Invesco Ltd. Purchases 22,523 Shares of Freshworks Inc. (NASDAQ:FRSH)

Invesco Ltd. increased its stake in Freshworks Inc. (NASDAQ:FRSH) by 17.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 150,183 shares of the company’s stock after acquiring an additional 22,523 shares during the quarter. Invesco Ltd.’s holdings in Freshworks were worth $2,428,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Blue Trust Inc. increased its stake in shares of Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after acquiring an additional 954 shares in the last quarter. Versor Investments LP grew its position in Freshworks by 3.0% in the 4th quarter. Versor Investments LP now owns 34,400 shares of the company’s stock valued at $556,000 after purchasing an additional 1,000 shares during the period. Arizona State Retirement System grew its position in Freshworks by 2.2% in the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock valued at $836,000 after purchasing an additional 1,103 shares during the period. Xponance Inc. grew its position in Freshworks by 10.2% in the 4th quarter. Xponance Inc. now owns 14,847 shares of the company’s stock valued at $240,000 after purchasing an additional 1,369 shares during the period. Finally, Avion Wealth acquired a new stake in Freshworks in the 4th quarter valued at $26,000. Institutional investors own 75.58% of the company’s stock.

Freshworks Stock Up 0.4 %

NASDAQ FRSH opened at $14.13 on Tuesday. The firm has a market cap of $4.26 billion, a P/E ratio of -44.16 and a beta of 0.98. The company’s 50 day moving average is $14.58 and its 200-day moving average is $15.36. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data 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 analysts expect that Freshworks Inc. will post -0.19 EPS for the current year.

Insider Buying and Selling

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.72, for a total value of $140,999.76. Following the completion of the transaction, the director now directly owns 24,187 shares of the company’s stock, valued at $404,406.64. This trade represents a 25.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mika Yamamoto sold 2,859 shares of the firm’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 transaction, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 29,177 shares of company stock valued at $498,042. Company insiders own 19.15% of the company’s stock.

Wall Street Analysts Forecast Growth

FRSH has been the subject of several research reports. StockNews.com raised shares of Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Canaccord Genuity Group lifted their price objective on shares of Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Piper Sandler cut their price objective on shares of Freshworks from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Morgan Stanley cut their price objective on shares of Freshworks from $21.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Finally, JMP Securities set a $27.00 price objective on shares of Freshworks in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.64.

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.