SG Americas Securities LLC Invests $260,000 in Freshworks Inc. (NASDAQ:FRSH)

SG Americas Securities LLC acquired a new stake in Freshworks Inc. (NASDAQ:FRSH) during the third quarter, Holdings Channel.com reports. The fund acquired 22,634 shares of the company’s stock, valued at approximately $260,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Quarry LP grew its stake in shares of Freshworks by 157.6% during the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after buying an additional 2,645 shares during the last quarter. Clearline Capital LP acquired a new position in Freshworks in the second quarter valued at $916,000. Algert Global LLC acquired a new position in Freshworks in the second quarter valued at $1,285,000. The Manufacturers Life Insurance Company raised its holdings in shares of Freshworks by 17.5% during the second quarter. The Manufacturers Life Insurance Company now owns 116,545 shares of the company’s stock valued at $1,479,000 after purchasing an additional 17,325 shares during the period. Finally, AQR Capital Management LLC raised its holdings in shares of Freshworks by 27.4% during the second quarter. AQR Capital Management LLC now owns 400,992 shares of the company’s stock valued at $5,089,000 after purchasing an additional 86,280 shares during the period. 75.58% of the stock is owned by institutional investors.

Insider Activity at Freshworks

In related news, Director Jennifer H. Taylor sold 4,690 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $11.23, for a total transaction of $52,668.70. Following the sale, the director now directly owns 35,853 shares in the company, valued at approximately $402,629.19. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Freshworks news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $11.04, for a total value of $93,199.68. Following the sale, the director now directly owns 23,497 shares in the company, valued at $259,406.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $11.23, for a total transaction of $52,668.70. Following the completion of the sale, the director now owns 35,853 shares in the company, valued at $402,629.19. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 47,245 shares of company stock worth $533,811. 19.15% of the stock is owned by corporate insiders.

Freshworks Stock Up 0.2 %

FRSH opened at $11.30 on Monday. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -28.25 and a beta of 0.73. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $24.98. The company’s 50-day moving average price is $11.40 and its two-hundred day moving average price is $13.12.

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on FRSH shares. JPMorgan Chase & Co. dropped their price objective on shares of Freshworks from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Jefferies Financial Group dropped their price objective on shares of Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Cantor Fitzgerald dropped their price objective on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Freshworks in a report on Wednesday, July 31st. Finally, Scotiabank dropped their price objective on shares of Freshworks from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.86.

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.