20,829 Shares in Freshworks Inc. (NASDAQ:FRSH) Acquired by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury purchased a new stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 20,829 shares of the company's stock, valued at approximately $337,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FRSH. Avion Wealth acquired a new stake in shares of Freshworks in the fourth quarter worth approximately $26,000. Blue Trust Inc. lifted its holdings in Freshworks by 32.2% in 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 in the last quarter. National Bank of Canada FI boosted 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 worth $64,000 after purchasing an additional 3,700 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock worth $71,000 after buying an additional 2,223 shares in the last quarter. Finally, Covestor Ltd raised its position in shares of Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock valued at $76,000 after buying an additional 1,087 shares during the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Freshworks Price Performance

Shares of NASDAQ FRSH traded up $0.51 during midday trading on Thursday, hitting $14.73. The company's stock had a trading volume of 2,607,611 shares, compared to its average volume of 3,275,168. The firm has a market capitalization of $4.44 billion, a price-to-earnings ratio of -46.03 and a beta of 0.97. The business's fifty day simple moving average is $14.19 and its two-hundred day simple moving average is $15.46. 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 posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.13 by $0.05. The business 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 company's quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.10 earnings per share. Analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FRSH shares. Oppenheimer dropped their price target on Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Piper Sandler reiterated 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. Wells Fargo & Company raised their target price on Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 30th. JMP Securities reaffirmed a "market outperform" rating and issued a $27.00 price target on shares of Freshworks in a research note on Wednesday, April 30th. Finally, Barclays raised their price objective on Freshworks from $14.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 12th. One equities 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. Based on data from MarketBeat.com, Freshworks presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.21.

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.