43,477 Shares in Freshworks Inc. (NASDAQ:FRSH) Acquired by LPL Financial LLC

LPL Financial LLC bought a new stake in shares of Freshworks Inc. (NASDAQ:FRSH) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 43,477 shares of the company’s stock, valued at approximately $703,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of FRSH. Avion Wealth bought a new stake in shares of Freshworks in the fourth quarter worth $26,000. Blue Trust Inc. grew its stake in shares of Freshworks by 32.2% during the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after purchasing an additional 954 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Freshworks by 102.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after purchasing an additional 2,223 shares during the last quarter. KBC Group NV lifted its stake in shares of Freshworks by 59.1% in the 4th quarter. KBC Group NV now owns 7,604 shares of the company’s stock worth $123,000 after purchasing an additional 2,824 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Freshworks by 683.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 9,632 shares of the company’s stock worth $156,000 after buying an additional 8,403 shares during the last quarter. 75.58% of the stock is owned by institutional investors.

Freshworks Stock Up 1.2 %

FRSH opened at $12.21 on Wednesday. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77. The firm has a 50-day simple moving average of $14.88 and a two-hundred day simple moving average of $15.27. The company has a market capitalization of $3.68 billion, a PE ratio of -38.16 and a beta of 0.98.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates 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 expect that Freshworks Inc. will post -0.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FRSH. StockNews.com upgraded shares of Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Jefferies Financial Group reduced their price target on Freshworks from $22.00 to $20.00 and set a “hold” rating for the company in a research report on Monday, March 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of Freshworks in a research report on Monday, March 17th. Barclays raised their target price on shares of Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Finally, Scotiabank increased their price objective on shares of Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.29.

Insider Transactions at Freshworks

In other news, insider Mika Yamamoto sold 2,859 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.29, for a total transaction of $52,291.11. Following the completion of the sale, the insider now directly owns 397,390 shares of the company’s stock, valued at approximately $7,268,263.10. The trade was a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Johanna Flower sold 21,400 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total transaction of $385,200.00. Following the completion of 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 50,577 shares of company stock worth $883,242. 19.15% of the stock is currently owned by company insiders.

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.