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Mariner LLC raised its position in Freshworks Inc. (NASDAQ:FRSH – Free Report) by 51.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,153 shares of the company’s stock after acquiring an additional 5,131 shares during the quarter. Mariner LLC’s holdings in Freshworks were worth $245,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Freshworks during the fourth quarter worth $61,530,000. Norges Bank purchased a new stake in Freshworks during the 4th quarter worth about $57,527,000. Vanguard Group Inc. raised its position in Freshworks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock valued at $405,283,000 after purchasing an additional 1,357,526 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Freshworks in the 4th quarter valued at about $20,666,000. Finally, Artisan Partners Limited Partnership purchased a new position in shares of Freshworks in the 4th quarter valued at about $16,000,000. Institutional investors and hedge funds own 75.58% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $27.00 target price on shares of Freshworks in a report on Wednesday, April 30th. Jefferies Financial Group dropped their price objective on shares of Freshworks from $22.00 to $20.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. UBS Group decreased their price objective on shares of Freshworks from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Friday. Cantor Fitzgerald increased their target price on Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Canaccord Genuity Group lifted their price target on Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.21.
View Our Latest Analysis on FRSH
Insider Buying and Selling at Freshworks
In other news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.72, for a total transaction of $140,999.76. Following the completion of the transaction, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $404,406.64. This represents a 25.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Mika Yamamoto sold 3,574 shares of Freshworks 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 owns 611,604 shares in the company, valued at approximately $8,684,776.80. This trade represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,883 shares of company stock valued at $467,538 in the last ninety days. Insiders own 19.15% of the company’s stock.
Freshworks Trading Down 1.4 %
FRSH stock opened at $14.50 on Tuesday. The company has a market capitalization of $4.37 billion, a P/E ratio of -45.31 and a beta of 0.97. The business has a 50 day simple moving average of $14.30 and a 200-day simple moving average of $15.48. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77.
Freshworks (NASDAQ:FRSH – Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The firm had revenue of $196.27 million during the quarter, compared to analysts’ expectations of $191.90 million. During the same quarter in the prior year, the business earned $0.10 EPS. Freshworks’s quarterly revenue was up 18.9% compared to the same quarter last year. Research analysts predict that Freshworks Inc. will post -0.19 EPS for the current fiscal year.
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.
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