Legato Capital Management LLC Takes $515,000 Position in Freshworks Inc. (NASDAQ:FRSH)

Legato Capital Management LLC acquired a new stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 31,820 shares of the company's stock, valued at approximately $515,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Avion Wealth bought a new stake in shares of Freshworks in the fourth quarter worth about $26,000. Blue Trust Inc. grew its stake in shares of Freshworks by 1,987.3% in the third quarter. Blue Trust Inc. now owns 2,964 shares of the company's stock worth $38,000 after purchasing an additional 2,822 shares during the last quarter. Covestor Ltd grew its stake in shares of Freshworks by 89.9% in the third quarter. Covestor Ltd now owns 3,599 shares of the company's stock worth $41,000 after purchasing an additional 1,704 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Freshworks in the third quarter worth about $57,000. Finally, Nisa Investment Advisors LLC grew its stake in shares of Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock worth $71,000 after purchasing an additional 2,223 shares during the last quarter. 75.58% of the stock is owned by institutional investors.

Freshworks Stock Up 1.9 %

Shares of FRSH stock traded up $0.33 during trading hours on Tuesday, hitting $17.38. 1,786,150 shares of the company's stock traded hands, compared to its average volume of 4,173,859. The stock's fifty day simple moving average is $17.01 and its two-hundred day simple moving average is $14.18. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $21.07. The stock has a market cap of $5.26 billion, a price-to-earnings ratio of -51.22 and a beta of 0.91.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its 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 14.80% and a negative return on equity of 8.57%. On average, equities analysts forecast that Freshworks Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the business's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total value of $13,426,800.00. Following the completion of the transaction, the chairman now directly owns 551,137 shares in the company, valued at $8,862,282.96. The trade was a 60.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mika Yamamoto sold 5,718 shares of the business's stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $16.95, for a total transaction of $96,920.10. Following the completion of the transaction, the insider now owns 403,108 shares of the company's stock, valued at approximately $6,832,680.60. The trade was a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,727,211 shares of company stock worth $27,224,746 in the last three months. Insiders own 19.15% of the company's stock.

Wall Street Analysts Forecast Growth

FRSH has been the topic of several recent analyst reports. Robert W. Baird cut their target price on Freshworks from $16.00 to $15.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Needham & Company LLC raised their target price on Freshworks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. Canaccord Genuity Group raised their target price on Freshworks from $19.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. Oppenheimer raised their price objective on shares of Freshworks from $22.00 to $24.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Finally, Morgan Stanley raised their price objective on shares of Freshworks from $18.00 to $19.00 and gave the stock an "equal weight" rating in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $21.07.

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.