Freshworks Inc. $FRSH Position Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its position in Freshworks Inc. (NASDAQ:FRSH) by 0.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,353,554 shares of the company’s stock after purchasing an additional 5,854 shares during the period. JPMorgan Chase & Co.’s holdings in Freshworks were worth $79,821,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its position in shares of Freshworks by 34.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 110,654 shares of the company’s stock valued at $1,650,000 after acquiring an additional 28,152 shares in the last quarter. Geode Capital Management LLC increased its stake in Freshworks by 1.6% during the second quarter. Geode Capital Management LLC now owns 4,856,163 shares of the company’s stock valued at $72,414,000 after purchasing an additional 75,688 shares during the last quarter. Inlight Wealth Management LLC bought a new stake in Freshworks during the second quarter valued at $1,773,000. Pier 88 Investment Partners LLC raised its holdings in shares of Freshworks by 68.6% during the second quarter. Pier 88 Investment Partners LLC now owns 80,680 shares of the company’s stock worth $1,203,000 after purchasing an additional 32,830 shares during the period. Finally, Thoroughbred Financial Services LLC bought a new position in shares of Freshworks in the 2nd quarter worth about $1,080,000. Institutional investors and hedge funds own 75.58% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FRSH shares. Piper Sandler dropped their price objective on shares of Freshworks from $25.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, November 7th. Wells Fargo & Company began coverage on Freshworks in a research report on Tuesday, September 30th. They set an “equal weight” rating and a $13.00 price target on the stock. JMP Securities reissued a “market outperform” rating and issued a $27.00 price target on shares of Freshworks in a report on Friday, September 12th. Robert W. Baird lowered their price objective on Freshworks from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, September 15th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $25.00 target price on shares of Freshworks in a research note on Friday, September 12th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $19.23.

Freshworks Price Performance

Shares of FRSH stock opened at $12.14 on Friday. Freshworks Inc. has a 12-month low of $10.51 and a 12-month high of $19.77. The firm has a market capitalization of $3.42 billion, a price-to-earnings ratio of -121.39 and a beta of 0.90. The business has a 50 day simple moving average of $11.59 and a 200 day simple moving average of $13.28.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. Freshworks had a negative return on equity of 0.37% and a negative net margin of 3.65%.The company had revenue of $204.68 million during the quarter. On average, equities analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Insider Transactions at Freshworks

In related news, insider Tyler Sloat purchased 171,615 shares of Freshworks stock in a transaction dated Tuesday, November 11th. The stock was bought at an average cost of $11.62 per share, with a total value of $1,994,166.30. Following the purchase, the insider owned 1,149,244 shares in the company, valued at approximately $13,354,215.28. The trade was a 17.55% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $13.14, for a total transaction of $110,809.62. Following the transaction, the director owned 38,870 shares in the company, valued at $510,751.80. This represents a 17.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 23,782 shares of company stock worth $307,963 over the last ninety days. Insiders own 11.17% of the company’s stock.

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.