Freshworks Inc. (NASDAQ:FRSH) Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC increased its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 128.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,878 shares of the company’s stock after purchasing an additional 15,092 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Freshworks were worth $379,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Covestor Ltd boosted its holdings in Freshworks by 30.2% during the 4th quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after acquiring an additional 1,087 shares during the period. Arizona State Retirement System boosted its holdings in Freshworks by 2.2% during the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock valued at $836,000 after acquiring an additional 1,103 shares during the period. Xponance Inc. boosted its holdings in Freshworks by 10.2% during the 4th quarter. Xponance Inc. now owns 14,847 shares of the company’s stock valued at $240,000 after acquiring an additional 1,369 shares during the period. Quarry LP boosted its holdings in Freshworks by 47.8% during the 4th quarter. Quarry LP now owns 5,410 shares of the company’s stock valued at $87,000 after acquiring an additional 1,750 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in Freshworks by 9.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 22,439 shares of the company’s stock valued at $363,000 after acquiring an additional 2,019 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FRSH has been the subject of a number of research analyst reports. Wells Fargo & Company raised their target price on Freshworks from $11.00 to $12.00 and gave the company an “underweight” rating in a report on Wednesday, April 30th. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of Freshworks in a report on Monday, March 17th. UBS Group decreased their price objective on Freshworks from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Cantor Fitzgerald upgraded Freshworks to an “overweight” rating and set a $20.00 price objective for the company in a research note on Tuesday, June 3rd. Finally, Wall Street Zen upgraded Freshworks from a “buy” rating to a “strong-buy” rating in a research note on Sunday, June 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.07.

Freshworks Stock Up 4.0%

FRSH stock opened at $15.34 on Monday. The business has a 50 day moving average price of $15.02 and a 200 day moving average price of $15.52. The stock has a market cap of $4.52 billion, a price-to-earnings ratio of -63.89 and a beta of 0.95. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.05. The firm had revenue of $196.27 million during the quarter, compared to analysts’ expectations of $191.90 million. Freshworks had a negative return on equity of 4.41% and a negative net margin of 9.76%. The firm’s revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.10 earnings per share. As a group, sell-side analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current year.

Insider Activity at Freshworks

In other Freshworks news, Chairman Rathnagirish Mathrubootham sold 70,997 shares of Freshworks stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $16.01, for a total transaction of $1,136,661.97. Following the transaction, the chairman owned 724,515 shares of the company’s stock, valued at $11,599,485.15. The trade was a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jennifer H. Taylor sold 7,558 shares of Freshworks stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $15.13, for a total value of $114,352.54. Following the transaction, the director directly owned 44,218 shares in the company, valued at approximately $669,018.34. This trade represents a 14.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 201,390 shares of company stock valued at $3,152,406 over the last 90 days. 11.17% of the stock is owned by insiders.

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.