International Assets Investment Management LLC Invests $58,000 in Freshworks Inc. (NASDAQ:FRSH)

International Assets Investment Management LLC bought a new stake in Freshworks Inc. (NASDAQ:FRSH) in the second quarter, Holdings Channel.com reports. The institutional investor bought 4,546 shares of the company’s stock, valued at approximately $58,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital International Investors acquired a new stake in Freshworks in the first quarter valued at approximately $59,311,000. Clearbridge Investments LLC increased its stake in Freshworks by 107.4% during the 1st quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock valued at $73,764,000 after purchasing an additional 2,097,280 shares in the last quarter. Norges Bank bought a new position in shares of Freshworks in the fourth quarter valued at $44,919,000. Vanguard Group Inc. lifted its stake in shares of Freshworks by 6.8% in the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after buying an additional 1,354,530 shares in the last quarter. Finally, Stanley Laman Group Ltd. acquired a new position in shares of Freshworks during the second quarter valued at about $9,133,000. 75.58% of the stock is owned by institutional investors.

Freshworks Stock Up 0.2 %

Shares of FRSH stock opened at $11.55 on Thursday. The firm has a market cap of $3.45 billion, a P/E ratio of -28.88 and a beta of 0.74. The company has a 50 day moving average of $12.27 and a 200-day moving average of $14.89. Freshworks Inc. has a 12-month low of $10.96 and a 12-month high of $24.98.

Freshworks (NASDAQ:FRSH) last released its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The business had revenue of $174.13 million during the quarter, compared to the consensus estimate of $169.05 million. During the same period last year, the business posted ($0.12) earnings per share. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. As a group, equities analysts expect that Freshworks Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at Freshworks

In other news, Director Zachary Nelson sold 8,442 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total value of $97,927.20. Following the sale, the director now owns 22,530 shares of the company’s stock, valued at $261,348. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Zachary Nelson sold 8,442 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $11.60, for a total value of $97,927.20. Following the completion of the transaction, the director now directly owns 22,530 shares of the company’s stock, valued at $261,348. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $11.22, for a total value of $70,719.66. Following the sale, the director now owns 223,106 shares in the company, valued at $2,503,249.32. The disclosure for this sale can be found here. Insiders have sold a total of 46,694 shares of company stock valued at $554,318 over the last three months. 19.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. StockNews.com downgraded Freshworks from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. Piper Sandler decreased their price target on Freshworks from $22.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Freshworks in a research report on Wednesday, July 31st. Cantor Fitzgerald dropped their price objective on Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group lowered their target price on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.40.

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.