Wells Fargo & Company MN Boosts Stake in Freshworks Inc. (NASDAQ:FRSH)

Wells Fargo & Company MN grew its stake in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 27.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 146,276 shares of the company's stock after acquiring an additional 31,405 shares during the period. Wells Fargo & Company MN's holdings in Freshworks were worth $2,365,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the stock. Barclays PLC grew its position in shares of Freshworks by 33.4% during the 3rd quarter. Barclays PLC now owns 337,621 shares of the company's stock worth $3,875,000 after buying an additional 84,568 shares during the period. Tidal Investments LLC bought a new position in shares of Freshworks in the 3rd quarter worth $534,000. Franklin Resources Inc. grew its stake in shares of Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock worth $44,934,000 after purchasing an additional 604,658 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock worth $60,503,000 after purchasing an additional 1,752,995 shares during the period. Finally, Everence Capital Management Inc. bought a new stake in Freshworks in the fourth quarter valued at about $190,000. Institutional investors own 75.58% of the company's stock.

Freshworks Stock Performance

FRSH traded up $0.43 on Friday, hitting $14.07. 3,120,803 shares of the company were exchanged, compared to its average volume of 3,339,470. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The stock has a market capitalization of $4.24 billion, a PE ratio of -43.97 and a beta of 0.98. The firm has a fifty day simple moving average of $14.65 and a two-hundred day simple moving average of $15.35.

Freshworks (NASDAQ:FRSH - Get Free Report) last released 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%. On average, equities analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on FRSH. Scotiabank lowered their price objective on shares of Freshworks from $19.00 to $14.00 and set a "sector perform" rating for the company in a research report on Thursday. Robert W. Baird set a $18.00 price target on Freshworks in a report on Wednesday, February 12th. Needham & Company LLC reiterated a "buy" rating and set a $25.00 price objective on shares of Freshworks in a report on Monday, March 17th. JMP Securities set a $27.00 price objective on Freshworks in a research report on Wednesday, February 12th. Finally, Piper Sandler dropped their target price on shares of Freshworks from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $19.64.

Insider Transactions at Freshworks

In related news, insider Mika Yamamoto sold 3,574 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $14.20, for a total value of $50,750.80. Following the completion of the sale, the insider now directly owns 611,604 shares of the company's stock, valued at approximately $8,684,776.80. This represents a 0.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 value of $154,488.60. Following the completion of the transaction, the director now owns 24,187 shares in the company, valued at $442,622.10. The trade was a 25.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,177 shares of company stock worth $498,042 in the last ninety days. Insiders own 19.15% of the company's stock.

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.