22,910 Shares in Freshworks Inc. (NASDAQ:FRSH) Acquired by PharVision Advisers LLC

PharVision Advisers LLC bought a new position in Freshworks Inc. (NASDAQ:FRSH) in the fourth quarter, HoldingsChannel.com reports. The fund bought 22,910 shares of the company’s stock, valued at approximately $370,000.

Other hedge funds have also added to or reduced their stakes in the company. Smith Group Asset Management LLC bought a new stake in shares of Freshworks in the fourth quarter worth $589,000. Barclays PLC lifted its holdings in Freshworks by 33.4% in the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after acquiring an additional 84,568 shares during the period. Raymond James Financial Inc. purchased a new position in Freshworks in the fourth quarter worth about $20,666,000. Lisanti Capital Growth LLC bought a new stake in shares of Freshworks during the 4th quarter valued at about $2,290,000. Finally, Ceera Investments LLC increased its position in shares of Freshworks by 1,261.7% during 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 during the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Freshworks Price Performance

FRSH stock opened at $14.74 on Wednesday. The company has a market capitalization of $4.35 billion, a P/E ratio of -46.06 and a beta of 0.97. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The firm’s fifty day simple moving average is $14.13 and its 200-day simple moving average is $15.71.

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

Insider Buying and Selling

In other news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $15.41, for a total value of $72,195.85. Following the completion of the sale, the director now directly owns 37,895 shares in the company, valued at $583,961.95. This represents a 11.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Johanna Flower sold 1,450 shares of the company’s 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 owns 41,491 shares of the company’s stock, valued at approximately $747,252.91. The trade was a 3.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 40,871 shares of company stock worth $629,278 in the last 90 days. Insiders own 11.17% of the company’s stock.

Wall Street Analysts Forecast Growth

FRSH has been the topic of a number of research reports. Morgan Stanley raised their price objective on shares of Freshworks from $14.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, May 1st. Piper Sandler reiterated an “overweight” rating and set a $22.00 price target (up previously from $20.00) on shares of Freshworks in a research note on Wednesday, April 30th. JMP Securities restated a “market outperform” rating and issued a $27.00 price objective on shares of Freshworks in a research note on Wednesday, April 30th. Barclays lifted their target price on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. Finally, StockNews.com upgraded Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.21.

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.