Arizona State Retirement System Raises Holdings in Freshworks Inc. (NASDAQ:FRSH)

Arizona State Retirement System lifted its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 2.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 51,704 shares of the company’s stock after purchasing an additional 1,103 shares during the period. Arizona State Retirement System’s holdings in Freshworks were worth $836,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the business. Blue Trust Inc. raised its stake in shares of Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after buying an additional 954 shares in the last quarter. Versor Investments LP raised its stake in shares of Freshworks by 3.0% during the 4th quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after buying an additional 1,000 shares in the last quarter. Avion Wealth purchased a new position in shares of Freshworks during the 4th quarter worth approximately $26,000. Covestor Ltd raised its stake in shares of Freshworks by 89.9% during the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after buying an additional 1,704 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Freshworks by 102.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock worth $71,000 after buying an additional 2,223 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Stock Performance

Shares of NASDAQ:FRSH opened at $14.35 on Friday. The business’s fifty day moving average price is $17.15 and its two-hundred day moving average price is $14.77. The stock has a market cap of $4.33 billion, a PE ratio of -44.84 and a beta of 0.92. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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 predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FRSH has been the topic of a number of research reports. Morgan Stanley upped their price target on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. StockNews.com upgraded Freshworks from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Wells Fargo & Company cut Freshworks from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $16.00 to $13.00 in a report on Tuesday, January 21st. Scotiabank upped their price target on Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Finally, Piper Sandler upped their price target on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Freshworks currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.14.

Insider Transactions at Freshworks

In other news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the sale, the chairman now owns 551,137 shares in the company, valued at $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the sale, the director now owns 26,957 shares in the company, valued at $466,356.10. This trade represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,735,263 shares of company stock worth $27,361,209 over the last quarter. 19.15% of the stock is currently owned by insiders.

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.