Mirae Asset Global Investments Co. Ltd. Purchases 4,761 Shares of Freshworks Inc. $FRSH

Mirae Asset Global Investments Co. Ltd. lifted its position in Freshworks Inc. (NASDAQ:FRSH) by 17.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,443 shares of the company’s stock after acquiring an additional 4,761 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Freshworks were worth $484,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. FNY Investment Advisers LLC bought a new position in Freshworks during the first quarter valued at about $70,000. DekaBank Deutsche Girozentrale grew its position in Freshworks by 91.2% during 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 period. Liberty Mutual Group Asset Management Inc. bought a new position in Freshworks during the first quarter valued at about $106,000. US Bancorp DE grew its position in Freshworks by 671.4% during 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 period. Finally, GAMMA Investing LLC grew its position in Freshworks by 2,639.5% during the first quarter. GAMMA Investing LLC now owns 9,369 shares of the company’s stock valued at $132,000 after buying an additional 9,027 shares during the period. Institutional investors own 75.58% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Freshworks in a research report on Tuesday, September 30th. They set an “equal weight” rating and a $13.00 price target for the company. Zacks Research upgraded shares of Freshworks from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 29th. Robert W. Baird reduced their price target on shares of Freshworks from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, September 15th. Wall Street Zen downgraded shares of Freshworks from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 23rd. Finally, Morgan Stanley dropped their price objective on shares of Freshworks from $18.00 to $16.00 and set an “equal weight” rating on the stock in a report on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.07.

Freshworks Trading Down 2.5%

Shares of Freshworks stock opened at $11.11 on Friday. Freshworks Inc. has a 12-month low of $10.86 and a 12-month high of $19.77. The company has a market cap of $3.24 billion, a price-to-earnings ratio of -61.72 and a beta of 0.91. The company’s 50-day moving average price is $12.73 and its 200-day moving average price is $13.81.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The firm had revenue of $204.68 million for the quarter. On average, sell-side analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current year.

Insider Activity

In other news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $13.14, for a total value of $110,809.62. Following the sale, the director directly owned 38,870 shares of the company’s stock, valued at approximately $510,751.80. This represents a 17.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Philippa Lawrence sold 2,590 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $12.53, for a total transaction of $32,452.70. Following the completion of the sale, the chief accounting officer directly owned 415,949 shares in the company, valued at approximately $5,211,840.97. The trade was a 0.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 41,329 shares of company stock valued at $534,620. 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.