XTX Topco Ltd Grows Position 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 Freshworks Inc. (NASDAQ:FRSH - Free Report) by 349.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 133,483 shares of the company's stock after purchasing 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 quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. National Bank of Canada FI boosted its holdings in 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 purchasing an additional 3,700 shares during the last quarter. Covestor Ltd boosted its holdings in Freshworks by 30.2% in 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 during the last quarter. FNY Investment Advisers LLC purchased a new stake in Freshworks in the first quarter worth approximately $70,000. Quarry LP boosted its holdings in Freshworks by 47.8% in the fourth quarter. Quarry LP now owns 5,410 shares of the company's stock worth $87,000 after purchasing an additional 1,750 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in Freshworks by 91.2% in the first 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. Hedge funds and other institutional investors own 75.58% of the company's stock.

Insiders Place Their Bets

In other Freshworks news, Director Barry L. Padgett sold 7,558 shares of Freshworks stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $15.14, for a total value of $114,428.12. Following the completion of the transaction, the director directly owned 32,635 shares of the company's stock, valued at $494,093.90. This trade represents a 18.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Rathnagirish Mathrubootham sold 70,997 shares of Freshworks 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 transaction, the chairman directly owned 724,515 shares of the company's stock, valued at $11,599,485.15. The trade was a 8.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 197,642 shares of company stock worth $3,095,380. Insiders own 11.17% of the company's stock.

Analyst Ratings Changes

FRSH has been the topic of several recent research reports. Cantor Fitzgerald upgraded shares of Freshworks to an "overweight" rating and set a $20.00 price target on the stock in a research report on Tuesday, June 3rd. Piper Sandler set a $25.00 price target on shares of Freshworks and gave the stock an "overweight" rating in a research report on Wednesday. Wells Fargo & Company increased their price target on shares of Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 30th. UBS Group decreased their price target on shares of Freshworks from $22.00 to $19.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, JMP Securities reiterated a "market outperform" rating and issued a $27.00 price target on shares of Freshworks in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.29.

Freshworks Stock Down 2.4%

NASDAQ FRSH traded down $0.31 on Friday, reaching $12.68. The company had a trading volume of 7,737,112 shares, compared to its average volume of 5,189,084. The stock has a market capitalization of $3.74 billion, a PE ratio of -70.44 and a beta of 0.95. The firm's 50 day moving average price is $14.79 and its 200 day moving average price is $15.29. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77.

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