Freshworks Inc. (NASDAQ:FRSH) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 229.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 775,036 shares of the company’s stock after buying an additional 539,890 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.26% of Freshworks worth $12,532,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in shares of Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after acquiring an additional 1,752,995 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Freshworks in the 4th quarter valued at about $20,666,000. Franklin Resources Inc. grew its position in Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock valued at $44,934,000 after acquiring an additional 604,658 shares in the last quarter. Invenomic Capital Management LP purchased a new position in shares of Freshworks in the 3rd quarter valued at about $5,260,000. Finally, Ceera Investments LLC boosted its stake in shares of Freshworks by 1,261.7% in the 4th quarter. Ceera Investments LLC now owns 455,420 shares of the company’s stock valued at $7,364,000 after buying an additional 421,975 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the transaction, the chairman now owns 551,137 shares of the company’s stock, valued at $8,862,282.96. This represents a 60.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $18.30, for a total value of $154,488.60. Following the transaction, the director now directly owns 24,187 shares in the company, valued at $442,622.10. This represents a 25.87 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,735,263 shares of company stock valued at $27,361,209. Company insiders own 19.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on FRSH shares. Oppenheimer boosted their target price on Freshworks from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Piper Sandler boosted their target price on Freshworks from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Wells Fargo & Company cut Freshworks from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $16.00 to $13.00 in a research note on Tuesday, January 21st. Barclays boosted their target price on Freshworks from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Finally, Cantor Fitzgerald boosted their target price on Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.14.

Freshworks Trading Up 3.7 %

NASDAQ:FRSH opened at $14.88 on Friday. The firm has a market cap of $4.49 billion, a P/E ratio of -46.50 and a beta of 0.92. The stock’s 50 day simple moving average is $17.12 and its 200-day simple moving average is $14.77. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77.

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