Wells Fargo & Company MN Purchases 31,405 Shares of Freshworks Inc. (NASDAQ:FRSH)

Wells Fargo & Company MN increased its holdings in Freshworks Inc. (NASDAQ:FRSH) by 27.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 146,276 shares of the company’s stock after acquiring an additional 31,405 shares during the period. Wells Fargo & Company MN’s holdings in Freshworks were worth $2,365,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Freshworks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock valued at $405,283,000 after purchasing an additional 1,357,526 shares during the last quarter. JPMorgan Chase & Co. grew its position in Freshworks by 49.8% during the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after buying an additional 1,752,995 shares during the period. Geode Capital Management LLC increased its holdings in Freshworks by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company’s stock worth $75,588,000 after buying an additional 79,388 shares during the last quarter. Franklin Resources Inc. raised its position in Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after acquiring an additional 604,658 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Freshworks in the fourth quarter valued at about $61,530,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on FRSH. Jefferies Financial Group decreased their price target on shares of Freshworks from $22.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, March 31st. Robert W. Baird set a $18.00 target price on Freshworks in a research report on Wednesday, February 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target on shares of Freshworks in a research report on Monday, March 17th. Piper Sandler decreased their price objective on Freshworks from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Canaccord Genuity Group upped their price objective on shares of Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.64.

Freshworks Price Performance

Shares of NASDAQ:FRSH opened at $13.64 on Friday. The company has a market cap of $4.11 billion, a price-to-earnings ratio of -42.63 and a beta of 0.98. Freshworks Inc. has a one year low of $10.81 and a one year high of $19.77. The firm has a fifty day moving average price of $14.72 and a two-hundred day moving average price of $15.27.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. Equities research analysts expect that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $18.29, for a total value of $52,291.11. Following the transaction, the insider now owns 397,390 shares of the company’s stock, valued at $7,268,263.10. This represents a 0.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Johanna Flower sold 1,450 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $18.01, for a total transaction of $26,114.50. Following the sale, the director now owns 41,491 shares in the company, valued at approximately $747,252.91. This trade represents a 3.38 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,177 shares of company stock worth $498,042. Insiders own 19.15% 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.