Envestnet Asset Management Inc. Purchases 60,063 Shares of Freshworks Inc. (NASDAQ:FRSH)

Envestnet Asset Management Inc. increased its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 267.7% in the first quarter, Holdings Channel reports. The institutional investor owned 82,502 shares of the company’s stock after buying an additional 60,063 shares during the period. Envestnet Asset Management Inc.’s holdings in Freshworks were worth $1,164,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FRSH. Covestor Ltd boosted its position in Freshworks by 30.2% during the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock worth $76,000 after acquiring an additional 1,087 shares during the last quarter. Quarry LP lifted its position in shares of Freshworks by 47.8% in the fourth quarter. Quarry LP now owns 5,410 shares of the company’s stock worth $87,000 after purchasing an additional 1,750 shares in the last quarter. AlpInvest Partners B.V. boosted its holdings in Freshworks by 3.7% during the fourth quarter. AlpInvest Partners B.V. now owns 72,515 shares of the company’s stock worth $1,173,000 after purchasing an additional 2,601 shares during the last quarter. Legal & General Group Plc grew its position in Freshworks by 1.3% in the fourth quarter. Legal & General Group Plc now owns 215,755 shares of the company’s stock valued at $3,489,000 after purchasing an additional 2,785 shares in the last quarter. Finally, Voya Investment Management LLC increased its stake in Freshworks by 0.5% in the 4th quarter. Voya Investment Management LLC now owns 543,604 shares of the company’s stock valued at $8,790,000 after buying an additional 2,891 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Insider Transactions at Freshworks

In other news, Director Jennifer H. Taylor sold 7,558 shares of the business’s stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $15.13, for a total transaction of $114,352.54. Following the completion of the sale, the director owned 44,218 shares in the company, valued at $669,018.34. The trade was a 14.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Barry L. Padgett sold 7,558 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $15.14, for a total value of $114,428.12. Following the transaction, the director owned 32,635 shares in the company, valued at approximately $494,093.90. This trade represents a 18.80% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 197,642 shares of company stock worth $3,095,380. 11.17% of the stock is currently owned by insiders.

Freshworks Price Performance

Shares of Freshworks stock opened at $12.68 on Friday. The business has a fifty day simple moving average of $14.79 and a two-hundred day simple moving average of $15.29. 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 $3.74 billion, a price-to-earnings ratio of -70.44 and a beta of 0.95.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.06. The company had revenue of $204.68 million for the quarter, compared to analyst estimates of $198.85 million. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The company’s revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.08 earnings per share. As a group, equities analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FRSH has been the subject of a number of recent research reports. Piper Sandler set a $25.00 price objective on shares of Freshworks and gave the stock an “overweight” rating in a research note on Wednesday. Scotiabank raised 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, April 30th. Wall Street Zen raised Freshworks from a “buy” rating to a “strong-buy” rating in a research report on Sunday, June 29th. Cantor Fitzgerald raised Freshworks to an “overweight” rating and set a $20.00 price objective for the company in a report on Tuesday, June 3rd. Finally, Oppenheimer decreased their target price on shares of Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.29.

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.