185,000 Shares in Freshworks Inc. (NASDAQ:FRSH) Bought by Soviero Asset Management LP

Soviero Asset Management LP acquired a new position in Freshworks Inc. (NASDAQ:FRSH - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 185,000 shares of the company's stock, valued at approximately $2,991,000. Freshworks comprises about 1.9% of Soviero Asset Management LP's holdings, making the stock its 29th largest holding. Soviero Asset Management LP owned about 0.06% of Freshworks at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. TPG GP A LLC lifted its stake 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 purchasing an additional 969,283 shares in the last quarter. Two Sigma Advisers LP purchased a new position in Freshworks in the 4th quarter worth approximately $6,940,000. Two Sigma Investments LP lifted its stake in Freshworks by 3,942.7% in the 4th quarter. Two Sigma Investments LP now owns 865,141 shares of the company's stock worth $13,989,000 after purchasing an additional 843,741 shares in the last quarter. Tairen Capital Ltd purchased a new position in Freshworks in the 4th quarter worth approximately $970,000. Finally, Teza Capital Management LLC purchased a new position in Freshworks in the 4th quarter worth approximately $872,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on FRSH shares. Jefferies Financial Group decreased their target price on shares of Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Wells Fargo & Company lifted their price target on shares of Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a research report on Wednesday, April 30th. JMP Securities reaffirmed a "market outperform" rating and set a $27.00 price target on shares of Freshworks in a research report on Wednesday, April 30th. Piper Sandler reaffirmed an "overweight" rating and set a $22.00 price target (up previously from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. Finally, Barclays lifted their price target on shares of Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 12th. One equities 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 company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.21.

Freshworks Stock Down 1.4%

NASDAQ FRSH traded down $0.21 on Friday, reaching $14.42. The stock had a trading volume of 2,877,185 shares, compared to its average volume of 3,295,022. The firm has a market capitalization of $4.25 billion, a price-to-earnings ratio of -45.06 and a beta of 0.97. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The stock has a fifty day moving average price of $14.10 and a two-hundred day moving average price of $15.74.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its 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 company had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The firm's quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.10 earnings per share. Sell-side analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.72, for a total value of $140,999.76. Following the completion of the transaction, the director now owns 24,187 shares in the company, valued at $404,406.64. The trade was a 25.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $15.41, for a total transaction of $72,195.85. Following the completion of the transaction, the director now owns 37,895 shares of the company's stock, valued at approximately $583,961.95. This trade represents a 11.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 39,421 shares of company stock valued at $603,164 over the last quarter. 11.17% of the stock is owned by company insiders.

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.