Raymond James Financial Inc. Takes $20.67 Million Position in Freshworks Inc. (NASDAQ:FRSH)

Raymond James Financial Inc. purchased a new stake in Freshworks Inc. (NASDAQ:FRSH) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 1,278,030 shares of the company’s stock, valued at approximately $20,666,000. Raymond James Financial Inc. owned 0.42% of Freshworks at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after purchasing an additional 1,752,995 shares in the last quarter. Franklin Resources Inc. lifted its position in Freshworks by 18.1% during the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after acquiring an additional 604,658 shares during the period. Invenomic Capital Management LP acquired a new stake in Freshworks during the 3rd quarter worth about $5,260,000. Ieq Capital LLC lifted its position in Freshworks by 29.3% during the 4th quarter. Ieq Capital LLC now owns 1,462,541 shares of the company’s stock worth $23,649,000 after acquiring an additional 331,298 shares during the period. Finally, State Street Corp lifted its position in Freshworks by 7.1% during the 3rd quarter. State Street Corp now owns 4,729,093 shares of the company’s stock worth $54,290,000 after acquiring an additional 313,982 shares during the period. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total transaction of $154,488.60. Following the transaction, the director now directly owns 24,187 shares in the company, valued at $442,622.10. This represents a 25.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mika Yamamoto sold 5,718 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $16.95, for a total value of $96,920.10. Following the transaction, the insider now owns 403,108 shares in the company, valued at $6,832,680.60. This trade represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,735,263 shares of company stock worth $27,361,209. Insiders own 19.15% of the company’s stock.

Freshworks Stock Performance

FRSH opened at $14.88 on Monday. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77. The stock has a market capitalization of $4.49 billion, a PE ratio of -46.50 and a beta of 0.92. The business’s 50 day moving average price is $17.10 and its 200 day moving average price is $14.83.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) EPS 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, equities research analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FRSH shares. Oppenheimer lifted their price target on Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. JMP Securities set a $27.00 price objective on Freshworks in a report on Wednesday, February 12th. Barclays boosted their price objective on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Finally, Piper Sandler lifted their price target on Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $21.14.

Freshworks 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.