Hsbc Holdings PLC Buys 40,970 Shares of Freshworks Inc. (NASDAQ:FRSH)

Hsbc Holdings PLC increased its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 165.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,672 shares of the company's stock after acquiring an additional 40,970 shares during the period. Hsbc Holdings PLC's holdings in Freshworks were worth $1,066,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Avion Wealth purchased a new stake in shares of Freshworks during the 4th quarter valued at $26,000. Blue Trust Inc. raised its position in Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock worth $63,000 after acquiring an additional 954 shares during the period. National Bank of Canada FI boosted its stake 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 valued at $64,000 after acquiring an additional 3,700 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Freshworks by 102.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock valued at $71,000 after acquiring an additional 2,223 shares during the period. Finally, Covestor Ltd increased its stake 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 purchasing an additional 1,087 shares during the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Freshworks

In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.74, for a total value of $47,859.66. Following the completion of the sale, the insider now owns 615,893 shares of the company's stock, valued at $10,310,048.82. This represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.72, for a total transaction of $140,999.76. Following the transaction, the director now directly owns 24,187 shares in the company, valued at $404,406.64. This trade represents a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 29,883 shares of company stock worth $467,538. 19.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have issued reports on FRSH. Needham & Company LLC reissued a "buy" rating and issued a $25.00 target price on shares of Freshworks in a research report on Monday, March 17th. StockNews.com upgraded shares of Freshworks from a "hold" rating to a "buy" rating in a research note on Thursday, February 13th. Piper Sandler reaffirmed an "overweight" rating and issued a $22.00 price objective (up from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. Barclays boosted their target price on shares of Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a report on Wednesday, February 12th. Finally, Canaccord Genuity Group raised their price target on Freshworks from $19.00 to $23.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $20.21.

Freshworks Stock Performance

FRSH traded down $0.06 on Wednesday, reaching $14.22. The company had a trading volume of 2,374,217 shares, compared to its average volume of 3,279,646. Freshworks Inc. has a 52-week low of $10.81 and a 52-week high of $19.77. The company has a market cap of $4.29 billion, a price-to-earnings ratio of -44.44 and a beta of 0.97. The business has a 50 day simple moving average of $14.24 and a 200 day simple moving average of $15.47.

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

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.