Ameriprise Financial Inc. Boosts Position in Freshworks Inc. (NASDAQ:FRSH)

Ameriprise Financial Inc. boosted its holdings in Freshworks Inc. (NASDAQ:FRSH) by 34.9% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 369,370 shares of the company’s stock after buying an additional 95,463 shares during the period. Ameriprise Financial Inc. owned approximately 0.12% of Freshworks worth $5,973,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Blue Trust Inc. raised its stake in shares of Freshworks by 32.2% during the fourth 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. Versor Investments LP increased its stake in shares of Freshworks by 3.0% in the fourth quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after buying an additional 1,000 shares during the last quarter. Covestor Ltd increased its stake in shares of Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company’s stock worth $76,000 after buying an additional 1,087 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Freshworks by 2.2% in the fourth quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock worth $836,000 after buying an additional 1,103 shares during the last quarter. Finally, Xponance Inc. increased its stake in shares of Freshworks by 10.2% in the fourth quarter. Xponance Inc. now owns 14,847 shares of the company’s stock worth $240,000 after buying an additional 1,369 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FRSH. Piper Sandler restated an “overweight” rating and issued a $22.00 price target (up previously from $20.00) on shares of Freshworks in a research note on Wednesday, April 30th. Oppenheimer dropped their price target on shares of Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Morgan Stanley lifted their price target on shares of Freshworks from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 1st. Canaccord Genuity Group lifted their price target on shares of Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Finally, UBS Group dropped their price target on shares of Freshworks from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Freshworks currently has a consensus rating of “Moderate Buy” and an average target price of $20.21.

Insider Activity

In related news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $15.41, for a total value of $72,195.85. Following the completion of the sale, the director now owns 37,895 shares of the company’s stock, valued at $583,961.95. This represents a 11.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mika Yamamoto sold 2,859 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.74, for a total transaction of $47,859.66. Following the completion of the sale, the insider now directly owns 615,893 shares of the company’s stock, valued at $10,310,048.82. The trade was a 0.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,421 shares of company stock valued at $603,164. 11.17% of the stock is currently owned by company insiders.

Freshworks Stock Performance

Shares of FRSH opened at $14.42 on Friday. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77. The company has a market cap of $4.25 billion, a price-to-earnings ratio of -45.06 and a beta of 0.97. The firm has a fifty day moving average of $14.10 and a 200-day moving average of $15.74.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.05. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The company had revenue of $196.27 million during the quarter, compared to the consensus estimate of $191.90 million. During the same quarter in the previous year, the company posted $0.10 earnings per share. The company’s revenue for the quarter was up 18.9% compared to the same quarter last year. Analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

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.