XTX Topco Ltd Raises Holdings in Freshworks Inc. (NASDAQ:FRSH)

Key Points

• XTX Topco Ltd significantly increased its stake in Freshworks Inc. by 349.6% during the first quarter, acquiring 103,794 shares and raising its total holdings to 133,483 shares valued at approximately $1.88 million.
• Several institutional investors have also made significant adjustments to their stakes in Freshworks, leading to an overall institutional ownership of 75.58% in the company.
• Freshworks reported a revenue increase of 19.6% year-over-year, with earnings per share of $0.18 for the last quarter, exceeding analysts' expectations of $0.12.

XTX Topco Ltd increased its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 349.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 133,483 shares of the company's stock after buying an additional 103,794 shares during the quarter. XTX Topco Ltd's holdings in Freshworks were worth $1,883,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Freshworks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock valued at $405,283,000 after purchasing an additional 1,357,526 shares during the last quarter. Eminence Capital LP acquired a new stake in Freshworks during the fourth quarter worth $86,002,000. Geode Capital Management LLC lifted its stake in shares of Freshworks by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company's stock valued at $75,588,000 after purchasing an additional 79,388 shares during the last quarter. TPG GP A LLC grew its holdings in shares of Freshworks by 28.7% during 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 during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Freshworks during the 4th quarter worth about $61,530,000. Institutional investors and hedge funds own 75.58% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on FRSH. Wall Street Zen raised shares of Freshworks from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 29th. Cantor Fitzgerald upgraded shares of Freshworks to an "overweight" rating and set a $20.00 target price for the company in a report on Tuesday, June 3rd. Piper Sandler set a $25.00 price target on Freshworks and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Oppenheimer lowered their price target on Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Finally, Morgan Stanley lifted their price objective on Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $20.29.

Insider Buying and Selling

In related news, insider Mika Yamamoto sold 4,289 shares of Freshworks stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $15.05, for a total value of $64,549.45. Following the sale, the insider directly owned 570,487 shares in the company, valued at $8,585,829.35. The trade was a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Johanna Flower sold 8,000 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $14.80, for a total transaction of $118,400.00. Following the sale, the director owned 48,094 shares in the company, valued at $711,791.20. The trade was a 14.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 194,068 shares of company stock valued at $3,042,986 in the last 90 days. Company insiders own 11.17% of the company's stock.

Freshworks Stock Performance

FRSH stock traded up $0.35 during midday trading on Monday, reaching $13.03. 3,705,256 shares of the company were exchanged, compared to its average volume of 3,620,937. The company has a market cap of $3.84 billion, a price-to-earnings ratio of -72.36 and a beta of 0.94. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77. The stock's 50-day simple moving average is $14.79 and its 200 day simple moving average is $15.27.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.18 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $204.68 million for the quarter, compared to analyst estimates of $198.85 million. During the same period last year, the business earned $0.08 EPS. Freshworks's revenue for the quarter was up 19.6% compared to the same quarter last year. On average, research analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current year.

Freshworks Company 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.