Parallax Volatility Advisers L.P. Takes $942,000 Position in Freshworks Inc. (NASDAQ:FRSH)

Parallax Volatility Advisers L.P. bought a new stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 58,259 shares of the company's stock, valued at approximately $942,000.

Other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock valued at $63,000 after purchasing an additional 954 shares in the last quarter. Versor Investments LP grew its position in Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company's stock worth $556,000 after purchasing an additional 1,000 shares during the last quarter. Covestor Ltd increased its stake in Freshworks by 30.2% during the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock valued at $76,000 after acquiring an additional 1,087 shares during the period. Arizona State Retirement System raised its stake in shares of Freshworks by 2.2% in the fourth quarter. Arizona State Retirement System now owns 51,704 shares of the company's stock valued at $836,000 after purchasing an additional 1,103 shares in the last quarter. Finally, Xponance Inc. increased its stake in Freshworks by 10.2% in the fourth quarter. Xponance Inc. now owns 14,847 shares of the company's stock valued at $240,000 after acquiring an additional 1,369 shares during the period. Institutional investors and hedge funds own 75.58% of the company's stock.

Insider Buying and Selling

In other news, Director Johanna Flower sold 1,450 shares of the business's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $18.01, for a total value of $26,114.50. Following the transaction, the director now directly owns 41,491 shares of the company's stock, valued at $747,252.91. The trade was a 3.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mika Yamamoto sold 2,859 shares of the business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.29, for a total transaction of $52,291.11. Following 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 position. The disclosure for this sale can be found here. Insiders have sold 29,177 shares of company stock valued at $498,042 in the last 90 days. 19.15% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. UBS Group set a $22.00 price target on shares of Freshworks in a research note on Thursday, February 6th. Robert W. Baird set a $18.00 price objective on Freshworks in a research report on Wednesday, February 12th. Wells Fargo & Company lifted their price target on shares of Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a research note on Wednesday. Morgan Stanley upped their target price on Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a report on Thursday. Finally, Cantor Fitzgerald raised their price target on Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $20.43.

Freshworks Stock Up 1.6 %

NASDAQ FRSH traded up $0.24 during trading hours on Friday, hitting $14.72. The company had a trading volume of 1,447,818 shares, compared to its average volume of 3,380,089. The business has a fifty day simple moving average of $14.40 and a 200-day simple moving average of $15.37. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The firm has a market cap of $4.44 billion, a P/E ratio of -45.98 and a beta of 0.98.

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