Canada Pension Plan Investment Board Acquires 147,700 Shares of Freshworks Inc. (NASDAQ:FRSH)

Canada Pension Plan Investment Board increased its holdings in Freshworks Inc. (NASDAQ:FRSH) by 41.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 505,400 shares of the company’s stock after purchasing an additional 147,700 shares during the period. Canada Pension Plan Investment Board owned approximately 0.17% of Freshworks worth $6,414,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Board of Trustees of The Leland Stanford Junior University boosted its stake in shares of Freshworks by 1.9% during the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock worth $823,000 after acquiring an additional 638 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in Freshworks by 34.2% during the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after purchasing an additional 757 shares during the last quarter. California State Teachers Retirement System raised its position in shares of Freshworks by 0.5% in the first quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock valued at $2,945,000 after purchasing an additional 831 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Freshworks by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after buying an additional 1,160 shares during the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of Freshworks by 29.1% during the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after buying an additional 1,588 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Freshworks

In related news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total transaction of $57,531.80. Following the completion of the sale, the director now owns 35,853 shares in the company, valued at approximately $440,274.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total value of $97,927.20. Following the transaction, the director now owns 22,530 shares of the company’s stock, valued at $261,348. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the completion of the sale, the director now owns 35,853 shares of the company’s stock, valued at $440,274.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,344 shares of company stock valued at $517,094. 19.15% of the stock is currently owned by company insiders.

Freshworks Stock Performance

Shares of Freshworks stock opened at $11.31 on Wednesday. Freshworks Inc. has a twelve month low of $10.96 and a twelve month high of $24.98. The firm has a market cap of $3.38 billion, a P/E ratio of -28.28 and a beta of 0.73. The firm’s 50-day simple moving average is $11.85 and its 200-day simple moving average is $14.01.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The company had revenue of $174.13 million for the quarter, compared to the consensus estimate of $169.05 million. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.12) earnings per share. On average, equities analysts forecast that Freshworks Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FRSH. Barclays dropped their target price on shares of Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. StockNews.com downgraded Freshworks from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. JPMorgan Chase & Co. dropped their price target on Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Piper Sandler reduced their price objective on Freshworks from $22.00 to $17.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Finally, Jefferies Financial Group dropped their target price on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Freshworks currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Freshworks Company 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.