $27.00 target price on shares of Freshworks in a report on Wednesday, April 30th. UBS Group decreased their target price on Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Needham & Company LLC restated a "buy" rating and set a $25.00 price target on shares of Freshworks in a research note on Monday, March 17th. Jefferies Financial Group lowered their target price on shares of Freshworks from $22.00 to $20.00 and set a "hold" rating for the company in a research note on Monday, March 31st. Finally, Morgan Stanley upped their price target on shares of Freshworks from $14.00 to $18.00 and gave the company 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 issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $20.07.

Freshworks Price Performance

Shares of FRSH stock opened at $14.93 on Friday. The company has a market cap of $4.40 billion, a price-to-earnings ratio of -62.21 and a beta of 0.97. The stock has a 50 day simple moving average of $14.55 and a 200-day simple moving average of $15.65. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its 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 during the quarter, compared to analysts' expectations of $191.90 million. Freshworks had a negative return on equity of 4.41% and a negative net margin of 9.76%. The firm's quarterly revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 EPS. Analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $14.69, for a total value of $123,880.77. Following the transaction, the director now owns 24,890 shares in the company, valued at approximately $365,634.10. This represents a 25.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mika Yamamoto sold 3,574 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $14.20, for a total value of $50,750.80. Following the completion of the transaction, the insider now owns 611,604 shares in the company, valued at approximately $8,684,776.80. The trade was a 0.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 169,121 shares of company stock valued at $2,665,716 in the last quarter. Insiders own 11.17% of the company's stock.

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.

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