Summit Global Investments Takes $752,000 Position in Freshworks Inc. (NASDAQ:FRSH)

Summit Global Investments acquired a new stake in shares of Freshworks Inc. (NASDAQ:FRSH) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 32,003 shares of the company’s stock, valued at approximately $752,000.

Several other institutional investors also recently bought and sold shares of FRSH. SG Americas Securities LLC increased its holdings in shares of Freshworks by 226.6% in the 3rd quarter. SG Americas Securities LLC now owns 35,651 shares of the company’s stock valued at $710,000 after acquiring an additional 24,735 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Freshworks by 13.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,734 shares of the company’s stock valued at $572,000 after purchasing an additional 3,385 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in Freshworks in the third quarter worth about $327,000. Jennison Associates LLC purchased a new stake in shares of Freshworks during the third quarter valued at about $582,000. Finally, Teacher Retirement System of Texas boosted its holdings in shares of Freshworks by 135.9% in the 3rd quarter. Teacher Retirement System of Texas now owns 25,211 shares of the company’s stock valued at $502,000 after buying an additional 14,526 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of Freshworks stock in a transaction on Friday, March 1st. The shares were sold at an average price of $20.22, for a total value of $94,831.80. Following the completion of the transaction, the director now owns 17,387 shares of the company’s stock, valued at $351,565.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Barry L. Padgett sold 4,690 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $20.22, for a total transaction of $94,831.80. Following the sale, the director now directly owns 17,387 shares of the company’s stock, valued at approximately $351,565.14. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total value of $127,192.80. Following the completion of the transaction, the director now owns 19,991 shares of the company’s stock, valued at approximately $361,437.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 460,792 shares of company stock valued at $9,408,403. Corporate insiders own 19.15% of the company’s stock.

Analysts Set New Price Targets

FRSH has been the subject of several recent analyst reports. Oppenheimer lowered shares of Freshworks from an “outperform” rating to a “market perform” rating in a research note on Thursday. Wolfe Research upgraded Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price objective for the company in a report on Tuesday, February 20th. Canaccord Genuity Group dropped their target price on Freshworks from $27.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday. Morgan Stanley decreased their price target on Freshworks from $22.00 to $18.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, JMP Securities dropped their price target on Freshworks from $29.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Thursday. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.59.

Freshworks Trading Down 4.4 %

NASDAQ FRSH opened at $14.03 on Friday. Freshworks Inc. has a fifty-two week low of $12.22 and a fifty-two week high of $24.98. The stock has a 50-day simple moving average of $18.29 and a two-hundred day simple moving average of $19.98.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.04. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The company had revenue of $160.11 million during the quarter, compared to analysts’ expectations of $158.11 million. On average, research analysts anticipate that Freshworks Inc. will post -0.37 earnings per share 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.