Exchange Traded Concepts LLC increased its stake in shares of Freshworks Inc. (NASDAQ:FRSH – Free Report) by 7.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 213,654 shares of the company’s stock after acquiring an additional 15,186 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.07% of Freshworks worth $2,453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also bought and sold shares of the company. Handelsbanken Fonder AB grew its holdings in shares of Freshworks by 34.8% in the third quarter. Handelsbanken Fonder AB now owns 43,400 shares of the company’s stock worth $498,000 after purchasing an additional 11,200 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Freshworks during the 3rd quarter valued at $260,000. Quarry LP grew its holdings in Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after acquiring an additional 2,645 shares during the last quarter. Clearline Capital LP purchased a new position in shares of Freshworks in the second quarter valued at about $916,000. Finally, Algert Global LLC bought a new position in shares of Freshworks during the second quarter valued at about $1,285,000. 75.58% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts recently issued reports on FRSH shares. Canaccord Genuity Group cut their target price on Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Wednesday, July 10th. Scotiabank decreased their target price on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday, July 31st. Cantor Fitzgerald dropped their price target on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Jefferies Financial Group reduced their price objective on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Finally, Piper Sandler cut their target price on shares of Freshworks from $17.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, October 10th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.38.
Freshworks Price Performance
FRSH stock opened at $11.39 on Tuesday. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $24.98. The company has a market cap of $3.40 billion, a P/E ratio of -28.48 and a beta of 0.73. The stock’s fifty day moving average price is $11.39 and its 200-day moving average price is $13.30.
Freshworks (NASDAQ:FRSH – Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The business had revenue of $174.13 million during the quarter, compared to the consensus estimate of $169.05 million. During the same period in the previous year, the company posted ($0.12) EPS. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, analysts expect that Freshworks Inc. will post -0.38 earnings per share for the current year.
Insider Transactions at Freshworks
In other news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total value of $97,927.20. Following the completion of the sale, the director now directly owns 22,530 shares in the company, valued at $261,348. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the completion of the transaction, the director now directly owns 35,853 shares in the company, valued at $400,478.01. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total transaction of $97,927.20. Following the completion of the sale, the director now directly owns 22,530 shares of the company’s stock, valued at approximately $261,348. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,245 shares of company stock worth $533,811 in the last 90 days. 19.15% of the stock is currently owned by insiders.
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.
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