Rhumbline Advisers Has $4.46 Million Position in Freshworks Inc. (NASDAQ:FRSH)

Rhumbline Advisers grew its position in Freshworks Inc. (NASDAQ:FRSH) by 2.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 275,831 shares of the company’s stock after purchasing an additional 7,089 shares during the quarter. Rhumbline Advisers owned approximately 0.09% of Freshworks worth $4,460,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Legato Capital Management LLC acquired a new stake in Freshworks in the 4th quarter valued at approximately $515,000. Avion Wealth bought a new position in shares of Freshworks during the 4th quarter worth about $26,000. Sapient Capital LLC lifted its stake in shares of Freshworks by 48.1% in the fourth quarter. Sapient Capital LLC now owns 21,221 shares of the company’s stock valued at $343,000 after buying an additional 6,895 shares during the period. Smith Group Asset Management LLC bought a new position in Freshworks during the fourth quarter valued at about $589,000. Finally, KBC Group NV lifted its position in shares of Freshworks by 59.1% in the 4th quarter. KBC Group NV now owns 7,604 shares of the company’s stock worth $123,000 after acquiring an additional 2,824 shares during the period. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Scotiabank increased their target price on Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. JPMorgan Chase & Co. boosted their target price on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Cantor Fitzgerald upped their price target on shares of Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Wells Fargo & Company lowered Freshworks from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $16.00 to $13.00 in a research report on Tuesday, January 21st. Finally, Morgan Stanley boosted their target price on Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.62.

Insider Activity at Freshworks

In related news, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 830,000 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.33, for a total transaction of $12,723,900.00. Following the completion of the transaction, the chairman now owns 551,137 shares of the company’s stock, valued at $8,448,930.21. This trade represents a 60.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,728,661 shares of company stock valued at $27,250,861 over the last 90 days. Insiders own 19.15% of the company’s stock.

Freshworks Stock Down 1.4 %

Shares of NASDAQ FRSH opened at $17.07 on Friday. The company has a market capitalization of $5.17 billion, a PE ratio of -53.34 and a beta of 0.91. The firm has a fifty day simple moving average of $17.16 and a 200 day simple moving average of $14.48. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $20.63.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates 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, equities analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

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.