Magnetar Financial LLC Acquires 22,429 Shares of Freshworks Inc. (NASDAQ:FRSH)

Magnetar Financial LLC grew its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 173.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 35,324 shares of the company’s stock after buying an additional 22,429 shares during the period. Magnetar Financial LLC’s holdings in Freshworks were worth $571,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Avion Wealth bought a new position in Freshworks in the fourth quarter worth approximately $26,000. Blue Trust Inc. grew its stake in Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after purchasing an additional 954 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Freshworks by 102.4% in the fourth 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 in the last quarter. Point72 Hong Kong Ltd bought a new position in Freshworks in the third quarter worth approximately $57,000. Finally, KBC Group NV grew its stake in Freshworks by 59.1% in the fourth quarter. KBC Group NV now owns 7,604 shares of the company’s stock worth $123,000 after purchasing an additional 2,824 shares in the last quarter. Institutional investors own 75.58% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. UBS Group set a $22.00 price objective on Freshworks in a research note on Thursday, February 6th. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of Freshworks in a report on Monday, March 17th. Scotiabank upped their target price on Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Barclays upped their target price on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Finally, Cantor Fitzgerald upped their target price on Freshworks from $18.00 to $22.00 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 issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and a consensus price target of $21.14.

Freshworks Trading Up 1.6 %

Shares of FRSH opened at $15.54 on Friday. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The stock has a fifty day moving average price of $17.02 and a 200-day moving average price of $14.91. The firm has a market cap of $4.69 billion, a PE ratio of -48.56 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) EPS 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%. As a group, research analysts forecast that Freshworks Inc. will post -0.19 EPS for the current year.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $15.49, for a total value of $72,570.65. Following the completion of the transaction, the director now owns 37,286 shares in the company, valued at $577,560.14. This trade represents a 11.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.72, for a total value of $140,999.76. Following the completion of the transaction, the director now owns 24,187 shares of the company’s stock, valued at $404,406.64. This trade represents a 25.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 62,200 shares of company stock worth $1,073,021 in the last 90 days. Insiders own 19.15% of the company’s stock.

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.