Virtu Financial LLC Acquires New Stake in Freshworks Inc. (NASDAQ:FRSH)

Virtu Financial LLC acquired a new stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 24,048 shares of the company's stock, valued at approximately $339,000.

Other hedge funds have also made changes to their positions in the company. Invesco Ltd. boosted its holdings in Freshworks by 8.5% during the first quarter. Invesco Ltd. now owns 162,950 shares of the company's stock worth $2,299,000 after buying an additional 12,767 shares in the last quarter. Swiss National Bank boosted its holdings in Freshworks by 3.0% during the first quarter. Swiss National Bank now owns 361,100 shares of the company's stock worth $5,095,000 after buying an additional 10,600 shares in the last quarter. Gagnon Securities LLC boosted its holdings in Freshworks by 7.5% during the first quarter. Gagnon Securities LLC now owns 876,889 shares of the company's stock worth $12,373,000 after buying an additional 61,118 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Freshworks by 2.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,642,290 shares of the company's stock worth $23,173,000 after buying an additional 32,333 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Freshworks by 4.5% during the first quarter. Vanguard Group Inc. now owns 26,189,892 shares of the company's stock worth $369,539,000 after buying an additional 1,126,013 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FRSH shares. UBS Group reduced their target price on shares of Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Wall Street Zen upgraded shares of Freshworks from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. Piper Sandler raised their target price on shares of Freshworks from $22.00 to $25.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Wells Fargo & Company raised their price objective 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, Morgan Stanley raised their price objective on shares of Freshworks from $14.00 to $18.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Freshworks presently has a consensus rating of "Moderate Buy" and an average price target of $20.29.

Freshworks Stock Down 2.3%

FRSH stock opened at $12.96 on Friday. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The company has a market cap of $3.78 billion, a price-to-earnings ratio of -72.00 and a beta of 0.94. The company has a 50 day moving average of $14.39 and a two-hundred day moving average of $15.00.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.06. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The company had revenue of $204.68 million during the quarter, compared to the consensus estimate of $198.85 million. During the same quarter in the prior year, the firm earned $0.08 EPS. The company's revenue was up 19.6% compared to the same quarter last year. On average, research analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current year.

Insider Buying and Selling

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $12.53, for a total value of $58,765.70. Following the completion of the sale, the director owned 44,218 shares in the company, valued at $554,051.54. This represents a 9.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mika Yamamoto sold 4,289 shares of the firm's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $13.00, for a total transaction of $55,757.00. Following the transaction, the insider owned 566,198 shares in the company, valued at $7,360,574. This represents a 0.75% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 200,491 shares of company stock worth $3,101,115. Insiders own 11.17% of the company's stock.

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.

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