Ieq Capital LLC Buys 331,298 Shares of Freshworks Inc. (NASDAQ:FRSH)

Ieq Capital LLC boosted its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 29.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,462,541 shares of the company’s stock after purchasing an additional 331,298 shares during the quarter. Ieq Capital LLC owned about 0.48% of Freshworks worth $23,649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the business. Blue Trust Inc. boosted its holdings in Freshworks by 32.2% in 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 in the last quarter. Avion Wealth acquired a new stake in shares of Freshworks during the fourth quarter worth about $26,000. Covestor Ltd lifted its holdings in shares of Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after purchasing an additional 1,704 shares during the period. Nisa Investment Advisors LLC raised its position in Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after acquiring an additional 2,223 shares in the last quarter. Finally, KBC Group NV raised its position in Freshworks by 59.1% during the fourth quarter. KBC Group NV now owns 7,604 shares of the company’s stock valued at $123,000 after acquiring an additional 2,824 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Stock Performance

NASDAQ FRSH opened at $17.65 on Thursday. The stock’s fifty day moving average is $17.05 and its two-hundred day moving average is $14.25. The firm has a market capitalization of $5.35 billion, a P/E ratio of -55.16 and a beta of 0.91. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $21.07.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. As a group, sell-side analysts forecast that Freshworks Inc. will post -0.19 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on FRSH. JPMorgan Chase & Co. lifted their price target on Freshworks from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Needham & Company LLC boosted their price objective on Freshworks from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Morgan Stanley boosted their price objective on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. Robert W. Baird cut their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, Cantor Fitzgerald boosted their price objective on Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and a consensus target price of $21.07.

Insiders Place Their Bets

In other news, insider Mika Yamamoto sold 5,718 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $16.95, for a total value of $96,920.10. Following the transaction, the insider now owns 403,108 shares of the company’s stock, valued at $6,832,680.60. This represents a 1.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Barry L. Padgett sold 2,345 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $17.30, for a total value of $40,568.50. Following the completion of the transaction, the director now directly owns 26,957 shares in the company, valued at approximately $466,356.10. This trade represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,727,211 shares of company stock valued at $27,224,746. Insiders own 19.15% 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.