Pier Capital LLC Buys New Shares in Freshworks Inc. (NASDAQ:FRSH)

Pier Capital LLC purchased a new position in Freshworks Inc. (NASDAQ:FRSH) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 588,915 shares of the company’s stock, valued at approximately $9,523,000. Freshworks comprises 1.4% of Pier Capital LLC’s investment portfolio, making the stock its 18th largest position. Pier Capital LLC owned about 0.19% of Freshworks as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Smith Group Asset Management LLC acquired a new position in shares of Freshworks in the 4th quarter valued at $589,000. Quantbot Technologies LP boosted its holdings in Freshworks by 80.1% during the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after purchasing an additional 189,616 shares in the last quarter. Barclays PLC grew its stake in shares of Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after purchasing an additional 84,568 shares during the period. Edgestream Partners L.P. bought a new position in shares of Freshworks during the 3rd quarter worth approximately $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Freshworks by 806.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after buying an additional 209,194 shares in the last quarter. Institutional investors own 75.58% of the company’s stock.

Freshworks Stock Up 2.6 %

FRSH stock opened at $15.95 on Tuesday. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The company has a market cap of $4.81 billion, a P/E ratio of -49.84 and a beta of 0.92. The business’s fifty day moving average is $17.03 and its 200-day moving average is $14.99.

Freshworks (NASDAQ:FRSH) last released 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%. Research analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Activity at Freshworks

In other news, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.74, for a total transaction of $47,859.66. Following the transaction, the insider now owns 615,893 shares in the company, valued at $10,310,048.82. The trade was a 0.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total value of $133,663.05. Following the completion of the transaction, the director now owns 24,187 shares of the company’s stock, valued at $383,363.95. This represents a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,200 shares of company stock worth $1,073,021. 19.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FRSH shares. StockNews.com raised shares of Freshworks from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Piper Sandler increased their target price on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Robert W. Baird set a $18.00 target price on Freshworks in a research note on Wednesday, February 12th. Oppenheimer upped their price target on shares of Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, Morgan Stanley raised their price objective on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and an average price target of $21.14.

About Freshworks

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.