Al Mehwar Commercial Investments LLC Takes $266,000 Position in Freshworks Inc. (NASDAQ:FRSH)

Al Mehwar Commercial Investments LLC purchased a new position in shares of Freshworks Inc. (NASDAQ:FRSH) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,456 shares of the company’s stock, valued at approximately $266,000. Freshworks makes up 0.0% of Al Mehwar Commercial Investments LLC’s holdings, making the stock its 2nd biggest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Smith Group Asset Management LLC acquired a new stake in shares of Freshworks during the 4th quarter worth approximately $589,000. Barclays PLC boosted its holdings 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 in the last quarter. Raymond James Financial Inc. bought a new position in shares of Freshworks in the 4th quarter valued at $20,666,000. Lisanti Capital Growth LLC bought a new position in shares of Freshworks in the 4th quarter valued at $2,290,000. Finally, Ceera Investments LLC raised its holdings in shares of Freshworks by 1,261.7% during the 4th quarter. Ceera Investments LLC now owns 455,420 shares of the company’s stock worth $7,364,000 after buying an additional 421,975 shares in the last quarter. Institutional investors own 75.58% of the company’s stock.

Freshworks Price Performance

Shares of FRSH opened at $14.70 on Friday. The business has a 50-day moving average of $14.35 and a 200-day moving average of $15.40. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of -45.94 and a beta of 0.98.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $191.90 million. During the same quarter last year, the business earned $0.10 EPS. The company’s revenue was up 18.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FRSH. Oppenheimer decreased their target price on Freshworks from $24.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Piper Sandler reiterated an “overweight” rating and set a $22.00 price objective (up from $20.00) on shares of Freshworks in a research report on Wednesday. Robert W. Baird set a $18.00 price objective on shares of Freshworks in a research note on Wednesday, February 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of Freshworks in a research note on Monday, March 17th. Finally, Scotiabank increased their price target on Freshworks from $14.00 to $18.00 and gave the company a “sector perform” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.21.

Insider Activity at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the transaction, the director now directly owns 24,187 shares of the company’s stock, valued at $442,622.10. The trade was a 25.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mika Yamamoto sold 2,859 shares of Freshworks stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $18.29, for a total value of $52,291.11. Following the completion of the sale, the insider now owns 397,390 shares of the company’s stock, valued at approximately $7,268,263.10. The trade was a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,177 shares of company stock worth $498,042 over the last quarter. Company insiders own 19.15% of the company’s stock.

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.