Polar Asset Management Partners Inc. Purchases New Stake in Freshworks Inc. (NASDAQ:FRSH)

Polar Asset Management Partners Inc. purchased a new stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 312,500 shares of the company's stock, valued at approximately $5,053,000. Polar Asset Management Partners Inc. owned about 0.10% of Freshworks as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Avion Wealth purchased a new stake in Freshworks during the 4th quarter valued at about $26,000. Blue Trust Inc. grew its stake in Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock valued at $63,000 after purchasing an additional 954 shares during the last quarter. National Bank of Canada FI grew its stake in Freshworks by 1,385.8% during the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock valued at $64,000 after purchasing an additional 3,700 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in 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 purchasing an additional 2,223 shares during the last quarter. Finally, Covestor Ltd boosted its stake in shares of Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after buying an additional 1,087 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company's stock.

Insider Activity at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of the 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 completion of the sale, the director now owns 24,187 shares of the company's stock, valued at approximately $404,406.64. This trade 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 stock in a transaction that occurred on 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 sale, the director now directly owns 41,491 shares of the company's stock, valued at approximately $747,252.91. This represents a 3.38% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,871 shares of company stock valued at $629,278. 11.17% of the stock is currently owned by insiders.

Freshworks Stock Up 0.2%

Shares of Freshworks stock traded up $0.03 during mid-day trading on Wednesday, reaching $14.77. 914,106 shares of the stock traded hands, compared to its average volume of 3,271,376. The business has a 50-day moving average of $14.13 and a 200 day moving average of $15.71. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The stock has a market capitalization of $4.36 billion, a PE ratio of -46.17 and a beta of 0.97.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $196.27 million during the quarter, compared to analysts' expectations of $191.90 million. During the same quarter in the prior year, the firm earned $0.10 earnings per share. The business's revenue was up 18.9% compared to the same quarter last year. On average, equities research analysts expect that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FRSH has been the topic of a number of recent research reports. Jefferies Financial Group lowered their target price on Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Cantor Fitzgerald upped 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. Canaccord Genuity Group upped 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. StockNews.com raised Freshworks from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $22.00 price target (up previously from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $20.21.

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.