Summit Global Investments Takes $752,000 Position in Freshworks Inc. (NASDAQ:FRSH)

Summit Global Investments bought a new position in shares of Freshworks Inc. (NASDAQ:FRSH) in the 4th quarter, HoldingsChannel.com reports. The firm bought 32,003 shares of the company’s stock, valued at approximately $752,000.

Several other institutional investors have also recently added to or reduced their stakes in FRSH. SG Americas Securities LLC raised its holdings in Freshworks by 226.6% during the third quarter. SG Americas Securities LLC now owns 35,651 shares of the company’s stock worth $710,000 after purchasing an additional 24,735 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Freshworks by 13.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,734 shares of the company’s stock valued at $572,000 after buying an additional 3,385 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Freshworks during the 3rd quarter worth $327,000. Jennison Associates LLC acquired a new stake in Freshworks during the 3rd quarter worth $582,000. Finally, Teacher Retirement System of Texas lifted its position in Freshworks by 135.9% in the third quarter. Teacher Retirement System of Texas now owns 25,211 shares of the company’s stock valued at $502,000 after acquiring an additional 14,526 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Insider Buying and Selling

In other Freshworks news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.44, for a total value of $8,792,245.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Freshworks news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the sale, the director now owns 19,490 shares of the company’s stock, valued at $423,127.90. The disclosure for this sale can be found here. Insiders have sold 460,792 shares of company stock valued at $9,408,403 over the last quarter. Company insiders own 19.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FRSH shares. JMP Securities dropped their price objective on Freshworks from $29.00 to $21.00 and set a “market outperform” rating on the stock in a report on Thursday. Wolfe Research upgraded Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a research note on Tuesday, February 20th. Robert W. Baird cut Freshworks from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $28.00 to $16.00 in a research note on Thursday. Needham & Company LLC restated a “buy” rating and set a $30.00 target price on shares of Freshworks in a research report on Thursday. Finally, Barclays cut their target price on shares of Freshworks from $20.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $22.59.

Freshworks Trading Down 4.4 %

Shares of Freshworks stock opened at $14.03 on Friday. Freshworks Inc. has a 52-week low of $12.22 and a 52-week high of $24.98. The company’s 50-day simple moving average is $18.29 and its 200-day simple moving average is $19.98.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. The company had revenue of $160.11 million for the quarter, compared to analysts’ expectations of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. Equities analysts expect that Freshworks Inc. will post -0.37 EPS 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.