CenterBook Partners LP Acquires New Holdings in Freshworks Inc. $FRSH

CenterBook Partners LP bought a new position in shares of Freshworks Inc. (NASDAQ:FRSH) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 214,256 shares of the company’s stock, valued at approximately $2,740,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Generation Investment Management LLP purchased a new stake in shares of Freshworks during the 2nd quarter valued at $6,392,000. Assenagon Asset Management S.A. bought a new stake in shares of Freshworks during the 2nd quarter worth $2,565,000. First Trust Advisors LP grew its position in Freshworks by 209.6% in the first quarter. First Trust Advisors LP now owns 262,849 shares of the company’s stock worth $2,111,000 after acquiring an additional 177,963 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in Freshworks by 403.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,444,124 shares of the company’s stock worth $11,596,000 after acquiring an additional 1,157,277 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Freshworks by 80.7% in the first quarter. Principal Financial Group Inc. now owns 765,475 shares of the company’s stock worth $6,147,000 after acquiring an additional 341,947 shares in the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Freshworks Trading Down 4.6%

Shares of NASDAQ:FRSH opened at $12.11 on Friday. The stock has a market capitalization of $3.16 billion, a P/E ratio of 16.59, a price-to-earnings-growth ratio of 7.34 and a beta of 0.80. The stock’s 50-day moving average price is $13.45 and its 200-day moving average price is $10.50. Freshworks Inc. has a 12-month low of $6.79 and a 12-month high of $15.51.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, November 3rd. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.04. The company had revenue of $245.43 million during 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%. Freshworks’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.16 EPS. As a group, research analysts predict that Freshworks Inc. will post 0.06 EPS for the current year.

Insider Transactions at Freshworks

In other Freshworks news, CAO Philippa Lawrence sold 52,767 shares of Freshworks stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $13.25, for a total value of $699,162.75. Following the transaction, the chief accounting officer directly owned 389,296 shares of the company’s stock, valued at $5,158,172. The trade was a 11.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FRSH. Oppenheimer reissued a “market perform” rating on shares of Freshworks in a research note on Wednesday. Weiss Ratings raised Freshworks from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, September 29th. Cantor Fitzgerald upped their price objective on Freshworks from $15.00 to $20.00 and gave the stock an “overweight” rating in a report on Wednesday. KeyCorp began coverage on Freshworks in a research report on Monday, September 14th. They set an “overweight” rating and a $18.00 price objective on the stock. Finally, Wall Street Zen upgraded Freshworks from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Two equities research 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $15.92.

Freshworks Profile

Freshworks Inc (NASDAQ:FRSH) develops cloud-based customer and employee engagement software for businesses of various sizes. Its products are designed to help organizations manage customer support, IT service operations, sales activities, and marketing workflows through user-friendly, artificial intelligence-enabled applications.

The company’s product portfolio includes Freshdesk for customer service and support, Freshservice for IT and enterprise service management, Freshsales for customer relationship management, and Freshmarketer for marketing automation and customer engagement.