New York State Common Retirement Fund Acquires 211,102 Shares of Freshworks Inc. (NASDAQ:FRSH)

New York State Common Retirement Fund increased its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 75.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 489,511 shares of the company’s stock after purchasing an additional 211,102 shares during the period. New York State Common Retirement Fund owned about 0.16% of Freshworks worth $6,907,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Arizona State Retirement System grew its holdings in shares of Freshworks by 3.3% during the first quarter. Arizona State Retirement System now owns 53,432 shares of the company’s stock worth $754,000 after purchasing an additional 1,728 shares during the last quarter. Xponance Inc. lifted its stake in Freshworks by 5.1% in the first quarter. Xponance Inc. now owns 15,605 shares of the company’s stock valued at $220,000 after buying an additional 758 shares during the period. Cerity Partners LLC acquired a new position in Freshworks in the first quarter valued at about $270,000. DekaBank Deutsche Girozentrale raised its position in shares of Freshworks by 91.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company’s stock worth $84,000 after purchasing an additional 2,814 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of Freshworks by 267.7% during the first quarter. Envestnet Asset Management Inc. now owns 82,502 shares of the company’s stock worth $1,164,000 after purchasing an additional 60,063 shares during the period. 75.58% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $14.80, for a total transaction of $124,808.40. Following the completion of the sale, the director directly owned 38,870 shares of the company’s stock, valued at approximately $575,276. This trade represents a 17.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Johanna Flower sold 8,000 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $14.80, for a total value of $118,400.00. Following the sale, the director directly owned 48,094 shares of the company’s stock, valued at $711,791.20. The trade was a 14.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 206,075 shares of company stock worth $3,219,261. Company insiders own 11.17% of the company’s stock.

Freshworks Price Performance

Shares of NASDAQ:FRSH opened at $14.62 on Monday. The company has a market capitalization of $4.31 billion, a price-to-earnings ratio of -60.91 and a beta of 0.95. The business’s 50-day moving average is $15.03 and its 200-day moving average is $15.43. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The business had revenue of $196.27 million for the quarter, compared to the consensus estimate 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 for the quarter was up 18.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 EPS. Analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FRSH shares. Piper Sandler reiterated an “overweight” rating and set a $22.00 price objective (up from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. JMP Securities reaffirmed a “market outperform” rating and issued a $27.00 price objective on shares of Freshworks in a research report on Wednesday, April 30th. Cantor Fitzgerald raised Freshworks to an “overweight” rating and set a $20.00 price target for the company in a report on Tuesday, June 3rd. Oppenheimer dropped their price objective on Freshworks from $24.00 to $19.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. Finally, Morgan Stanley lifted their price objective on Freshworks from $14.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.07.

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.