Clearbridge Investments LLC Increases Stock Holdings in Freshworks Inc. (NASDAQ:FRSH)

Clearbridge Investments LLC raised its stake in Freshworks Inc. (NASDAQ:FRSH) by 8.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,953,453 shares of the company’s stock after purchasing an additional 149,825 shares during the period. Clearbridge Investments LLC owned about 0.66% of Freshworks worth $45,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Arizona State Retirement System raised its position in Freshworks by 2.6% in the 3rd quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock valued at $810,000 after purchasing an additional 1,020 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Freshworks by 12.1% during the 3rd quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock worth $323,000 after acquiring an additional 1,750 shares in the last quarter. Diversified Trust Co raised its position in shares of Freshworks by 5.6% during the 3rd quarter. Diversified Trust Co now owns 45,771 shares of the company’s stock worth $912,000 after acquiring an additional 2,440 shares in the last quarter. Jennison Associates LLC raised its position in shares of Freshworks by 9.4% during the 4th quarter. Jennison Associates LLC now owns 31,971 shares of the company’s stock worth $751,000 after acquiring an additional 2,743 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Freshworks by 1.5% during the 4th quarter. Russell Investments Group Ltd. now owns 195,031 shares of the company’s stock worth $4,583,000 after acquiring an additional 2,918 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Analysts Set New Price Targets

FRSH has been the topic of several research analyst reports. Piper Sandler cut their target price on Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. Needham & Company LLC lowered their target price on Freshworks from $30.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday. Wolfe Research upgraded Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 target price on the stock in a research note on Tuesday, February 20th. Barclays lowered their target price on Freshworks from $20.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. Finally, JMP Securities lowered their target price on Freshworks from $29.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Freshworks presently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Insider Activity at Freshworks

In related news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Freshworks news, Director Barry L. Padgett sold 4,690 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $20.22, for a total transaction of $94,831.80. Following the completion of the sale, the director now owns 17,387 shares in the company, valued at approximately $351,565.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $20.44, for a total value of $8,792,245.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 455,262 shares of company stock worth $9,227,461. 19.15% of the stock is currently owned by company insiders.

Freshworks Stock Performance

Freshworks stock opened at $13.75 on Thursday. The stock’s 50-day moving average is $16.85 and its 200-day moving average is $19.58. Freshworks Inc. has a 12 month low of $13.01 and a 12 month high of $24.98.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $165.14 million for the quarter, compared to the consensus estimate of $163.53 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. Sell-side analysts expect that Freshworks Inc. will post -0.34 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.