Wells Fargo & Company MN Buys 31,405 Shares of Freshworks Inc. (NASDAQ:FRSH)

Wells Fargo & Company MN boosted its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 27.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 146,276 shares of the company's stock after buying an additional 31,405 shares during the quarter. Wells Fargo & Company MN's holdings in Freshworks were worth $2,365,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Avion Wealth purchased a new stake in Freshworks in the fourth quarter worth $26,000. Blue Trust Inc. raised its holdings in Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock worth $63,000 after purchasing an additional 954 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Freshworks by 1,385.8% in 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 period. Nisa Investment Advisors LLC boosted its stake 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 purchasing an additional 2,223 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Freshworks by 59.1% during the fourth quarter. KBC Group NV now owns 7,604 shares of the company's stock valued at $123,000 after buying an additional 2,824 shares during the period. Hedge funds and other institutional investors own 75.58% of the company's stock.

Freshworks Stock Up 3.0 %

Shares of Freshworks stock traded up $0.43 on Wednesday, reaching $14.77. The company's stock had a trading volume of 10,655,122 shares, compared to its average volume of 3,386,853. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77. The firm's fifty day simple moving average is $14.46 and its two-hundred day simple moving average is $15.35. The company has a market capitalization of $4.45 billion, a price-to-earnings ratio of -46.16 and a beta of 0.98.

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

Insider Buying and Selling

In other news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the transaction, the director now directly owns 24,187 shares of the company's stock, valued at $442,622.10. This represents a 25.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction on Monday, February 3rd. The stock was 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 directly owns 397,390 shares of the company's stock, valued at $7,268,263.10. The trade was a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,177 shares of company stock worth $498,042. 19.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. Robert W. Baird set a $18.00 price objective on shares of Freshworks in a report on Wednesday, February 12th. Needham & Company LLC restated a "buy" rating and set a $25.00 price target on shares of Freshworks in a research report on Monday, March 17th. Piper Sandler reiterated an "overweight" rating and issued a $22.00 price objective (up previously from $20.00) on shares of Freshworks in a report on Wednesday. Canaccord Genuity Group boosted their target price on shares of Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Finally, Morgan Stanley lowered their price target on shares of Freshworks from $21.00 to $14.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Freshworks currently has a consensus rating of "Moderate Buy" and an average target price of $20.14.

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.