Edgestream Partners L.P. Acquires 41,283 Shares of Freshworks Inc. (NASDAQ:FRSH)

Edgestream Partners L.P. raised its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 39.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 145,217 shares of the company’s stock after purchasing an additional 41,283 shares during the quarter. Edgestream Partners L.P.’s holdings in Freshworks were worth $2,348,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in shares of Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after purchasing an additional 1,752,995 shares during the last quarter. State Street Corp lifted its position in shares of Freshworks by 7.1% during the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock worth $54,290,000 after purchasing an additional 313,982 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Freshworks by 1.5% during the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock worth $52,750,000 after purchasing an additional 66,342 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after purchasing an additional 604,658 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Freshworks by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,609,957 shares of the company’s stock worth $26,033,000 after purchasing an additional 53,185 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors.

Freshworks Price Performance

FRSH opened at $15.80 on Monday. The firm has a market capitalization of $4.76 billion, a PE ratio of -49.38 and a beta of 0.92. The business’s 50-day moving average is $17.23 and its two-hundred day moving average is $14.73. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. As a group, sell-side analysts expect that Freshworks Inc. will post -0.19 EPS for the current year.

Insiders Place Their Bets

In related news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the sale, the chairman now owns 551,137 shares of the company’s stock, valued at $8,862,282.96. The trade was a 60.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the sale, the director now directly owns 26,957 shares of the company’s stock, valued at $466,356.10. This trade represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,739,953 shares of company stock valued at $27,439,720. 19.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FRSH shares. JMP Securities set a $27.00 target price on Freshworks in a research report on Wednesday, February 12th. Cantor Fitzgerald raised their price target on Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Piper Sandler raised their price target on Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. StockNews.com upgraded Freshworks from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Finally, Wells Fargo & Company lowered Freshworks from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $16.00 to $13.00 in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Freshworks presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.14.

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.