Charles Schwab Investment Management Inc. Grows Holdings in Freshworks Inc. (NASDAQ:FRSH)
Charles Schwab Investment Management Inc. increased its position in Freshworks Inc. (NASDAQ:FRSH – Free Report) by 49.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,240,578 shares of the company’s stock after acquiring an additional 413,115 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.43% of Freshworks worth $21,809,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FRSH. C M Bidwell & Associates Ltd. purchased a new stake in Freshworks during the 1st quarter valued at approximately $35,000. UBS Group AG grew its holdings in Freshworks by 117.5% during the 3rd quarter. UBS Group AG now owns 3,574 shares of the company’s stock valued at $46,000 after buying an additional 1,931 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Freshworks during the 1st quarter valued at approximately $59,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Freshworks during the 2nd quarter valued at approximately $65,000. Finally, Counterpoint Mutual Funds LLC purchased a new stake in Freshworks during the 2nd quarter valued at approximately $93,000. 57.35% of the stock is owned by hedge funds and other institutional investors.
Freshworks Price Performance
FRSH opened at $21.21 on Friday. The business’s 50-day moving average is $18.66 and its two-hundred day moving average is $18.57. Freshworks Inc. has a 1 year low of $12.22 and a 1 year high of $23.80. The firm has a market capitalization of $6.26 billion, a PE ratio of -37.21 and a beta of 0.92.
Freshworks (NASDAQ:FRSH – Get Free Report) last posted its earnings results on Tuesday, October 31st. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.03. Freshworks had a negative return on equity of 15.12% and a negative net margin of 28.94%. The company had revenue of $153.55 million for the quarter, compared to analyst estimates of $150.37 million. As a group, sell-side analysts expect that Freshworks Inc. will post -0.49 EPS for the current year.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the stock. Jefferies Financial Group increased their price objective on shares of Freshworks from $23.00 to $24.00 and gave the company a “hold” rating in a report on Monday, September 11th. Piper Sandler reiterated an “overweight” rating and set a $24.00 target price on shares of Freshworks in a research report on Wednesday, November 1st. Robert W. Baird increased their target price on Freshworks from $24.00 to $28.00 and gave the company an “outperform” rating in a research report on Friday, September 8th. Morgan Stanley lowered their target price on Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 1st. Finally, Credit Suisse Group increased their target price on Freshworks from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, September 8th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.76.
Check Out Our Latest Report on Freshworks
Insider Buying and Selling at Freshworks
In other Freshworks news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $22.23, for a total value of $187,465.59. Following the transaction, the director now owns 14,924 shares in the company, valued at $331,760.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $22.07, for a total value of $139,107.21. Following the completion of the sale, the director now owns 118,534 shares of the company’s stock, valued at $2,616,045.38. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $22.23, for a total value of $187,465.59. Following the completion of the sale, the director now directly owns 14,924 shares of the company’s stock, valued at approximately $331,760.52. The disclosure for this sale can be found here. Insiders have sold 1,490,746 shares of company stock worth $30,598,990 over the last quarter. Insiders own 26.66% of the company’s stock.
Freshworks Profile (Free Report)
Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. It offers Freshdesk Support Desk that enables businesses to delight their customers at every service engagement touchpoint across traditional channels, including email, and modern channels, such as messaging and social media; Freshdesk Contact Center that offers agents with cloud-based telephony system to connect with customers that supports complex call-flows, number and call management, IVR, and routing needs, as well as live dashboard and reports; and Freshdesk Customer Success, which helps customer success managers at business to business (B2B) subscription companies.
See Also
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