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

Soviero Asset Management LP purchased a new stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 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 investment portfolio, making the stock its 29th biggest holding. Soviero Asset Management LP owned approximately 0.06% of Freshworks as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Avion Wealth bought a new position in Freshworks in the 4th quarter worth approximately $26,000. Blue Trust Inc. boosted its stake in Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock worth $63,000 after purchasing an additional 954 shares during the period. National Bank of Canada FI boosted its stake in Freshworks by 1,385.8% in the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock worth $64,000 after purchasing an additional 3,700 shares during the period. Nisa Investment Advisors LLC boosted its stake in Freshworks by 102.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock worth $71,000 after purchasing an additional 2,223 shares during the period. Finally, Covestor Ltd boosted its stake in Freshworks by 30.2% in the 4th quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after purchasing an additional 1,087 shares during the period. Hedge funds and other institutional investors own 75.58% of the company's stock.

Analyst Upgrades and Downgrades

FRSH has been the subject of a number of research reports. Canaccord Genuity Group increased their target price on Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. Scotiabank increased their target price on Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 30th. Needham & Company LLC reiterated a "buy" rating and set a $25.00 target price on shares of Freshworks in a research report on Monday, March 17th. Robert W. Baird set a $18.00 target price on Freshworks in a research report on Wednesday, February 12th. Finally, UBS Group lowered their price target on Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. One equities research 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 a consensus target price of $20.21.

Insider Activity

In related news, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.74, for a total transaction of $47,859.66. Following the completion of the transaction, the insider now directly owns 615,893 shares of the company's stock, valued at approximately $10,310,048.82. The trade was a 0.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.72, for a total value of $140,999.76. Following the transaction, the director now directly owns 24,187 shares of the company's stock, valued at approximately $404,406.64. This represents a 25.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 39,421 shares of company stock valued at $603,164 in the last three months. 11.17% of the stock is currently owned by company insiders.

Freshworks Price Performance

Shares of FRSH traded up $0.12 during mid-day trading on Thursday, reaching $14.63. The company's stock had a trading volume of 3,629,183 shares, compared to its average volume of 3,293,150. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The stock has a market cap of $4.32 billion, a PE ratio of -45.72 and a beta of 0.97. The company's 50 day moving average is $14.11 and its 200 day moving average is $15.72.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping 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 firm's quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.10 EPS. As a group, sell-side analysts anticipate that Freshworks Inc. will post -0.19 EPS 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.