Arrowstreet Capital Limited Partnership Takes Position in Freshworks Inc. (NASDAQ:FRSH)

Arrowstreet Capital Limited Partnership purchased a new position in Freshworks Inc. (NASDAQ:FRSH) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,805,207 shares of the company’s stock, valued at approximately $61,530,000. Arrowstreet Capital Limited Partnership owned about 1.26% of Freshworks as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Avion Wealth bought a new stake in shares of Freshworks in the 4th quarter worth about $26,000. Point72 Hong Kong Ltd bought a new stake in Freshworks during the third quarter worth approximately $57,000. Blue Trust Inc. raised its position in Freshworks by 32.2% during the fourth 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 period. Nisa Investment Advisors LLC boosted its holdings 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 worth $71,000 after purchasing an additional 2,223 shares during the period. Finally, KBC Group NV boosted its holdings in shares of Freshworks by 59.1% in the 4th quarter. KBC Group NV now owns 7,604 shares of the company’s stock worth $123,000 after purchasing an additional 2,824 shares during the period. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Cantor Fitzgerald lifted their price objective on shares of Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Barclays upped their price target on shares of Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Piper Sandler raised their price objective on shares of Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Scotiabank upped their target price on Freshworks from $17.00 to $19.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Finally, Morgan Stanley raised their price target on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and a consensus price target of $21.14.

Insider Activity

In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $15.84, for a total transaction of $45,286.56. Following the sale, the insider now owns 400,249 shares of the company’s stock, valued at approximately $6,339,944.16. The trade was a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total value of $133,663.05. Following the completion of the transaction, the director now directly 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 disclosure for this sale can be found here. In the last three months, insiders have sold 62,980 shares of company stock worth $1,084,011. 19.15% of the stock is currently owned by company insiders.

Freshworks Price Performance

Shares of Freshworks stock opened at $14.33 on Wednesday. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of -44.78 and a beta of 0.92. The firm’s 50-day moving average is $16.79 and its two-hundred day moving average is $15.15. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data 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 net margin of 13.24% and a negative return on equity of 6.63%. On average, equities analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current 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.