Norges Bank purchased a new position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 3,557,641 shares of the company's stock, valued at approximately $57,527,000. Norges Bank owned 1.17% of Freshworks as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of the company. Smith Group Asset Management LLC acquired a new position in Freshworks in the fourth quarter valued at about $589,000. Barclays PLC raised its stake in Freshworks by 33.4% in 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 in the last quarter. Edgestream Partners L.P. acquired a new position in Freshworks in the third quarter valued at approximately $1,193,000. Raymond James Financial Inc. acquired a new position in shares of Freshworks in the 4th quarter valued at $20,666,000. Finally, Geode Capital Management LLC grew its holdings in shares of Freshworks by 1.5% during the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company's stock worth $52,750,000 after purchasing an additional 66,342 shares during the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $15.49, for a total transaction of $72,570.65. Following the sale, the director now owns 37,286 shares of the company's stock, valued at $577,560.14. This trade represents a 11.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $385,200.00. Following the sale, the director now owns 41,491 shares of the company's stock, valued at approximately $746,838. This represents a 34.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,262 shares of company stock worth $955,812 in the last ninety days. Insiders own 19.15% of the company's stock.
Wall Street Analyst Weigh In
Several research firms recently commented on FRSH. Morgan Stanley upped their price target on shares of Freshworks from $18.00 to $19.00 and gave the company an "equal weight" rating in a research report on Monday, January 13th. Needham & Company LLC reiterated a "buy" rating and set a $25.00 target price on shares of Freshworks in a research report on Monday, March 17th. Robert W. Baird set a $18.00 price target on Freshworks in a report on Wednesday, February 12th. StockNews.com raised Freshworks from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. Finally, Jefferies Financial Group cut their price objective on Freshworks from $22.00 to $20.00 and set a "hold" rating for the company in a research report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Freshworks currently has an average rating of "Moderate Buy" and a consensus price target of $21.14.
Get Our Latest Research Report on FRSH
Freshworks Trading Down 0.7 %
Shares of NASDAQ:FRSH traded down $0.08 during midday trading on Tuesday, hitting $12.08. 4,465,330 shares of the stock were exchanged, compared to its average volume of 3,286,937. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The company has a 50 day moving average price of $16.10 and a 200-day moving average price of $15.18. The stock has a market cap of $3.64 billion, a P/E ratio of -37.75 and a beta of 0.98.
Freshworks (NASDAQ:FRSH - Get Free Report) last announced 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%. On average, equities research analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current year.
Freshworks Profile
(
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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