Soviero Asset Management LP Invests $2.99 Million in Freshworks Inc. (NASDAQ:FRSH)

Soviero Asset Management LP bought a new position in shares of Freshworks Inc. (NASDAQ:FRSH) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 185,000 shares of the company’s stock, valued at approximately $2,991,000. Freshworks makes up 1.9% of Soviero Asset Management LP’s holdings, making the stock its 29th largest position. Soviero Asset Management LP owned about 0.06% of Freshworks at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Smith Group Asset Management LLC purchased a new position in shares of Freshworks during the 4th quarter worth approximately $589,000. Barclays PLC increased its stake in Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after purchasing an additional 84,568 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Freshworks in the 4th quarter valued at approximately $20,666,000. Lisanti Capital Growth LLC purchased a new position in Freshworks in the 4th quarter valued at approximately $2,290,000. Finally, Ceera Investments LLC increased its stake in Freshworks by 1,261.7% in the 4th quarter. Ceera Investments LLC now owns 455,420 shares of the company’s stock valued at $7,364,000 after purchasing an additional 421,975 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FRSH has been the subject of several research analyst reports. Cantor Fitzgerald raised their price objective on Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Piper Sandler reaffirmed an “overweight” rating and issued a $22.00 price objective (up from $20.00) on shares of Freshworks in a research note on Wednesday, April 30th. UBS Group dropped their price objective on Freshworks from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Barclays raised their price objective on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Finally, Morgan Stanley raised their price objective on Freshworks from $14.00 to $18.00 and gave the company an “equal weight” rating in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and a consensus price target of $20.21.

Freshworks Stock Performance

Freshworks stock opened at $15.49 on Monday. The stock has a fifty day moving average of $14.12 and a two-hundred day moving average of $15.70. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of -48.41 and a beta of 0.97. Freshworks Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $19.77.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.05. The company had revenue of $196.27 million during the quarter, compared to the consensus estimate of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. Freshworks’s revenue was up 18.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.10 earnings per share. On average, analysts forecast that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Insider Activity

In other news, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction on Friday, May 9th. The stock was sold at an average price of $14.75, for a total value of $92,969.25. Following the completion of the sale, the director now owns 169,586 shares of the company’s stock, valued at $2,501,393.50. The trade was a 3.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Johanna Flower sold 1,450 shares of Freshworks stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $18.01, for a total value of $26,114.50. Following the completion of the sale, the director now directly owns 41,491 shares of the company’s stock, valued at approximately $747,252.91. This represents a 3.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 40,871 shares of company stock valued at $629,278 over the last quarter. Company insiders own 19.15% of the company’s stock.

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.