Two Sigma Investments LP Increases Stake in Freshworks Inc. (NASDAQ:FRSH)

Two Sigma Investments LP increased its holdings in Freshworks Inc. (NASDAQ:FRSH) by 3,942.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 865,141 shares of the company’s stock after acquiring an additional 843,741 shares during the period. Two Sigma Investments LP’s holdings in Freshworks were worth $13,989,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Avion Wealth bought a new stake in shares of Freshworks in the 4th quarter valued at about $26,000. Blue Trust Inc. lifted its stake in shares of Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after acquiring an additional 954 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of Freshworks by 1,385.8% in the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock valued at $64,000 after acquiring an additional 3,700 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Freshworks by 102.4% in the 4th 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 during the last quarter. Finally, Covestor Ltd lifted its stake in shares of Freshworks by 30.2% in the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after acquiring an additional 1,087 shares during the last quarter. Institutional investors own 75.58% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Jefferies Financial Group decreased their target price on shares of Freshworks from $22.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. Wells Fargo & Company lifted their target price on shares of Freshworks from $11.00 to $12.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 30th. Morgan Stanley raised their target price on Freshworks from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 1st. Barclays raised their target price on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Finally, Oppenheimer cut their target price on Freshworks from $24.00 to $19.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.21.

Insider Buying and Selling

In related news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.72, for a total transaction of $140,999.76. Following the sale, the director now owns 24,187 shares of the company’s stock, valued at $404,406.64. The trade was a 25.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mika Yamamoto sold 3,574 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $14.20, for a total transaction of $50,750.80. Following the sale, the insider now directly owns 611,604 shares in the company, valued at $8,684,776.80. The trade was a 0.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,421 shares of company stock valued at $603,164 over the last quarter. Corporate insiders own 11.17% of the company’s stock.

Freshworks Stock Down 1.4%

Shares of FRSH stock opened at $14.42 on Friday. The stock has a market cap of $4.25 billion, a price-to-earnings ratio of -45.06 and a beta of 0.97. The business’s fifty day moving average is $14.10 and its 200 day moving average is $15.74. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.05. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The company had revenue of $196.27 million for the quarter, compared to analysts’ expectations of $191.90 million. During the same period in the prior year, the firm earned $0.10 earnings per share. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. Equities research analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

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.