Connor Clark & Lunn Investment Management Ltd. Grows Holdings in Freshworks Inc. (NASDAQ:FRSH)

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 229.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 775,036 shares of the company's stock after buying an additional 539,890 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.26% of Freshworks worth $12,532,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FRSH. Covestor Ltd raised its position in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company's stock valued at $41,000 after buying an additional 1,704 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in Freshworks by 19.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 163,392 shares of the company's stock worth $1,876,000 after purchasing an additional 27,139 shares during the period. Versor Investments LP purchased a new position in Freshworks in the third quarter worth approximately $383,000. GSA Capital Partners LLP grew its holdings in shares of Freshworks by 89.4% during the 3rd quarter. GSA Capital Partners LLP now owns 97,910 shares of the company's stock worth $1,124,000 after purchasing an additional 46,204 shares during the period. Finally, Cornercap Investment Counsel Inc. purchased a new stake in Freshworks in the 3rd quarter valued at about $250,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Freshworks Trading Up 1.8 %

Shares of FRSH traded up $0.28 during trading hours on Wednesday, reaching $15.47. The company had a trading volume of 1,821,302 shares, compared to its average volume of 3,108,032. The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of -48.34 and a beta of 0.92. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The firm has a 50 day simple moving average of $17.06 and a 200-day simple moving average of $14.88.

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Freshworks (NASDAQ:FRSH - Get Free Report) last posted its earnings results on Tuesday, February 11th. The company reported ($0.02) 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%. Sell-side analysts forecast 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 firm's stock in a transaction that occurred on 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 $442,622.10. This trade represents a 25.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $15.33, for a total value of $12,723,900.00. Following the sale, the chairman now owns 551,137 shares in the company, valued at approximately $8,448,930.21. This trade represents a 60.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 892,200 shares of company stock worth $13,796,921. 19.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. UBS Group set a $22.00 price objective on shares of Freshworks in a report on Thursday, February 6th. Cantor Fitzgerald upped their price objective on Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Scotiabank lifted their target price on Freshworks from $17.00 to $19.00 and gave the company a "sector perform" rating in a report on Wednesday, February 12th. Needham & Company LLC restated a "buy" rating and set a $25.00 price target on shares of Freshworks in a report on Monday. Finally, Barclays lifted their price objective on Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $21.14.

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.