Geode Capital Management LLC Acquires 79,388 Shares of Freshworks Inc. (NASDAQ:FRSH)

Geode Capital Management LLC increased its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 1.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,673,600 shares of the company's stock after purchasing an additional 79,388 shares during the quarter. Geode Capital Management LLC owned 1.54% of Freshworks worth $75,588,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company's stock valued at $54,290,000 after acquiring an additional 313,982 shares during the period. Barclays PLC raised its position in shares of Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company's stock worth $3,875,000 after purchasing an additional 84,568 shares during the period. Tidal Investments LLC bought a new stake in shares of Freshworks in the 3rd quarter worth approximately $534,000. Franklin Resources Inc. boosted its position in Freshworks by 18.1% during the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock valued at $44,934,000 after purchasing an additional 604,658 shares during the period. Finally, JPMorgan Chase & Co. grew its stake 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 buying an additional 1,752,995 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Freshworks news, Director Johanna Flower sold 21,400 shares of Freshworks stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total transaction of $385,200.00. Following the transaction, the director now owns 41,491 shares of the company's stock, valued at $746,838. The trade was a 34.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mika Yamamoto sold 2,859 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $18.29, for a total transaction of $52,291.11. Following the transaction, the insider now directly owns 397,390 shares in the company, valued at $7,268,263.10. The trade was a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,577 shares of company stock valued at $883,242. 19.15% of the stock is owned by corporate insiders.

Freshworks Price Performance

Shares of FRSH traded down $0.04 during mid-day trading on Thursday, hitting $12.50. The company's stock had a trading volume of 645,147 shares, compared to its average volume of 3,306,629. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of -39.09 and a beta of 0.98. The firm has a 50-day moving average price of $15.31 and a 200 day moving average price of $15.20.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted 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%. As a group, equities analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. UBS Group set a $22.00 target price on Freshworks in a research note on Thursday, February 6th. Wells Fargo & Company downgraded shares of Freshworks from an "equal weight" rating to an "underweight" rating and cut their price objective for the company from $16.00 to $13.00 in a research report on Tuesday, January 21st. Canaccord Genuity Group upped their target price on shares of Freshworks from $19.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Barclays lifted their price target on Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a report on Wednesday, February 12th. Finally, JMP Securities set a $27.00 target price on Freshworks in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.43.

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.