New York State Common Retirement Fund Increases Stock Position in Freshworks Inc. (NASDAQ:FRSH)

New York State Common Retirement Fund raised its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 365.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 278,409 shares of the company's stock after acquiring an additional 218,617 shares during the period. New York State Common Retirement Fund owned approximately 0.09% of Freshworks worth $4,502,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Smith Group Asset Management LLC bought a new position in Freshworks during the fourth quarter valued at $589,000. Quantbot Technologies LP boosted its position in Freshworks by 80.1% during the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company's stock valued at $4,895,000 after purchasing an additional 189,616 shares in the last quarter. Barclays PLC lifted its position in shares of Freshworks by 33.4% during the third 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 last quarter. Edgestream Partners L.P. purchased a new position in shares of Freshworks in the 3rd quarter worth approximately $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Freshworks by 806.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company's stock worth $2,699,000 after acquiring an additional 209,194 shares in the last quarter. Institutional investors own 75.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FRSH. StockNews.com upgraded shares of Freshworks from a "hold" rating to a "buy" rating in a research note on Thursday, February 13th. Robert W. Baird set a $18.00 target price on Freshworks in a research note on Wednesday, February 12th. JPMorgan Chase & Co. increased their price objective on Freshworks from $17.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. Needham & Company LLC upped their target price on Freshworks from $20.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. Finally, Cantor Fitzgerald increased their price target on shares of Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Freshworks has an average rating of "Moderate Buy" and an average target price of $21.14.

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Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total value of $133,663.05. Following the completion of the sale, the director now owns 24,187 shares in the company, valued at $383,363.95. This trade represents a 25.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jennifer H. Taylor sold 4,690 shares of the company's stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total transaction of $78,510.60. Following the completion of the sale, the director now directly owns 36,689 shares in the company, valued at $614,173.86. This trade represents a 11.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,728,661 shares of company stock worth $27,250,861 over the last 90 days. 19.15% of the stock is currently owned by insiders.

Freshworks Stock Up 0.6 %

Shares of Freshworks stock traded up $0.10 on Tuesday, hitting $16.43. 1,340,687 shares of the company were exchanged, compared to its average volume of 4,097,183. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77. The stock has a market capitalization of $4.95 billion, a price-to-earnings ratio of -51.27 and a beta of 0.91. The company has a 50-day moving average price of $17.21 and a 200 day moving average price of $14.60.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. Research analysts forecast that Freshworks Inc. will post -0.19 EPS for the current year.

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.