Invesco Ltd. Acquires 22,523 Shares of Freshworks Inc. (NASDAQ:FRSH)

Invesco Ltd. raised its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 17.6% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 150,183 shares of the company's stock after buying an additional 22,523 shares during the quarter. Invesco Ltd.'s holdings in Freshworks were worth $2,428,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Freshworks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock valued at $405,283,000 after buying an additional 1,357,526 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock worth $60,503,000 after purchasing an additional 1,752,995 shares during the last quarter. Geode Capital Management LLC raised its holdings 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 worth $75,588,000 after purchasing an additional 79,388 shares in the last quarter. Franklin Resources Inc. lifted its stake in Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock valued at $44,934,000 after purchasing an additional 604,658 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Freshworks during the fourth quarter worth approximately $61,530,000. Institutional investors and hedge funds own 75.58% of the company's stock.

Wall Street Analysts Forecast Growth

FRSH has been the topic of a number of recent research reports. StockNews.com upgraded Freshworks from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. Robert W. Baird set a $18.00 price objective on shares of Freshworks in a research note on Wednesday, February 12th. UBS Group set a $22.00 target price on shares of Freshworks in a research report on Thursday, February 6th. Oppenheimer decreased their price objective on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Finally, Piper Sandler reissued an "overweight" rating and set a $22.00 target price (up from $20.00) on shares of Freshworks in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $20.43.

Insider Activity

In related news, insider Mika Yamamoto sold 2,859 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $18.29, for a total value of $52,291.11. Following the completion of the sale, the insider now owns 397,390 shares of the company's stock, valued at $7,268,263.10. This trade represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Zachary Nelson sold 8,442 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the transaction, the director now directly owns 24,187 shares in the company, valued at approximately $442,622.10. This represents a 25.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,177 shares of company stock worth $498,042. Corporate insiders own 19.15% of the company's stock.

Freshworks Trading Up 2.0 %

NASDAQ:FRSH traded up $0.29 during trading hours on Friday, hitting $14.77. 1,856,176 shares of the company traded hands, compared to its average volume of 3,382,007. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The firm has a 50-day moving average of $14.40 and a 200 day moving average of $15.37. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of -46.19 and a beta of 0.98.

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