HighTower Advisors LLC Invests $1.34 Million in Freshworks Inc. (NASDAQ:FRSH)

HighTower Advisors LLC purchased a new position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 83,040 shares of the company's stock, valued at approximately $1,343,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. increased its position in Freshworks by 49.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock worth $60,503,000 after purchasing an additional 1,752,995 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Freshworks during the fourth quarter worth about $20,666,000. Franklin Resources Inc. increased its stake in shares of Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock valued at $44,934,000 after buying an additional 604,658 shares during the period. Invenomic Capital Management LP bought a new position in Freshworks in the 3rd quarter valued at approximately $5,260,000. Finally, Ceera Investments LLC boosted its position in Freshworks by 1,261.7% during the 4th quarter. Ceera Investments LLC now owns 455,420 shares of the company's stock worth $7,364,000 after buying an additional 421,975 shares during the period. Institutional investors and hedge funds own 75.58% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Barclays upped their price target on shares of Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 12th. StockNews.com raised Freshworks from a "hold" rating to a "buy" rating in a research report on Thursday, February 13th. Piper Sandler upped their price target on Freshworks from $20.00 to $24.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. Scotiabank raised their price objective on Freshworks from $17.00 to $19.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 12th. Finally, Morgan Stanley lifted their price objective on Freshworks from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $21.14.

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Freshworks Trading Down 4.2 %

NASDAQ FRSH traded down $0.63 on Friday, hitting $14.53. 2,707,630 shares of the company were exchanged, compared to its average volume of 3,243,253. The company has a market cap of $4.38 billion, a PE ratio of -45.41 and a beta of 0.92. The stock has a fifty day moving average of $16.92 and a 200-day moving average of $15.08. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. On average, analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current year.

Insider Buying and Selling at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Johanna Flower sold 1,450 shares of the business's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $18.01, for a total transaction of $26,114.50. Following the transaction, the director now owns 41,491 shares in the company, valued at approximately $747,252.91. This trade represents a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,200 shares of company stock valued at $1,073,021. Company insiders own 19.15% of the company's stock.

Freshworks Company 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.