First Trust Advisors LP Makes New $2.05 Million Investment in Freshworks Inc. (NASDAQ:FRSH)

First Trust Advisors LP purchased a new stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 126,438 shares of the company's stock, valued at approximately $2,045,000.

Other large investors have also recently made changes to their positions in the company. Canada Pension Plan Investment Board grew its holdings in Freshworks by 273.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 352,900 shares of the company's stock worth $5,706,000 after acquiring an additional 258,300 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Freshworks by 5,065.5% in the 4th quarter. Marshall Wace LLP now owns 816,978 shares of the company's stock valued at $13,211,000 after purchasing an additional 801,162 shares during the period. AlpInvest Partners B.V. boosted its position in shares of Freshworks by 3.7% during the fourth quarter. AlpInvest Partners B.V. now owns 72,515 shares of the company's stock valued at $1,173,000 after purchasing an additional 2,601 shares in the last quarter. XTX Topco Ltd bought a new position in Freshworks in the fourth quarter worth $480,000. Finally, Mariner LLC lifted its position in Freshworks by 51.2% during the fourth quarter. Mariner LLC now owns 15,153 shares of the company's stock valued at $245,000 after buying an additional 5,131 shares during the period. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Trading Down 1.2 %

NASDAQ FRSH traded down $0.17 during mid-day trading on Friday, reaching $14.56. 2,105,986 shares of the company's stock traded hands, compared to its average volume of 3,277,013. The company has a market cap of $4.39 billion, a price-to-earnings ratio of -45.50 and a beta of 0.97. The company has a fifty day simple moving average of $14.12 and a 200-day simple moving average of $15.50. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77.

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

Insider Buying and Selling

In other news, Director Zachary Nelson sold 8,433 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.72, for a total value of $140,999.76. Following the transaction, the director now owns 24,187 shares of the company's stock, valued at approximately $404,406.64. This represents a 25.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Johanna Flower sold 1,450 shares of the business's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $18.01, for a total value of $26,114.50. Following the completion of the transaction, the director now directly owns 41,491 shares of the company's stock, valued at approximately $747,252.91. This trade represents a 3.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,883 shares of company stock worth $464,113 in the last 90 days. 19.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FRSH has been the subject of several recent analyst reports. Needham & Company LLC restated a "buy" rating and issued a $25.00 price target on shares of Freshworks in a research note on Monday, March 17th. Robert W. Baird set a $18.00 price target on shares of Freshworks in a report on Wednesday, February 12th. Cantor Fitzgerald boosted their price target on shares of Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Scotiabank raised their price objective on Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 30th. Finally, JMP Securities restated a "market outperform" rating and set a $27.00 target price on shares of Freshworks in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.21.

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.