33,269 Shares in Freshworks Inc. (NASDAQ:FRSH) Purchased by Sciencast Management LP

Sciencast Management LP purchased a new position in shares of Freshworks Inc. (NASDAQ:FRSH) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 33,269 shares of the company’s stock, valued at approximately $538,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Smith Group Asset Management LLC purchased a new position in Freshworks during the fourth quarter worth about $589,000. Quantbot Technologies LP boosted its holdings in Freshworks by 80.1% during the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock worth $4,895,000 after purchasing an additional 189,616 shares during the last quarter. Barclays PLC boosted its holdings in Freshworks by 33.4% during the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after purchasing an additional 84,568 shares during the last quarter. Edgestream Partners L.P. purchased a new position in Freshworks during the third quarter worth about $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Freshworks by 806.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock worth $2,699,000 after purchasing an additional 209,194 shares during the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FRSH has been the topic of several analyst reports. Morgan Stanley boosted 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. StockNews.com upgraded shares of Freshworks from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Robert W. Baird set a $18.00 target price on shares of Freshworks in a research note on Wednesday, February 12th. Piper Sandler boosted their target price on shares of Freshworks from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Oppenheimer boosted their target price on shares of Freshworks from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Freshworks has an average rating of “Moderate Buy” and a consensus target price of $21.14.

Insider Buying and Selling

In other news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $15.49, for a total value of $72,570.65. Following the transaction, the director now owns 37,286 shares of the company’s stock, valued at $577,560.14. This represents a 11.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.74, for a total transaction of $47,859.66. Following the completion of the transaction, the insider now directly owns 615,893 shares in the company, valued at $10,310,048.82. The trade was a 0.46 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,200 shares of company stock valued at $1,073,021. Company insiders own 19.15% of the company’s stock.

Freshworks Trading Up 1.6 %

Freshworks stock opened at $15.54 on Friday. The firm’s 50 day simple moving average is $17.02 and its 200 day simple moving average is $14.93. The firm has a market capitalization of $4.69 billion, a PE ratio of -48.56 and a beta of 0.92. Freshworks Inc. has a 1-year low of $10.81 and a 1-year high of $19.77.

Freshworks (NASDAQ:FRSH) last posted its earnings results 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%. Research analysts forecast 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.