Victory Capital Management Inc. Has $11.34 Million Stake in Freshworks Inc. (NASDAQ:FRSH)

Victory Capital Management Inc. boosted its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 3,675.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 803,423 shares of the company's stock after buying an additional 782,142 shares during the quarter. Victory Capital Management Inc. owned approximately 0.27% of Freshworks worth $11,336,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FRSH. National Bank of Canada FI lifted its position 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 buying an additional 3,700 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in Freshworks in the 1st quarter valued at $70,000. Covestor Ltd lifted its holdings in shares of Freshworks by 30.2% during the 4th quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after acquiring an additional 1,087 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in shares of Freshworks by 91.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock worth $84,000 after acquiring an additional 2,814 shares during the period. Finally, Quarry LP lifted its holdings in shares of Freshworks by 47.8% during the 4th quarter. Quarry LP now owns 5,410 shares of the company's stock worth $87,000 after acquiring an additional 1,750 shares during the period. Hedge funds and other institutional investors own 75.58% of the company's stock.

Freshworks Stock Down 0.5%

Freshworks stock traded down $0.07 during midday trading on Friday, hitting $14.19. 5,595,090 shares of the stock were exchanged, compared to its average volume of 3,715,330. The company has a fifty day simple moving average of $14.91 and a two-hundred day simple moving average of $15.38. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77. The stock has a market capitalization of $4.19 billion, a PE ratio of -59.12 and a beta of 0.95.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.05. Freshworks had a negative net margin of 9.76% and a negative return on equity of 4.41%. The firm had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. During the same quarter in the previous year, the firm posted $0.10 earnings per share. The business's revenue was up 18.9% on a year-over-year basis. As a group, equities research analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FRSH shares. Oppenheimer reduced their price objective on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Morgan Stanley lifted their price target 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 lifted their price target on shares of Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a report on Wednesday, April 30th. Scotiabank lifted their price target on shares of Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a report on Wednesday, April 30th. Finally, Wall Street Zen raised shares of Freshworks from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.07.

Insider Transactions at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $14.69, for a total value of $123,880.77. Following the transaction, the director owned 24,890 shares of the company's stock, valued at approximately $365,634.10. The trade was a 25.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 70,997 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $16.01, for a total transaction of $1,136,661.97. Following the completion of the sale, the chairman directly owned 724,515 shares in the company, valued at approximately $11,599,485.15. This represents a 8.92% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 206,075 shares of company stock valued at $3,219,261. 11.17% of the stock is currently owned by insiders.

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.