Arizona State Retirement System Has $989,000 Position in Freshworks Inc. (NASDAQ:FRSH)

Arizona State Retirement System boosted its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 3.6% in the fourth quarter, Holdings Channel reports. The firm owned 42,120 shares of the company’s stock after purchasing an additional 1,453 shares during the period. Arizona State Retirement System’s holdings in Freshworks were worth $989,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Advisors Asset Management Inc. grew its holdings in Freshworks by 373.8% during the third quarter. Advisors Asset Management Inc. now owns 1,663 shares of the company’s stock valued at $33,000 after purchasing an additional 1,312 shares during the period. Quarry LP acquired a new position in Freshworks during the second quarter valued at approximately $35,000. UBS Group AG grew its holdings in Freshworks by 117.5% during the third quarter. UBS Group AG now owns 3,574 shares of the company’s stock valued at $46,000 after purchasing an additional 1,931 shares during the period. Quantbot Technologies LP acquired a new position in Freshworks during the first quarter valued at approximately $59,000. Finally, Neo Ivy Capital Management acquired a new position in Freshworks during the third quarter valued at approximately $81,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Trading Down 4.8 %

NASDAQ FRSH opened at $17.10 on Tuesday. The firm’s fifty day moving average price is $19.25 and its two-hundred day moving average price is $20.11. Freshworks Inc. has a 1 year low of $12.22 and a 1 year high of $24.98. The firm has a market capitalization of $5.09 billion, a P/E ratio of -36.38 and a beta of 0.90.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. The firm had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. On average, research analysts anticipate that Freshworks Inc. will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the transaction, the director now directly owns 88,431 shares in the company, valued at $1,904,803.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.71, for a total value of $152,729.85. Following the transaction, the director now owns 19,490 shares in the company, valued at $423,127.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total transaction of $135,766.62. Following the completion of the transaction, the director now owns 88,431 shares in the company, valued at approximately $1,904,803.74. The disclosure for this sale can be found here. Insiders have sold 460,792 shares of company stock worth $9,408,403 over the last ninety days. Insiders own 26.66% of the company’s stock.

Analyst Ratings Changes

FRSH has been the subject of a number of analyst reports. Piper Sandler boosted their price objective on shares of Freshworks from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Wolfe Research upgraded shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target for the company in a report on Tuesday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $25.00 price target on shares of Freshworks in a report on Wednesday, February 7th. Needham & Company LLC upped their price target on shares of Freshworks from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, December 28th. Finally, Jefferies Financial Group upgraded shares of Freshworks from a “hold” rating to a “buy” rating and upped their price target for the company from $20.00 to $30.00 in a report on Friday, January 5th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

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.