Teacher Retirement System of Texas Takes Position in Freshworks Inc. (NASDAQ:FRSH)

Teacher Retirement System of Texas purchased a new position in shares of Freshworks Inc. (NASDAQ:FRSH) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 112,834 shares of the company’s stock, valued at approximately $1,825,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Avion Wealth bought a new position in shares of Freshworks during the fourth quarter worth approximately $26,000. Point72 Hong Kong Ltd acquired a new stake in Freshworks during the third quarter worth approximately $57,000. Blue Trust Inc. raised its holdings in Freshworks by 32.2% in the 4th quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after acquiring an additional 954 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Freshworks by 102.4% in the 4th 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 grew its holdings in shares of Freshworks by 59.1% during the 4th quarter. KBC Group NV now owns 7,604 shares of the company’s stock worth $123,000 after purchasing an additional 2,824 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Insider Buying and Selling

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $15.85, for a total transaction of $133,663.05. Following the completion of the sale, the director now owns 24,187 shares of the company’s stock, valued at approximately $383,363.95. This represents a 25.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $15.49, for a total transaction of $72,570.65. Following the completion of the transaction, the director now owns 37,286 shares in the company, valued at $577,560.14. This trade represents a 11.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 62,200 shares of company stock valued at $1,073,021 in the last three months. Insiders own 19.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FRSH. Piper Sandler boosted their price target on Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Morgan Stanley upped their price target on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. JMP Securities set a $27.00 price target on shares of Freshworks in a research report on Wednesday, February 12th. Scotiabank boosted their price objective on shares of Freshworks from $17.00 to $19.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Finally, Canaccord Genuity Group raised their target price on Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.14.

Freshworks Price Performance

Shares of NASDAQ FRSH opened at $15.16 on Friday. The company has a 50 day simple moving average of $16.97 and a 200 day simple moving average of $15.03. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77. The firm has a market cap of $4.57 billion, a PE ratio of -47.38 and a beta of 0.92.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (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%. As a group, research analysts anticipate that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Freshworks 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.