New York State Common Retirement Fund Increases Stock Position in Freshworks Inc. (NASDAQ:FRSH)

New York State Common Retirement Fund boosted its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 365.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 278,409 shares of the company’s stock after acquiring an additional 218,617 shares during the period. New York State Common Retirement Fund owned 0.09% of Freshworks worth $4,502,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. increased its stake in Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after purchasing an additional 954 shares in the last quarter. Avion Wealth acquired a new stake in Freshworks during the fourth quarter valued at $26,000. Covestor Ltd lifted its holdings in Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock valued at $41,000 after purchasing an additional 1,704 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after purchasing an additional 2,223 shares in the last quarter. Finally, KBC Group NV lifted its holdings in Freshworks by 59.1% during the fourth quarter. KBC Group NV now owns 7,604 shares of the company’s stock valued at $123,000 after purchasing an additional 2,824 shares in the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Insider Buying and Selling at Freshworks

In related news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total value of $13,426,800.00. Following the completion of the transaction, the chairman now owns 551,137 shares in the company, valued at approximately $8,862,282.96. The trade was a 60.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Barry L. Padgett sold 2,345 shares of Freshworks stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the transaction, the director now 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. Insiders sold a total of 1,728,661 shares of company stock worth $27,250,861 over the last three months. Insiders own 19.15% of the company’s stock.

Freshworks Trading Down 0.1 %

Freshworks stock opened at $17.06 on Friday. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $20.60. The stock has a market cap of $5.17 billion, a P/E ratio of -53.31 and a beta of 0.91. The company has a 50-day moving average price of $17.16 and a 200 day moving average price of $14.48.

Freshworks (NASDAQ:FRSH) last announced its quarterly 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 net margin of 13.24% and a negative return on equity of 6.63%. As a group, analysts forecast that Freshworks Inc. will post -0.19 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Piper Sandler raised their price target on shares of Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Needham & Company LLC raised their price target on shares of Freshworks from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Robert W. Baird decreased their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. JMP Securities raised their price target on shares of Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company downgraded shares of Freshworks from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $16.00 to $13.00 in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.62.

About Freshworks

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.