KLP Kapitalforvaltning AS Makes New Investment in Freshworks Inc. (NASDAQ:FRSH)

KLP Kapitalforvaltning AS acquired a new position in Freshworks Inc. (NASDAQ:FRSH) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,100 shares of the company’s stock, valued at approximately $584,000.

A number of other hedge funds have also made changes to their positions in FRSH. Charles Schwab Investment Management Inc. lifted its stake in shares of Freshworks by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,556,772 shares of the company’s stock worth $17,872,000 after acquiring an additional 24,558 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Freshworks by 8.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,229 shares of the company’s stock valued at $462,000 after acquiring an additional 3,182 shares during the last quarter. Verition Fund Management LLC grew its holdings in Freshworks by 1,099.9% during the 3rd quarter. Verition Fund Management LLC now owns 211,171 shares of the company’s stock worth $2,424,000 after acquiring an additional 193,572 shares in the last quarter. Edgestream Partners L.P. bought a new stake in shares of Freshworks in the 3rd quarter worth about $1,193,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Freshworks in the 3rd quarter valued at about $57,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Freshworks Trading Up 1.8 %

NASDAQ FRSH opened at $14.59 on Thursday. The company has a market cap of $4.40 billion, a PE ratio of -45.59 and a beta of 0.92. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The stock has a 50 day moving average of $16.73 and a 200-day moving average of $15.15.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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, sell-side analysts predict that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Insider Activity at Freshworks

In other news, Director Johanna Flower sold 21,400 shares of Freshworks stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $18.00, for a total transaction of $385,200.00. Following the transaction, the director now owns 41,491 shares in the company, valued at approximately $746,838. The trade was a 34.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $15.49, for a total transaction of $72,570.65. Following the completion of the transaction, the director now owns 37,286 shares in the company, valued at $577,560.14. This trade represents a 11.16 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,688 shares of company stock worth $905,061. Company insiders own 19.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FRSH. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of Freshworks in a report on Monday, March 17th. Piper Sandler boosted their price target on shares of Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Jefferies Financial Group cut their price objective on shares of Freshworks from $22.00 to $20.00 and set a “hold” rating on the stock in a research report on Monday. Wells Fargo & Company cut shares of Freshworks from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $16.00 to $13.00 in a research report on Tuesday, January 21st. Finally, StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.14.

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.