Freshworks Inc. $FRSH Shares Purchased by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC lifted its stake in Freshworks Inc. (NASDAQ:FRSH) by 68.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 80,680 shares of the company’s stock after acquiring an additional 32,830 shares during the period. Pier 88 Investment Partners LLC’s holdings in Freshworks were worth $1,203,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Inlight Wealth Management LLC acquired a new position in Freshworks in the 2nd quarter worth approximately $1,773,000. Principal Financial Group Inc. boosted its holdings in shares of Freshworks by 2,786.7% in the 1st quarter. Principal Financial Group Inc. now owns 512,875 shares of the company’s stock valued at $7,237,000 after acquiring an additional 495,108 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Freshworks by 2.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,642,290 shares of the company’s stock valued at $23,173,000 after acquiring an additional 32,333 shares during the last quarter. New York State Common Retirement Fund increased its stake in shares of Freshworks by 75.8% in the first quarter. New York State Common Retirement Fund now owns 489,511 shares of the company’s stock worth $6,907,000 after acquiring an additional 211,102 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Freshworks by 267.7% during the first quarter. Envestnet Asset Management Inc. now owns 82,502 shares of the company’s stock worth $1,164,000 after purchasing an additional 60,063 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $12.53, for a total transaction of $58,765.70. Following the completion of the transaction, the director directly owned 44,218 shares in the company, valued at approximately $554,051.54. This represents a 9.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $13.14, for a total transaction of $110,809.62. Following the completion of the sale, the director owned 38,870 shares in the company, valued at approximately $510,751.80. This trade represents a 17.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 27,828 shares of company stock worth $358,968. Corporate insiders own 11.17% of the company’s stock.

Freshworks Stock Up 3.1%

NASDAQ:FRSH opened at $11.19 on Friday. Freshworks Inc. has a 52 week low of $10.51 and a 52 week high of $19.77. The stock’s 50-day moving average price is $11.91 and its 200-day moving average price is $13.53. The stock has a market capitalization of $3.26 billion, a PE ratio of -111.89 and a beta of 0.90.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. Freshworks had a negative return on equity of 0.37% and a negative net margin of 3.65%.The company had revenue of $204.68 million for the quarter. Sell-side analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FRSH shares. Piper Sandler lowered their price target on shares of Freshworks from $25.00 to $20.00 and set an “overweight” rating on the stock in a report on Friday. Robert W. Baird decreased their price objective on Freshworks from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, September 15th. Zacks Research raised Freshworks from a “hold” rating to a “strong-buy” rating in a report on Monday, September 29th. Wells Fargo & Company started coverage on Freshworks in a research report on Tuesday, September 30th. They set an “equal weight” rating and a $13.00 price target for the company. Finally, Wall Street Zen raised Freshworks from a “buy” rating to a “strong-buy” rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and an average target price of $19.38.

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.