588,915 Shares in Freshworks Inc. (NASDAQ:FRSH) Acquired by Pier Capital LLC

Pier Capital LLC bought a new position in Freshworks Inc. (NASDAQ:FRSH - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 588,915 shares of the company's stock, valued at approximately $9,523,000. Freshworks makes up about 1.4% of Pier Capital LLC's investment portfolio, making the stock its 18th largest holding. Pier Capital LLC owned 0.19% of Freshworks at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Freshworks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock worth $405,283,000 after purchasing an additional 1,357,526 shares during the period. JPMorgan Chase & Co. lifted its holdings in Freshworks by 49.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock worth $60,503,000 after buying an additional 1,752,995 shares during the period. State Street Corp grew its position in shares of Freshworks by 7.1% in the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company's stock valued at $54,290,000 after buying an additional 313,982 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Freshworks by 1.5% in the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company's stock valued at $52,750,000 after buying an additional 66,342 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock valued at $44,934,000 after buying an additional 604,658 shares during the period. 75.58% of the stock is currently owned by institutional investors.

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Freshworks Stock Performance

Shares of NASDAQ FRSH traded down $0.63 during midday trading on Friday, hitting $14.53. 2,707,630 shares of the stock traded hands, compared to its average volume of 3,243,253. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77. The business has a 50 day moving average price of $16.92 and a two-hundred day moving average price of $15.08. The company has a market cap of $4.38 billion, a PE ratio of -45.41 and a beta of 0.92.

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%. As a group, equities research analysts forecast 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 analyst reports. Robert W. Baird set a $18.00 target price on Freshworks in a report on Wednesday, February 12th. Barclays increased their price objective on shares of Freshworks from $14.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 12th. Cantor Fitzgerald boosted their target price on shares of Freshworks from $18.00 to $22.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. StockNews.com upgraded Freshworks from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. Finally, Piper Sandler boosted their price objective on Freshworks from $20.00 to $24.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. One equities 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, the company presently has a consensus rating of "Moderate Buy" and an average target price of $21.14.

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,433 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.72, for a total value of $140,999.76. Following the transaction, the director now owns 24,187 shares in the company, valued at approximately $404,406.64. This represents a 25.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.74, for a total value of $47,859.66. Following the transaction, the insider now directly owns 615,893 shares of the company's stock, valued at approximately $10,310,048.82. This trade represents a 0.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 62,200 shares of company stock worth $1,073,021 in the last ninety days. Company insiders own 19.15% of the company's stock.

Freshworks Company 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.