FNY Investment Advisers LLC Buys Shares of 5,000 Freshworks Inc. (NASDAQ:FRSH)

FNY Investment Advisers LLC acquired a new position in Freshworks Inc. (NASDAQ:FRSH) during the 1st quarter, according to its most recent filing with the SEC. The fund acquired 5,000 shares of the company’s stock, valued at approximately $70,000.

Several other institutional investors and hedge funds have also made changes to their positions in FRSH. Versor Investments LP raised its position in Freshworks by 3.0% during the fourth quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after acquiring an additional 1,000 shares during the last quarter. Covestor Ltd increased its stake in shares of Freshworks by 30.2% during the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock worth $76,000 after purchasing an additional 1,087 shares in the last quarter. Arizona State Retirement System raised its position in shares of Freshworks by 2.2% during the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock worth $836,000 after purchasing an additional 1,103 shares during the last quarter. Xponance Inc. raised its position in shares of Freshworks by 10.2% during the 4th quarter. Xponance Inc. now owns 14,847 shares of the company’s stock worth $240,000 after purchasing an additional 1,369 shares during the last quarter. Finally, Quarry LP lifted its stake in Freshworks by 47.8% in the 4th quarter. Quarry LP now owns 5,410 shares of the company’s stock valued at $87,000 after buying an additional 1,750 shares in the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freshworks

In other news, Chairman Rathnagirish Mathrubootham sold 70,997 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $16.01, for a total value of $1,136,661.97. Following the completion of the sale, the chairman now owns 724,515 shares of the company’s stock, valued at $11,599,485.15. This represents a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $14.69, for a total transaction of $123,880.77. Following the completion of the transaction, the director now directly owns 24,890 shares in the company, valued at approximately $365,634.10. This represents a 25.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 169,121 shares of company stock valued at $2,665,716. Company insiders own 11.17% of the company’s stock.

Analyst Upgrades and Downgrades

FRSH has been the subject of several recent research reports. Jefferies Financial Group dropped their price target on Freshworks from $22.00 to $20.00 and set a “hold” rating for the company in a research report on Monday, March 31st. Oppenheimer dropped their price objective on Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. UBS Group cut their target price on shares of Freshworks from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Cantor Fitzgerald raised shares of Freshworks to an “overweight” rating and set a $20.00 price target on the stock in a research note on Tuesday, June 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of Freshworks in a report on Monday, March 17th. One investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.07.

Freshworks Stock Performance

Freshworks stock opened at $15.47 on Tuesday. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77. The firm has a 50 day moving average price of $14.43 and a 200 day moving average price of $15.67. The company has a market cap of $4.56 billion, a price-to-earnings ratio of -48.34 and a beta of 0.97.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.05. The company had revenue of $196.27 million during the quarter, compared to analysts’ expectations of $191.90 million. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The business’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.10 EPS. Sell-side analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

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.