Two Sigma Investments LP Grows Position in Freshworks Inc. (NASDAQ:FRSH)

Two Sigma Investments LP lifted its holdings in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 3,942.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 865,141 shares of the company's stock after buying an additional 843,741 shares during the quarter. Two Sigma Investments LP owned approximately 0.29% of Freshworks worth $13,989,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Avion Wealth purchased a new position in Freshworks in the 4th quarter valued at about $26,000. Blue Trust Inc. lifted its position in shares of Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock valued at $63,000 after acquiring an additional 954 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Freshworks by 1,385.8% in the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock worth $64,000 after acquiring an additional 3,700 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Freshworks by 102.4% during the fourth 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 in the last quarter. Finally, Covestor Ltd increased its position in shares of Freshworks by 30.2% during the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after purchasing an additional 1,087 shares in the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Price Performance

Shares of NASDAQ:FRSH traded up $0.47 during midday trading on Tuesday, reaching $14.89. 2,032,589 shares of the company's stock were exchanged, compared to its average volume of 3,293,223. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of -46.53 and a beta of 0.97. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The firm's 50 day simple moving average is $14.08 and its two-hundred day simple moving average is $15.73.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.05. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The company had revenue of $196.27 million during the quarter, compared to analyst estimates of $191.90 million. During the same quarter last year, the firm posted $0.10 earnings per share. Freshworks's revenue was up 18.9% compared to the same quarter last year. Equities research analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $15.41, for a total transaction of $72,195.85. Following the sale, the director now owns 37,895 shares of the company's stock, valued at approximately $583,961.95. This represents a 11.00% 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 the SEC website. Also, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $16.72, for a total transaction of $140,999.76. Following the completion of the transaction, the director now directly owns 24,187 shares of the company's stock, valued at approximately $404,406.64. The trade was a 25.85% 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.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Freshworks from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. Oppenheimer dropped 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. Morgan Stanley increased their price objective on shares of Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a report on Thursday, May 1st. Wells Fargo & Company raised their target price on shares of Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 30th. Finally, Canaccord Genuity Group upped their price target on Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. One 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 MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $20.21.

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.