Macquarie Group Ltd. Purchases New Stake in Freshworks Inc. (NASDAQ:FRSH)

Macquarie Group Ltd. purchased a new stake in shares of Freshworks Inc. (NASDAQ:FRSH) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 155,524 shares of the company’s stock, valued at approximately $2,389,000. Macquarie Group Ltd. owned about 0.05% of Freshworks as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FRSH. C M Bidwell & Associates Ltd. bought a new stake in Freshworks during the 1st quarter valued at $35,000. UBS Group AG raised its holdings in Freshworks by 117.5% during the 3rd quarter. UBS Group AG now owns 3,574 shares of the company’s stock valued at $46,000 after buying an additional 1,931 shares during the last quarter. Quantbot Technologies LP purchased a new position in Freshworks during the 1st quarter valued at $59,000. Delta Asset Management LLC TN purchased a new position in Freshworks during the 4th quarter valued at $75,000. Finally, Barclays PLC increased its position in Freshworks by 210.8% during the 1st quarter. Barclays PLC now owns 6,194 shares of the company’s stock valued at $96,000 after purchasing an additional 4,201 shares during the period. 57.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FRSH has been the topic of a number of research analyst reports. UBS Group boosted their price objective on shares of Freshworks from $23.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, September 8th. Robert W. Baird boosted their price objective on shares of Freshworks from $24.00 to $28.00 and gave the company an “outperform” rating in a research report on Friday, September 8th. Piper Sandler boosted their price objective on shares of Freshworks from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Friday, September 8th. Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of Freshworks in a research report on Wednesday, August 2nd. Finally, Canaccord Genuity Group raised shares of Freshworks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $15.00 to $25.00 in a research report on Wednesday, August 2nd. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.14.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $22.34, for a total transaction of $157,005.52. Following the transaction, the director now owns 25,836 shares in the company, valued at approximately $577,176.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $22.34, for a total transaction of $157,005.52. Following the transaction, the director now owns 25,836 shares in the company, valued at approximately $577,176.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Barry L. Padgett sold 6,559 shares of the company’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $17.58, for a total transaction of $115,307.22. Following the transaction, the director now owns 16,428 shares in the company, valued at approximately $288,804.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,881,590 shares of company stock worth $38,697,384. Company insiders own 26.66% of the company’s stock.

Freshworks Stock Performance

Shares of FRSH stock opened at $19.89 on Tuesday. Freshworks Inc. has a one year low of $11.92 and a one year high of $23.80. The company’s 50-day moving average is $20.31 and its 200 day moving average is $16.88. The company has a market capitalization of $5.84 billion, a price-to-earnings ratio of -30.14 and a beta of 0.82.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, August 1st. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.04. Freshworks had a negative net margin of 35.18% and a negative return on equity of 17.62%. The company had revenue of $145.08 million for the quarter, compared to the consensus estimate of $141.22 million. As a group, research analysts predict that Freshworks Inc. will post -0.53 earnings per share for the current fiscal year.

About Freshworks

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. It offers Freshdesk Support Desk that enables businesses to delight their customers at every service engagement touchpoint across traditional channels, including email, and modern channels, such as messaging and social media; Freshdesk Contact Center that offers agents with cloud-based telephony system to connect with customers that supports complex call-flows, number and call management, IVR, and routing needs, as well as live dashboard and reports; and Freshdesk Customer Success, which helps customer success managers at business to business (B2B) subscription companies.