Raymond James Financial Inc. Buys Shares of 1,278,030 Freshworks Inc. (NASDAQ:FRSH)

Raymond James Financial Inc. acquired a new position in Freshworks Inc. (NASDAQ:FRSH - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,278,030 shares of the company's stock, valued at approximately $20,666,000. Raymond James Financial Inc. owned about 0.42% of Freshworks as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock valued at $60,503,000 after acquiring an additional 1,752,995 shares in the last quarter. State Street Corp raised its position in Freshworks by 7.1% during the third quarter. State Street Corp now owns 4,729,093 shares of the company's stock valued at $54,290,000 after acquiring an additional 313,982 shares in the last quarter. Geode Capital Management LLC raised its position in Freshworks by 1.5% during the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company's stock valued at $52,750,000 after acquiring an additional 66,342 shares in the last quarter. Franklin Resources Inc. raised its position in Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock valued at $44,934,000 after acquiring an additional 604,658 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Freshworks by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,609,957 shares of the company's stock valued at $26,033,000 after acquiring an additional 53,185 shares in the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling

In related news, Chairman Rathnagirish Mathrubootham sold 830,000 shares of Freshworks stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $15.33, for a total transaction of $12,723,900.00. Following the transaction, the chairman now owns 551,137 shares in the company, valued at approximately $8,448,930.21. This trade represents a 60.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Zachary Nelson sold 8,442 shares of Freshworks stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the transaction, the director now owns 24,187 shares in the company, valued at approximately $442,622.10. The trade was a 25.87 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 892,200 shares of company stock worth $13,796,921. 19.15% of the stock is owned by corporate insiders.

Freshworks Stock Performance

Shares of NASDAQ:FRSH traded down $0.18 during trading on Thursday, reaching $15.29. The stock had a trading volume of 915,300 shares, compared to its average volume of 3,096,504. The business has a fifty day moving average price of $17.04 and a 200-day moving average price of $14.88. The stock has a market cap of $4.61 billion, a PE ratio of -47.79 and a beta of 0.92. 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 issued its quarterly 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%. Sell-side analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FRSH. Scotiabank lifted their price target on Freshworks from $17.00 to $19.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 12th. Canaccord Genuity Group raised their price objective on Freshworks from $19.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of Freshworks in a report on Monday. UBS Group set a $22.00 price objective on Freshworks in a report on Thursday, February 6th. Finally, Cantor Fitzgerald raised their price objective on Freshworks from $18.00 to $22.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, Freshworks has an average rating of "Moderate Buy" and an average target price of $21.14.

Freshworks 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.