Arrowstreet Capital Limited Partnership Invests $61.53 Million in Freshworks Inc. (NASDAQ:FRSH)

Arrowstreet Capital Limited Partnership purchased a new stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,805,207 shares of the company's stock, valued at approximately $61,530,000. Arrowstreet Capital Limited Partnership owned approximately 1.26% of Freshworks as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Avion Wealth acquired a new position in Freshworks in the fourth quarter worth approximately $26,000. Blue Trust Inc. increased its stake in shares of Freshworks by 32.2% during 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 during the last quarter. Nisa Investment Advisors LLC raised its holdings 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. Point72 Hong Kong Ltd acquired a new stake in shares of Freshworks in the 3rd quarter valued at $57,000. Finally, KBC Group NV boosted its holdings in Freshworks by 59.1% in the fourth quarter. KBC Group NV now owns 7,604 shares of the company's stock worth $123,000 after purchasing an additional 2,824 shares in the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Freshworks Stock Performance

Shares of NASDAQ:FRSH traded down $0.81 on Friday, hitting $12.29. 6,114,732 shares of the company were exchanged, compared to its average volume of 3,270,273. The company's 50 day moving average price is $16.51 and its two-hundred day moving average price is $15.19. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of -38.41 and a beta of 0.98. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77.

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FRSH. Jefferies Financial Group cut their target price on Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Piper Sandler raised their price objective on Freshworks from $20.00 to $24.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Barclays upped their target price on Freshworks from $14.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 12th. Morgan Stanley increased their price target on Freshworks from $18.00 to $19.00 and gave the company an "equal weight" rating in a report on Monday, January 13th. Finally, Needham & Company LLC restated a "buy" rating and issued a $25.00 price objective on shares of Freshworks in a research note on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $21.14.

Insider Activity

In other news, Director Zachary Nelson sold 8,442 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the completion of the transaction, the director now directly owns 24,187 shares of the company's stock, valued at approximately $442,622.10. This trade represents a 25.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Johanna Flower sold 21,400 shares of the company's stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $18.00, for a total transaction of $385,200.00. Following the completion of the sale, the director now directly owns 41,491 shares in the company, valued at approximately $746,838. The trade was a 34.03 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,262 shares of company stock worth $955,812. Company insiders own 19.15% of the company's stock.

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.