Capital International Investors Purchases Shares of 3,257,074 Freshworks Inc. (NASDAQ:FRSH)

Capital International Investors acquired a new stake in Freshworks Inc. (NASDAQ:FRSH) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,257,074 shares of the company’s stock, valued at approximately $59,311,000. Capital International Investors owned approximately 1.09% of Freshworks at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Board of Trustees of The Leland Stanford Junior University increased its holdings in shares of Freshworks by 1.9% in the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after acquiring an additional 638 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Freshworks by 34.2% in the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after purchasing an additional 757 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Freshworks by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock valued at $250,000 after buying an additional 1,160 shares during the period. Arizona State Retirement System lifted its holdings in shares of Freshworks by 3.6% in the fourth quarter. Arizona State Retirement System now owns 42,120 shares of the company’s stock valued at $989,000 after buying an additional 1,453 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of Freshworks by 8.5% in the first quarter. ProShare Advisors LLC now owns 29,127 shares of the company’s stock valued at $530,000 after buying an additional 2,293 shares during the period. 75.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FRSH shares. Barclays reduced their target price on Freshworks from $20.00 to $15.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Morgan Stanley reduced their price objective on Freshworks from $22.00 to $18.00 and set an “equal weight” rating for the company in a research note on Thursday, May 2nd. StockNews.com lowered Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Robert W. Baird lowered Freshworks from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $28.00 to $16.00 in a research report on Thursday, May 2nd. Finally, Canaccord Genuity Group dropped their target price on Freshworks from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.53.

Insider Transactions at Freshworks

In other news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total value of $57,531.80. Following the transaction, the director now directly owns 35,853 shares in the company, valued at approximately $440,274.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total transaction of $57,531.80. Following the transaction, the director now directly owns 35,853 shares in the company, valued at $440,274.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $12.77, for a total value of $70,822.42. Following the transaction, the director now owns 26,957 shares in the company, valued at $344,240.89. The disclosure for this sale can be found here. Insiders have sold 34,296 shares of company stock worth $443,630 in the last three months. Insiders own 19.15% of the company’s stock.

Freshworks Price Performance

Shares of Freshworks stock traded up $0.26 during midday trading on Friday, hitting $13.50. 2,920,493 shares of the company were exchanged, compared to its average volume of 2,060,583. The firm has a market cap of $4.03 billion, a P/E ratio of -33.75 and a beta of 0.74. Freshworks Inc. has a 52 week low of $11.90 and a 52 week high of $24.98. The firm has a 50 day simple moving average of $12.89 and a 200-day simple moving average of $16.96.

Freshworks (NASDAQ:FRSH) last posted its earnings results on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.02. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The business had revenue of $165.14 million during the quarter, compared to the consensus estimate of $163.53 million. Equities research analysts expect that Freshworks Inc. will post -0.34 earnings per share for the current 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.