HighTower Advisors LLC Takes Position in Freshworks Inc. (NASDAQ:FRSH)

HighTower Advisors LLC acquired a new stake in shares of Freshworks Inc. (NASDAQ:FRSH) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 83,040 shares of the company’s stock, valued at approximately $1,343,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FRSH. Blue Trust Inc. lifted its holdings in shares of Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after purchasing an additional 954 shares during the last quarter. Versor Investments LP increased its position in Freshworks by 3.0% during the 4th quarter. Versor Investments LP now owns 34,400 shares of the company’s stock valued at $556,000 after buying an additional 1,000 shares in the last quarter. Arizona State Retirement System increased its position in Freshworks by 2.2% during the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock valued at $836,000 after buying an additional 1,103 shares in the last quarter. Avion Wealth purchased a new stake in Freshworks in the fourth quarter valued at about $26,000. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after acquiring an additional 2,223 shares in the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Insiders Place Their Bets

In related news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total value of $133,663.05. Following the sale, the director now owns 24,187 shares of the company’s stock, valued at approximately $383,363.95. This trade represents a 25.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Johanna Flower sold 21,400 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total transaction of $385,200.00. Following the transaction, the director now owns 41,491 shares of the company’s stock, valued at $746,838. This represents a 34.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,200 shares of company stock worth $1,073,021. Company insiders own 19.15% of the company’s stock.

Freshworks Trading Up 3.1 %

Shares of FRSH stock opened at $16.45 on Wednesday. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The stock has a market cap of $4.96 billion, a P/E ratio of -51.41 and a beta of 0.92. The stock has a 50 day moving average of $17.04 and a 200 day moving average of $15.03.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. On average, research analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Piper Sandler increased their price objective on shares of Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. StockNews.com upgraded shares of Freshworks from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Cantor Fitzgerald boosted their price objective on shares of Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. JMP Securities set a $27.00 target price on Freshworks in a research note on Wednesday, February 12th. Finally, Oppenheimer lifted their price target on Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.14.

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.