Cary Street Partners Financial LLC Makes New $233,000 Investment in Freshworks Inc. (NASDAQ:FRSH)

Cary Street Partners Financial LLC bought a new stake in Freshworks Inc. (NASDAQ:FRSH) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 14,425 shares of the company’s stock, valued at approximately $233,000.

Several other large investors have also made changes to their positions in FRSH. Smith Group Asset Management LLC acquired a new position in Freshworks in the fourth quarter valued at about $589,000. Barclays PLC boosted its holdings in shares of Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after acquiring an additional 84,568 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Freshworks during the 4th quarter worth approximately $20,666,000. Lisanti Capital Growth LLC acquired a new stake in Freshworks during the 4th quarter valued at $2,290,000. Finally, Ceera Investments LLC raised its position 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 during the last quarter. Institutional investors own 75.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Cantor Fitzgerald raised their target price on Freshworks from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. UBS Group reduced their target price on shares of Freshworks from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Freshworks in a research note on Monday, March 17th. Robert W. Baird set a $18.00 price target on Freshworks in a research note on Wednesday, February 12th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $22.00 price objective (up from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $20.21.

Insider Transactions at Freshworks

In other news, insider Mika Yamamoto sold 2,859 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.74, for a total transaction of $47,859.66. Following the completion of the transaction, the insider now directly owns 615,893 shares of the company’s stock, valued at $10,310,048.82. This represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Johanna Flower sold 1,450 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $18.01, for a total value of $26,114.50. Following the transaction, 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 29,883 shares of company stock valued at $464,113 over the last quarter. Corporate insiders own 19.15% of the company’s stock.

Freshworks Stock Down 1.2 %

FRSH opened at $14.56 on Friday. The stock has a market cap of $4.30 billion, a P/E ratio of -45.50 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 company has a fifty day simple moving average of $14.12 and a 200 day simple moving average of $15.54.

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