Freshworks Inc. (NASDAQ:FRSH) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 7.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,134,600 shares of the company’s stock after buying an additional 221,900 shares during the period. Renaissance Technologies LLC owned approximately 1.05% of Freshworks worth $39,778,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FRSH. CWM LLC grew its stake in shares of Freshworks by 554.5% in the 2nd quarter. CWM LLC now owns 3,397 shares of the company’s stock valued at $43,000 after purchasing an additional 2,878 shares during the last quarter. Advisors Asset Management Inc. grew its position in Freshworks by 34.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after buying an additional 757 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Freshworks in the 2nd quarter valued at $58,000. EntryPoint Capital LLC purchased a new position in Freshworks during the 1st quarter worth $82,000. Finally, Hantz Financial Services Inc. purchased a new stake in shares of Freshworks in the second quarter valued at about $136,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FRSH shares. Cantor Fitzgerald lowered their price objective on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. StockNews.com cut shares of Freshworks from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. JPMorgan Chase & Co. reduced their price objective on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Piper Sandler lowered their target price on shares of Freshworks from $22.00 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Finally, Jefferies Financial Group lowered their price target on Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and an average target price of $18.69.

Insider Buying and Selling

In other Freshworks news, Director Barry L. Padgett sold 5,546 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the transaction, the director now directly owns 26,957 shares in the company, valued at approximately $344,240.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.17, for a total value of $52,331.45. Following the sale, the director now directly owns 35,853 shares of the company’s stock, valued at $400,478.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Barry L. Padgett sold 5,546 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $12.77, for a total transaction of $70,822.42. Following the transaction, the director now directly owns 26,957 shares of the company’s stock, valued at approximately $344,240.89. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,344 shares of company stock worth $517,094. 19.15% of the stock is owned by insiders.

Freshworks Stock Down 1.0 %

NASDAQ FRSH opened at $11.16 on Thursday. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of -27.90 and a beta of 0.73. Freshworks Inc. has a fifty-two week low of $10.96 and a fifty-two week high of $24.98. The business has a fifty day moving average of $11.99 and a 200-day moving average of $14.25.

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

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.