US Bancorp DE Increases Stake in Freshworks Inc. $FRSH

US Bancorp DE increased its position in shares of Freshworks Inc. (NASDAQ:FRSH) by 671.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,331 shares of the company’s stock after buying an additional 7,251 shares during the period. US Bancorp DE’s holdings in Freshworks were worth $118,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Bayforest Capital Ltd boosted its position in Freshworks by 198.8% during the first quarter. Bayforest Capital Ltd now owns 40,397 shares of the company’s stock valued at $570,000 after purchasing an additional 26,876 shares in the last quarter. XTX Topco Ltd boosted its holdings in Freshworks by 349.6% in the first quarter. XTX Topco Ltd now owns 133,483 shares of the company’s stock worth $1,883,000 after acquiring an additional 103,794 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Freshworks by 5.4% in the first quarter. Federated Hermes Inc. now owns 41,059 shares of the company’s stock worth $579,000 after acquiring an additional 2,098 shares in the last quarter. Picton Mahoney Asset Management acquired a new stake in Freshworks in the first quarter worth about $175,000. Finally, Mackenzie Financial Corp boosted its holdings in Freshworks by 291.9% in the first quarter. Mackenzie Financial Corp now owns 51,521 shares of the company’s stock worth $727,000 after acquiring an additional 38,373 shares in the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Freshworks Trading Up 0.9%

Shares of FRSH stock opened at $13.08 on Monday. The stock has a 50 day moving average of $14.34 and a 200 day moving average of $14.90. The stock has a market cap of $3.81 billion, a P/E ratio of -72.66 and a beta of 0.94. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.06. The business had revenue of $204.68 million during the quarter, compared to analysts’ expectations of $198.85 million. Freshworks had a negative return on equity of 2.56% and a negative net margin of 7.02%. The business’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 earnings per share. On average, research analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wall Street Zen raised Freshworks from a “buy” rating to a “strong-buy” rating in a report on Sunday, June 29th. Wells Fargo & Company raised their price objective on Freshworks from $11.00 to $12.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 30th. JMP Securities restated a “market outperform” rating and issued a $27.00 price objective on shares of Freshworks in a research note on Wednesday, April 30th. 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, Scotiabank raised their price objective on Freshworks from $14.00 to $18.00 and gave the stock 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 given a strong buy rating to the company. According to MarketBeat, Freshworks currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.29.

Insiders Place Their Bets

In other news, Director Johanna Flower sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $14.80, for a total value of $118,400.00. Following the completion of the sale, the director directly owned 48,094 shares in the company, valued at $711,791.20. The trade was a 14.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Barry L. Padgett 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 $15.14, for a total value of $114,428.12. Following the completion of the sale, the director directly owned 32,635 shares in the company, valued at $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 three months, insiders sold 200,491 shares of company stock valued at $3,101,115. 11.17% of the stock is owned by insiders.

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.