Lazard Asset Management LLC Increases Holdings in Freshworks Inc. (NASDAQ:FRSH)

Lazard Asset Management LLC increased its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 40.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 119,030 shares of the company’s stock after purchasing an additional 34,387 shares during the period. Lazard Asset Management LLC’s holdings in Freshworks were worth $1,922,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Janus Henderson Group PLC boosted its position in Freshworks by 10.0% during the 4th quarter. Janus Henderson Group PLC now owns 80,501 shares of the company’s stock worth $1,302,000 after purchasing an additional 7,300 shares during the period. Jasper Ridge Partners L.P. boosted its position in Freshworks by 39.9% during the 4th quarter. Jasper Ridge Partners L.P. now owns 42,719 shares of the company’s stock worth $691,000 after purchasing an additional 12,180 shares during the period. Graham Capital Management L.P. boosted its position in Freshworks by 342.2% during the 4th quarter. Graham Capital Management L.P. now owns 112,427 shares of the company’s stock worth $1,818,000 after purchasing an additional 87,000 shares during the period. Focus Partners Wealth purchased a new stake in Freshworks during the 4th quarter worth $167,000. Finally, Ensign Peak Advisors Inc boosted its position in Freshworks by 81.6% during the 4th quarter. Ensign Peak Advisors Inc now owns 108,972 shares of the company’s stock worth $1,762,000 after purchasing an additional 48,950 shares during the period. 75.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on FRSH shares. Robert W. Baird set a $18.00 price objective on shares of Freshworks in a report on Wednesday, February 12th. Oppenheimer cut their price objective on shares of Freshworks from $24.00 to $19.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. JMP Securities reiterated a “market outperform” rating and issued a $27.00 price objective on shares of Freshworks in a report on Wednesday, April 30th. Canaccord Genuity Group boosted their price objective on shares of Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, Cantor Fitzgerald boosted their price objective on shares of Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.21.

Insider Buying and Selling

In related news, Director Johanna Flower sold 1,450 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $18.01, for a total transaction of $26,114.50. Following the sale, the director now owns 41,491 shares in the company, valued at $747,252.91. This represents a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.72, for a total transaction of $140,999.76. Following the sale, the director now owns 24,187 shares in the company, valued at approximately $404,406.64. This trade represents a 25.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,871 shares of company stock worth $629,278 over the last quarter. 19.15% of the stock is owned by company insiders.

Freshworks Stock Performance

Shares of Freshworks stock opened at $15.49 on Friday. The firm has a market cap of $4.57 billion, a PE ratio of -48.41 and a beta of 0.97. The firm’s 50-day simple moving average is $14.12 and its 200-day simple moving average is $15.67. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.05. The business had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.10 EPS. On average, equities analysts predict that Freshworks Inc. will post -0.19 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.