Raymond James Financial Inc. Buys New Stake in Freshworks Inc. (NASDAQ:FRSH)

Raymond James Financial Inc. bought a new stake in Freshworks Inc. (NASDAQ:FRSH) during the 4th quarter, Holdings Channel reports. The institutional investor bought 1,278,030 shares of the company’s stock, valued at approximately $20,666,000.

Other large investors have also recently bought and sold shares of the company. Smith Group Asset Management LLC purchased a new position in Freshworks in the fourth quarter valued at $589,000. Quantbot Technologies LP boosted its stake in Freshworks by 80.1% in the third quarter. Quantbot Technologies LP now owns 426,432 shares of the company’s stock valued at $4,895,000 after acquiring an additional 189,616 shares in the last quarter. Barclays PLC boosted its stake in Freshworks by 33.4% in the third quarter. Barclays PLC now owns 337,621 shares of the company’s stock valued at $3,875,000 after acquiring an additional 84,568 shares in the last quarter. Edgestream Partners L.P. acquired a new position in Freshworks in the third quarter valued at $1,193,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Freshworks by 806.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,146 shares of the company’s stock valued at $2,699,000 after acquiring an additional 209,194 shares in the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Barclays upped their price objective on shares of Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Wells Fargo & Company downgraded shares of Freshworks from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $16.00 to $13.00 in a research note on Tuesday, January 21st. Scotiabank increased their target price on shares of Freshworks from $17.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. StockNews.com upgraded shares of Freshworks from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Finally, Canaccord Genuity Group increased their target price on shares of Freshworks from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Freshworks presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.14.

Freshworks Trading Up 3.7 %

Shares of Freshworks stock opened at $14.88 on Monday. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The stock has a market cap of $4.49 billion, a PE ratio of -46.50 and a beta of 0.92. The company has a 50-day moving average of $17.10 and a two-hundred day moving average of $14.83.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. On average, sell-side analysts forecast that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Insider Transactions at Freshworks

In other news, Director Johanna Flower sold 21,400 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $18.00, for a total transaction of $385,200.00. Following the completion of the transaction, the director now directly owns 41,491 shares of the company’s stock, valued at $746,838. This trade represents a 34.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the transaction, the chairman now directly owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,735,263 shares of company stock valued at $27,361,209 in the last ninety days. Corporate insiders own 19.15% of the company’s stock.

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.