Victory Capital Management Inc. Buys 37,330 Shares of Freshworks Inc. (NASDAQ:FRSH)

Victory Capital Management Inc. raised its stake in Freshworks Inc. (NASDAQ:FRSH) by 165.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 59,952 shares of the company’s stock after purchasing an additional 37,330 shares during the quarter. Victory Capital Management Inc.’s holdings in Freshworks were worth $761,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Freshworks by 6.8% during the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after buying an additional 1,354,530 shares during the period. FACT Capital LP increased its stake in shares of Freshworks by 9.3% during the fourth quarter. FACT Capital LP now owns 764,373 shares of the company’s stock valued at $17,955,000 after buying an additional 64,957 shares during the period. Norges Bank purchased a new position in shares of Freshworks during the fourth quarter valued at approximately $44,919,000. ProShare Advisors LLC increased its stake in shares of Freshworks by 8.5% during the first quarter. ProShare Advisors LLC now owns 29,127 shares of the company’s stock valued at $530,000 after buying an additional 2,293 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Freshworks by 53.4% during the fourth quarter. Principal Financial Group Inc. now owns 511,146 shares of the company’s stock valued at $12,007,000 after buying an additional 177,836 shares during the period. Institutional investors own 75.58% of the company’s stock.

Insider Activity

In other news, Director Barry L. Padgett sold 5,546 shares of the company’s stock in a transaction 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 $344,240.89. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Barry L. Padgett sold 5,546 shares of the company’s stock in a transaction 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 $344,240.89. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total value of $97,927.20. Following the transaction, the director now directly owns 22,530 shares in the company, valued at $261,348. The disclosure for this sale can be found here. Insiders have sold a total of 44,344 shares of company stock valued at $517,094 over the last ninety days. 19.15% of the stock is currently owned by corporate insiders.

Freshworks Trading Down 2.1 %

Freshworks stock opened at $11.33 on Friday. The business’s fifty day simple moving average is $11.94 and its two-hundred day simple moving average is $14.14. Freshworks Inc. has a 12 month low of $10.96 and a 12 month high of $24.98. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of -28.33 and a beta of 0.73.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald reduced their target price on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Barclays reduced their price target on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Scotiabank reduced their price target on Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 31st. Jefferies Financial Group reduced their price target on Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Finally, StockNews.com cut Freshworks from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.