Edgestream Partners L.P. Purchases 41,283 Shares of Freshworks Inc. (NASDAQ:FRSH)

Edgestream Partners L.P. increased its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 39.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 145,217 shares of the company's stock after buying an additional 41,283 shares during the quarter. Edgestream Partners L.P.'s holdings in Freshworks were worth $2,348,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. grew its stake in shares of Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock worth $60,503,000 after acquiring an additional 1,752,995 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Freshworks during the fourth quarter worth about $20,666,000. Franklin Resources Inc. grew its position in Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock worth $44,934,000 after purchasing an additional 604,658 shares in the last quarter. Invenomic Capital Management LP purchased a new stake in Freshworks in the 3rd quarter valued at about $5,260,000. Finally, Ieq Capital LLC increased its stake in Freshworks by 29.3% in the 4th quarter. Ieq Capital LLC now owns 1,462,541 shares of the company's stock valued at $23,649,000 after buying an additional 331,298 shares during the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lowered Freshworks from an "equal weight" rating to an "underweight" rating and reduced their target price for the company from $16.00 to $13.00 in a report on Tuesday, January 21st. Barclays raised their target price on Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 12th. JMP Securities set a $27.00 price target on shares of Freshworks in a report on Wednesday, February 12th. Needham & Company LLC raised their price objective on shares of Freshworks from $20.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Finally, StockNews.com raised shares of Freshworks from a "hold" rating to a "buy" rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $21.14.

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Insider Activity

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $15.85, for a total transaction of $133,663.05. Following the completion of the sale, the director now owns 24,187 shares of the company's stock, valued at $383,363.95. The trade was a 25.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Barry L. Padgett sold 2,345 shares of the firm's stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total value of $40,568.50. Following the transaction, the director now directly owns 26,957 shares in the company, valued at approximately $466,356.10. This represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,735,263 shares of company stock worth $27,361,209. 19.15% of the stock is currently owned by insiders.

Freshworks Stock Performance

NASDAQ FRSH traded down $0.47 during trading hours on Thursday, hitting $14.35. The company had a trading volume of 2,478,822 shares, compared to its average volume of 3,989,575. The firm has a market capitalization of $4.33 billion, a price-to-earnings ratio of -44.84 and a beta of 0.92. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77. The firm has a 50 day simple moving average of $17.15 and a 200 day simple moving average of $14.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued 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, research analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current year.

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.