Federated Hermes Inc. Acquires 75,307 Shares of Freshworks Inc. (NASDAQ:FRSH)

Federated Hermes Inc. raised its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 16.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 545,922 shares of the company’s stock after buying an additional 75,307 shares during the quarter. Federated Hermes Inc.’s holdings in Freshworks were worth $12,824,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of FRSH. Neo Ivy Capital Management bought a new position in Freshworks during the 3rd quarter valued at about $81,000. Counterpoint Mutual Funds LLC boosted its position in shares of Freshworks by 29.8% during the third quarter. Counterpoint Mutual Funds LLC now owns 6,833 shares of the company’s stock valued at $136,000 after buying an additional 1,567 shares during the period. Northside Capital Management LLC purchased a new position in shares of Freshworks during the fourth quarter valued at approximately $226,000. Jasper Ridge Partners L.P. purchased a new position in shares of Freshworks during the third quarter valued at approximately $217,000. Finally, Sapient Capital LLC purchased a new position in shares of Freshworks during the fourth quarter valued at approximately $306,000. Institutional investors own 75.58% of the company’s stock.

Analyst Upgrades and Downgrades

FRSH has been the subject of several recent analyst reports. JMP Securities boosted their target price on Freshworks from $25.00 to $29.00 and gave the company a “market outperform” rating in a research report on Wednesday, February 7th. Piper Sandler boosted their target price on Freshworks from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Jefferies Financial Group upgraded Freshworks from a “hold” rating to a “buy” rating and boosted their target price for the company from $20.00 to $30.00 in a research report on Friday, January 5th. Wolfe Research upgraded 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. Finally, Morgan Stanley lowered their price target on Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.29.

Freshworks Stock Up 1.0 %

Shares of NASDAQ:FRSH opened at $18.35 on Wednesday. The company has a market capitalization of $5.47 billion, a price-to-earnings ratio of -39.04 and a beta of 0.90. Freshworks Inc. has a 52 week low of $12.22 and a 52 week high of $24.98. The firm has a 50 day moving average of $18.87 and a 200 day moving average of $20.06.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The company had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. On average, sell-side analysts expect that Freshworks Inc. will post -0.37 EPS for the current year.

Insider Buying and Selling

In other news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $21.71, for a total transaction of $152,729.85. Following the transaction, the director now directly owns 19,490 shares of the company’s stock, valued at $423,127.90. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.44, for a total value of $8,792,245.56. The disclosure for this sale can be found here. Insiders sold 460,792 shares of company stock valued at $9,408,403 over the last 90 days. Corporate insiders own 26.66% of the company’s stock.

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.