VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Freshworks Inc. $FRSH

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Freshworks Inc. (NASDAQ:FRSH) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 83,075 shares of the company’s stock, valued at approximately $1,239,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Allianz Asset Management GmbH grew its position in Freshworks by 54.6% in the second quarter. Allianz Asset Management GmbH now owns 388,393 shares of the company’s stock worth $5,791,000 after buying an additional 137,122 shares during the last quarter. Bayforest Capital Ltd grew its position in Freshworks by 6.9% in the second quarter. Bayforest Capital Ltd now owns 43,202 shares of the company’s stock worth $644,000 after buying an additional 2,805 shares during the last quarter. Verdence Capital Advisors LLC grew its position in Freshworks by 7.4% in the second quarter. Verdence Capital Advisors LLC now owns 15,547 shares of the company’s stock worth $232,000 after buying an additional 1,070 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Freshworks by 92.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 37,578 shares of the company’s stock worth $560,000 after buying an additional 18,012 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its position in Freshworks by 11.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,694 shares of the company’s stock worth $174,000 after purchasing an additional 1,160 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Stock Up 0.3%

Freshworks stock opened at $11.42 on Friday. The company’s fifty day simple moving average is $12.41 and its 200-day simple moving average is $13.63. Freshworks Inc. has a 12 month low of $10.76 and a 12 month high of $19.77. The stock has a market cap of $3.33 billion, a P/E ratio of -63.44 and a beta of 0.91.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Thursday, September 11th. The company reported $0.18 EPS for the quarter. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The business had revenue of $204.68 million for the quarter. On average, equities research analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In related news, CAO Philippa Lawrence sold 2,590 shares of Freshworks stock in a transaction on Monday, September 15th. The shares were sold at an average price of $12.53, for a total value of $32,452.70. Following the completion of the sale, the chief accounting officer owned 415,949 shares of the company’s stock, valued at approximately $5,211,840.97. The trade was a 0.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $12.96, for a total transaction of $60,717.60. Following the completion of the sale, the director directly owned 44,218 shares of the company’s stock, valued at approximately $573,065.28. The trade was a 9.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 41,329 shares of company stock worth $534,620 in the last 90 days. 11.17% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FRSH shares. JMP Securities reiterated a “market outperform” rating and set a $27.00 price objective on shares of Freshworks in a research report on Friday, September 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Freshworks in a research report on Wednesday, October 8th. Zacks Research upgraded shares of Freshworks from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 29th. Piper Sandler lifted their price objective on shares of Freshworks from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. Finally, Wall Street Zen cut shares of Freshworks from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 23rd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $20.07.

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.