Federated Hermes Inc. Raises Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Federated Hermes Inc. raised its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 5.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 41,059 shares of the company’s stock after purchasing an additional 2,098 shares during the quarter. Federated Hermes Inc.’s holdings in Freshworks were worth $579,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. National Bank of Canada FI increased its position 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 period. Covestor Ltd grew its position in shares of Freshworks by 30.2% in the 4th 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 period. FNY Investment Advisers LLC purchased a new stake in shares of Freshworks in the 1st quarter worth about $70,000. Quarry LP grew its position in shares of Freshworks by 47.8% in the 4th quarter. Quarry LP now owns 5,410 shares of the company’s stock worth $87,000 after buying an additional 1,750 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its position in shares of Freshworks by 91.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company’s stock worth $84,000 after buying an additional 2,814 shares during the period. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 7,558 shares of the company’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $15.14, for a total transaction of $114,428.12. Following the transaction, the director owned 32,635 shares in the company, valued at approximately $494,093.90. This represents a 18.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $14.80, for a total transaction of $124,808.40. Following the transaction, the director owned 38,870 shares in the company, valued at $575,276. This represents a 17.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 200,486 shares of company stock worth $3,114,545. 11.17% of the stock is owned by company insiders.

Freshworks Stock Performance

Shares of FRSH stock opened at $12.63 on Friday. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77. The company’s 50-day moving average is $14.60 and its 200 day moving average is $15.15. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of -70.16 and a beta of 0.94.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, July 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.06. The business had revenue of $204.68 million for the quarter, compared to analysts’ expectations of $198.85 million. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The business’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.08 EPS. As a group, research analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on FRSH. Scotiabank upped their target price on shares of Freshworks from $14.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 30th. JMP Securities reaffirmed a “market outperform” rating and issued a $27.00 target price on shares of Freshworks in a research report on Wednesday, April 30th. Wells Fargo & Company upped their target price on shares of Freshworks from $11.00 to $12.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 30th. Morgan Stanley upped their target price on shares of Freshworks from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 1st. Finally, Cantor Fitzgerald raised shares of Freshworks to an “overweight” rating and set a $20.00 target price on the stock in a research report on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and an average price target of $20.29.

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.