Clearline Capital LP Invests $916,000 in Freshworks Inc. (NASDAQ:FRSH)

Clearline Capital LP bought a new position in Freshworks Inc. (NASDAQ:FRSH) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 72,149 shares of the company’s stock, valued at approximately $916,000.

A number of other large investors have also bought and sold shares of FRSH. US Bancorp DE acquired a new position in Freshworks in the fourth quarter worth $1,484,000. CIBC Private Wealth Group LLC grew its holdings in Freshworks by 5.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 436,487 shares of the company’s stock worth $10,253,000 after acquiring an additional 23,428 shares during the last quarter. Hel Ved Capital Management Ltd bought a new stake in Freshworks during the 4th quarter worth about $482,000. Board of Trustees of The Leland Stanford Junior University increased its position in Freshworks by 1.9% in the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after acquiring an additional 638 shares in the last quarter. Finally, FACT Capital LP raised its stake in shares of Freshworks by 9.3% in the fourth quarter. FACT Capital LP now owns 764,373 shares of the company’s stock worth $17,955,000 after acquiring an additional 64,957 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Freshworks news, Director Barry L. Padgett sold 5,546 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the sale, the director now directly owns 26,957 shares in the company, valued at $344,240.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Barry L. Padgett sold 5,546 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the transaction, the director now owns 26,957 shares in the company, valued at $344,240.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Zachary Nelson sold 8,442 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total transaction of $97,927.20. Following the sale, the director now directly owns 22,530 shares of the company’s stock, valued at approximately $261,348. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,344 shares of company stock worth $517,094. Corporate insiders own 19.15% of the company’s stock.

Wall Street Analyst Weigh In

FRSH has been the topic of several research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $20.00 price target on shares of Freshworks in a research note on Wednesday, July 31st. Canaccord Genuity Group lowered their target price on Freshworks from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Wednesday, July 10th. Scotiabank dropped their target price on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 31st. Cantor Fitzgerald cut their price target on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Finally, StockNews.com lowered Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Freshworks Price Performance

Shares of NASDAQ:FRSH opened at $11.44 on Friday. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of -28.60 and a beta of 0.73. The firm’s 50 day simple moving average is $11.72 and its 200 day simple moving average is $13.88. Freshworks Inc. has a fifty-two week low of $10.89 and a fifty-two week high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The company had revenue of $174.13 million for the quarter, compared to analyst estimates of $169.05 million. During the same period last year, the business posted ($0.12) earnings per share. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. Equities research analysts expect that Freshworks Inc. will post -0.38 earnings per share for the current year.

About Freshworks

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.