Lisanti Capital Growth LLC bought a new stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 141,600 shares of the company's stock, valued at approximately $2,290,000.
Several other hedge funds have also recently added to or reduced their stakes in FRSH. Avion Wealth bought a new stake in shares of Freshworks during the fourth quarter valued at about $26,000. Covestor Ltd increased its stake in Freshworks by 89.9% during the 3rd 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 period. Point72 Hong Kong Ltd bought a new stake in shares of Freshworks during the 3rd quarter worth about $57,000. Blue Trust Inc. lifted its stake in shares of Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company's stock worth $63,000 after acquiring an additional 954 shares during the period. Finally, Nisa Investment Advisors LLC boosted its holdings 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 valued at $71,000 after acquiring an additional 2,223 shares in the last quarter. Institutional investors own 75.58% of the company's stock.
Insider Activity at Freshworks
In other news, insider Mika Yamamoto sold 5,718 shares of the business's stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $16.95, for a total value of $96,920.10. Following the completion of the sale, the insider now directly owns 403,108 shares in the company, valued at approximately $6,832,680.60. The trade was a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Barry L. Padgett sold 2,345 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total value of $40,568.50. Following the completion of the sale, the director now directly owns 26,957 shares of the company's stock, valued at $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 quarter, insiders sold 1,735,263 shares of company stock valued at $27,361,209. 19.15% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on FRSH shares. Cantor Fitzgerald upped their target price on Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Canaccord Genuity Group raised their target price on Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Needham & Company LLC lifted their target price on Freshworks from $20.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Wells Fargo & Company downgraded shares of Freshworks from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $16.00 to $13.00 in a report on Tuesday, January 21st. Finally, Robert W. Baird set a $18.00 price objective on shares of Freshworks in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $21.14.
Check Out Our Latest Analysis on FRSH
Freshworks Stock Down 0.1 %
Shares of FRSH traded down $0.02 during trading hours on Tuesday, reaching $14.84. The company's stock had a trading volume of 4,749,131 shares, compared to its average volume of 4,018,305. The firm has a market cap of $4.47 billion, a price-to-earnings ratio of -46.38 and a beta of 0.92. The company has a 50 day moving average of $17.20 and a two-hundred day moving average of $14.75. 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 released its earnings results 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%. As a group, analysts forecast that Freshworks Inc. will post -0.19 EPS for the current fiscal year.
Freshworks Company Profile
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Free Report)
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.
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