PNC Financial Services Group Inc. Increases Stock Holdings in Freshworks Inc. $FRSH

PNC Financial Services Group Inc. grew its stake in Freshworks Inc. (NASDAQ:FRSH) by 58.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 15,250 shares of the company’s stock after buying an additional 5,618 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Freshworks were worth $215,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the business. FNY Investment Advisers LLC purchased a new stake in Freshworks in the first quarter valued at approximately $70,000. DekaBank Deutsche Girozentrale lifted its stake in Freshworks by 91.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company’s stock valued at $84,000 after buying an additional 2,814 shares during the last quarter. Quarry LP lifted its stake in Freshworks by 47.8% in the fourth quarter. Quarry LP now owns 5,410 shares of the company’s stock valued at $87,000 after buying an additional 1,750 shares during the last quarter. Liberty Mutual Group Asset Management Inc. purchased a new stake in Freshworks in the first quarter valued at approximately $106,000. Finally, US Bancorp DE lifted its stake in Freshworks by 671.4% in the first quarter. US Bancorp DE now owns 8,331 shares of the company’s stock valued at $118,000 after buying an additional 7,251 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Wall Street Analysts Forecast Growth

FRSH has been the topic of a number of recent research reports. Piper Sandler boosted their target price on Freshworks from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. Cantor Fitzgerald raised Freshworks to an “overweight” rating and set a $20.00 target price on the stock in a report on Tuesday, June 3rd. Wall Street Zen raised Freshworks from a “buy” rating to a “strong-buy” rating in a report on Sunday, June 29th. JMP Securities restated a “market outperform” rating and issued a $27.00 price target on shares of Freshworks in a research note on Wednesday, April 30th. Finally, Scotiabank lifted their price target on Freshworks from $14.00 to $18.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and a consensus target price of $20.29.

Freshworks Stock Performance

Freshworks stock opened at $13.08 on Monday. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77. The firm has a market capitalization of $3.81 billion, a PE ratio of -72.66 and a beta of 0.94. The business’s 50-day simple moving average is $14.34 and its 200-day simple moving average is $14.90.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, July 29th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.12 by $0.06. The business had revenue of $204.68 million for the quarter, compared to the consensus estimate of $198.85 million. Freshworks had a negative return on equity of 2.56% and a negative net margin of 7.02%. Freshworks’s revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.08 EPS. Research analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current year.

Insider Activity at Freshworks

In other news, Director Jennifer H. Taylor sold 7,558 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $15.13, for a total transaction of $114,352.54. Following the completion of the transaction, the director directly owned 44,218 shares in the company, valued at $669,018.34. This represents a 14.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Barry L. Padgett sold 7,558 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $15.14, for a total transaction of $114,428.12. Following the completion of the transaction, the director directly owned 32,635 shares in the company, valued at approximately $494,093.90. This represents a 18.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 200,491 shares of company stock worth $3,101,115. Corporate insiders own 11.17% of the company’s stock.

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.