Magnetar Financial LLC Acquires 22,429 Shares of Freshworks Inc. (NASDAQ:FRSH)

Magnetar Financial LLC lifted its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 173.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,324 shares of the company's stock after buying an additional 22,429 shares during the quarter. Magnetar Financial LLC's holdings in Freshworks were worth $571,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Smith Group Asset Management LLC bought a new position in shares of Freshworks in the fourth quarter worth about $589,000. Quantbot Technologies LP boosted its position in Freshworks by 80.1% in the 3rd quarter. Quantbot Technologies LP now owns 426,432 shares of the company's stock valued at $4,895,000 after buying an additional 189,616 shares during the last quarter. Barclays PLC increased its stake in shares of Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company's stock valued at $3,875,000 after buying an additional 84,568 shares during the period. Edgestream Partners L.P. bought a new position in Freshworks in the third quarter valued at about $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Freshworks by 806.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company's stock worth $2,699,000 after purchasing an additional 209,194 shares during the period. Institutional investors and hedge funds own 75.58% of the company's stock.

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $18.30, for a total transaction of $154,488.60. Following the transaction, the director now directly owns 24,187 shares in the company, valued at $442,622.10. The trade was a 25.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mika Yamamoto sold 2,859 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $15.84, for a total transaction of $45,286.56. Following the completion of the sale, the insider now owns 400,249 shares of the company's stock, valued at $6,339,944.16. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,200 shares of company stock valued at $1,073,021. Corporate insiders own 19.15% of the company's stock.

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Freshworks Stock Performance

FRSH stock traded down $0.52 during mid-day trading on Wednesday, hitting $15.93. 2,260,861 shares of the company were exchanged, compared to its average volume of 3,101,456. The firm has a market cap of $4.80 billion, a P/E ratio of -49.78 and a beta of 0.92. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77. The firm's 50 day simple moving average is $17.04 and its 200 day simple moving average is $15.03.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings data 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%. On average, equities research analysts predict that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FRSH has been the topic of several recent research reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 target price on shares of Freshworks in a research note on Monday, March 17th. Oppenheimer lifted their target price on shares of Freshworks from $22.00 to $24.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. StockNews.com upgraded shares of Freshworks from a "hold" rating to a "buy" rating in a research report on Thursday, February 13th. Cantor Fitzgerald raised their price target on Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Finally, Barclays upped their price objective on Freshworks from $14.00 to $20.00 and gave the company an "equal weight" rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus 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.