Cibc World Markets Corp Buys Shares of 19,352 Freshworks Inc. (NASDAQ:FRSH)

Cibc World Markets Corp acquired a new position in Freshworks Inc. (NASDAQ:FRSH - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 19,352 shares of the company's stock, valued at approximately $313,000.

Other institutional investors have also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. grew its position in Freshworks by 806.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company's stock worth $2,699,000 after purchasing an additional 209,194 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Freshworks in the third quarter worth about $867,000. Charles Schwab Investment Management Inc. grew its holdings in Freshworks by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,556,772 shares of the company's stock worth $17,872,000 after acquiring an additional 24,558 shares during the period. Dynamic Technology Lab Private Ltd raised its position in Freshworks by 264.2% during the third quarter. Dynamic Technology Lab Private Ltd now owns 156,450 shares of the company's stock valued at $1,796,000 after acquiring an additional 113,497 shares in the last quarter. Finally, Quantbot Technologies LP lifted its holdings in Freshworks by 80.1% in the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company's stock valued at $4,895,000 after acquiring an additional 189,616 shares during the period. Hedge funds and other institutional investors own 75.58% of the company's stock.

Remove Ads

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. StockNews.com upgraded shares of Freshworks from a "hold" rating to a "buy" rating in a research note on Thursday, February 13th. Piper Sandler upped their price objective on shares of Freshworks from $20.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Morgan Stanley raised their target price on Freshworks from $18.00 to $19.00 and gave the company an "equal weight" rating in a research report on Monday, January 13th. Barclays increased their price target on Freshworks from $14.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 12th. Finally, Canaccord Genuity Group raised their price objective on Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $21.14.

Freshworks Stock Down 4.2 %

Shares of Freshworks stock traded down $0.63 during trading hours on Friday, reaching $14.53. 2,707,630 shares of the company's stock were exchanged, compared to its average volume of 3,237,852. The business has a fifty day moving average of $16.92 and a two-hundred day moving average of $15.05. The company has a market capitalization of $4.38 billion, a P/E ratio of -45.41 and a beta of 0.92. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings data 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%. As a group, research analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

Insider Activity at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $15.85, for a total value of $133,663.05. Following the completion of the sale, the director now directly owns 24,187 shares of the company's stock, valued at $383,363.95. This trade represents a 25.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mika Yamamoto sold 2,859 shares of the business's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $15.84, for a total transaction of $45,286.56. Following the transaction, the insider now directly owns 400,249 shares in the company, valued at approximately $6,339,944.16. The trade was a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,200 shares of company stock valued at $1,073,021. 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.