Freshworks Inc. (NASDAQ:FRSH) Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its position in Freshworks Inc. (NASDAQ:FRSH) by 9.4% during the 4th quarter, Holdings Channel reports. The fund owned 3,429,366 shares of the company’s stock after acquiring an additional 293,266 shares during the quarter. Renaissance Technologies LLC’s holdings in Freshworks were worth $55,453,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its position in shares of Freshworks by 32.2% during the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after acquiring an additional 954 shares during the last quarter. Versor Investments LP lifted its holdings in Freshworks by 3.0% in the fourth quarter. Versor Investments LP now owns 34,400 shares of the company’s stock valued at $556,000 after acquiring an additional 1,000 shares during the period. Arizona State Retirement System lifted its holdings in Freshworks by 2.2% in the fourth 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. raised its stake in shares of Freshworks by 10.2% during the 4th quarter. Xponance Inc. now owns 14,847 shares of the company’s stock worth $240,000 after buying an additional 1,369 shares during the last quarter. Finally, Avion Wealth acquired a new position in shares of Freshworks during the 4th quarter worth $26,000. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on FRSH. Barclays lifted their price target on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Jefferies Financial Group cut their price target on Freshworks from $22.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, March 31st. UBS Group set a $22.00 price target on Freshworks in a research note on Thursday, February 6th. JMP Securities set a $27.00 price objective on Freshworks in a research report on Wednesday, February 12th. Finally, Morgan Stanley boosted their target price on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.79.

Insider Transactions at Freshworks

In related news, Director Johanna Flower sold 1,450 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $18.01, for a total value of $26,114.50. Following the completion of the transaction, the director now directly owns 41,491 shares in the company, valued at $747,252.91. The trade was a 3.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mika Yamamoto sold 2,859 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $18.29, for a total transaction of $52,291.11. Following the completion of the transaction, the insider now directly owns 397,390 shares of the company’s stock, valued at $7,268,263.10. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,262 shares of company stock valued at $955,812. Corporate insiders own 19.15% of the company’s stock.

Freshworks Stock Performance

Freshworks stock opened at $13.22 on Thursday. The firm has a market cap of $3.99 billion, a P/E ratio of -41.31 and a beta of 0.98. The business’s fifty day moving average is $15.88 and its two-hundred day moving average is $15.18. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. On average, equities research analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current year.

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.