Xponance Inc. Takes $164,000 Position in Freshworks Inc. (NASDAQ:FRSH)

Xponance Inc. purchased a new stake in Freshworks Inc. (NASDAQ:FRSH) in the 2nd quarter, Holdings Channel reports. The fund purchased 12,888 shares of the company’s stock, valued at approximately $164,000.

Several other hedge funds have also modified their holdings of FRSH. CIBC Private Wealth Group LLC lifted its holdings in shares of Freshworks by 5.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 436,487 shares of the company’s stock valued at $10,253,000 after buying an additional 23,428 shares during the period. Hel Ved Capital Management Ltd acquired a new stake in shares of Freshworks in the 4th quarter valued at approximately $482,000. Board of Trustees of The Leland Stanford Junior University raised its holdings in Freshworks by 1.9% during the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock worth $823,000 after purchasing an additional 638 shares during the last quarter. FACT Capital LP raised its holdings in Freshworks by 9.3% during the fourth quarter. FACT Capital LP now owns 764,373 shares of the company’s stock worth $17,955,000 after purchasing an additional 64,957 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Freshworks by 6.9% during the fourth quarter. Vanguard Group Inc. now owns 19,816,514 shares of the company’s stock worth $465,490,000 after purchasing an additional 1,285,713 shares during the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FRSH. StockNews.com cut Freshworks from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Scotiabank reduced their price objective on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday, July 31st. Cantor Fitzgerald reduced their price objective on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Freshworks in a report on Wednesday, July 31st. Finally, Jefferies Financial Group reduced their price objective on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.69.

Freshworks Stock Down 1.7 %

Shares of NASDAQ:FRSH opened at $11.01 on Thursday. The company has a market cap of $3.29 billion, a P/E ratio of -27.53 and a beta of 0.73. Freshworks Inc. has a 52 week low of $10.89 and a 52 week high of $24.98. The business has a fifty day simple moving average of $11.65 and a 200-day simple moving average of $13.75.

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

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total transaction of $57,531.80. Following the completion of the sale, the director now directly owns 35,853 shares in the company, valued at $440,274.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total transaction of $57,531.80. Following the completion of the sale, the director now directly owns 35,853 shares in the company, valued at $440,274.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Zachary Nelson sold 8,442 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $11.04, for a total value of $93,199.68. Following the sale, the director now owns 23,497 shares of the company’s stock, valued at $259,406.88. The disclosure for this sale can be found here. Insiders sold 47,240 shares of company stock worth $539,472 over the last three months. 19.15% of the stock is owned by insiders.

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.