Fulcrum Asset Management LLP grew its position in Freshworks Inc. (NASDAQ:FRSH – Free Report) by 42,179.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 117,536 shares of the company’s stock after acquiring an additional 117,258 shares during the period. Fulcrum Asset Management LLP’s holdings in Freshworks were worth $1,479,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Renaissance Technologies LLC raised its holdings in Freshworks by 79.1% in the 1st quarter. Renaissance Technologies LLC now owns 4,576,000 shares of the company’s stock worth $36,745,000 after purchasing an additional 2,021,412 shares during the period. Wellington Management Group LLP grew its stake in Freshworks by 9.7% in the 2nd quarter. Wellington Management Group LLP now owns 4,000,543 shares of the company’s stock valued at $40,485,000 after acquiring an additional 353,714 shares during the period. Bank of America Corp DE grew its stake in Freshworks by 1.4% in the 1st quarter. Bank of America Corp DE now owns 2,128,268 shares of the company’s stock valued at $17,090,000 after acquiring an additional 30,395 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Freshworks by 403.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,444,124 shares of the company’s stock valued at $11,596,000 after acquiring an additional 1,157,277 shares during the period. Finally, Walleye Capital LLC increased its stake in Freshworks by 2,480.8% during the 1st quarter. Walleye Capital LLC now owns 1,247,655 shares of the company’s stock worth $10,019,000 after buying an additional 1,199,311 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.
Freshworks Stock Up 1.7%
FRSH stock opened at $12.08 on Thursday. The business has a fifty day moving average of $13.34 and a two-hundred day moving average of $10.51. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 42.43, a price-to-earnings-growth ratio of 4.32 and a beta of 0.80. Freshworks Inc. has a 52-week low of $6.79 and a 52-week high of $15.51.
Freshworks (NASDAQ:FRSH – Get Free Report) last announced its earnings results on Tuesday, November 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.04. The company had revenue of $245.43 million for the quarter, compared to analyst estimates of $245.06 million. Freshworks had a return on equity of 8.01% and a net margin of 22.28%. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.16 earnings per share. As a group, sell-side analysts anticipate that Freshworks Inc. will post 0.09 EPS for the current year.
Analyst Upgrades and Downgrades
Several research firms recently commented on FRSH. Cantor Fitzgerald increased their price objective on Freshworks from $15.00 to $20.00 and gave the company an “overweight” rating in a research note on Wednesday, November 4th. Wolfe Research cut shares of Freshworks from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, November 4th. Wall Street Zen raised shares of Freshworks from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Robert W. Baird set a $13.00 target price on shares of Freshworks in a research report on Wednesday, August 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $15.00 price target on shares of Freshworks in a research report on Wednesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $15.92.
View Our Latest Research Report on Freshworks
Insider Buying and Selling
In other Freshworks news, CAO Philippa Lawrence sold 52,767 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $13.25, for a total value of $699,162.75. Following the completion of the transaction, the chief accounting officer owned 389,296 shares of the company’s stock, valued at $5,158,172. This trade represents a 11.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.54% of the stock is owned by corporate insiders.
About Freshworks
Freshworks Inc. develops cloud-based software designed to help businesses manage customer and employee experiences. Its products support customer service, sales, marketing and IT service management, with tools for handling support requests, communicating with customers and managing internal service workflows. The company’s offerings include Freshdesk for customer support, Freshservice for IT and employee service management, and Freshsales for sales teams. Freshworks also provides customer messaging and marketing products, along with artificial intelligence features that assist with service and support tasks.
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