AQR Capital Management LLC Grows Position in Freshworks Inc. (NASDAQ:FRSH)

AQR Capital Management LLC raised its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 27.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 400,992 shares of the company’s stock after purchasing an additional 86,280 shares during the quarter. AQR Capital Management LLC owned about 0.13% of Freshworks worth $5,089,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Board of Trustees of The Leland Stanford Junior University increased its position in shares of Freshworks by 1.9% in the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after acquiring an additional 638 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Freshworks by 34.2% in the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock valued at $54,000 after purchasing an additional 757 shares during the period. California State Teachers Retirement System raised its stake in shares of Freshworks by 0.5% in the first quarter. California State Teachers Retirement System now owns 161,706 shares of the company’s stock worth $2,945,000 after purchasing an additional 831 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Freshworks by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after purchasing an additional 1,160 shares during the period. Finally, Amalgamated Bank boosted its position in Freshworks by 29.1% in the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after buying an additional 1,588 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Insider Buying and Selling

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total transaction of $57,531.80. Following the sale, the director now owns 35,853 shares of the company’s stock, valued at $440,274.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction that occurred 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 sale, the director now owns 22,530 shares of the company’s stock, valued at approximately $261,348. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total value of $57,531.80. Following the transaction, the director now owns 35,853 shares in the company, valued at approximately $440,274.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,240 shares of company stock worth $539,472. 19.15% of the stock is owned by corporate insiders.

Freshworks Stock Up 3.3 %

FRSH opened at $11.24 on Friday. The firm’s fifty day simple moving average is $11.52 and its two-hundred day simple moving average is $13.67. Freshworks Inc. has a 52-week low of $10.84 and a 52-week high of $24.98. The company has a market cap of $3.36 billion, a price-to-earnings ratio of -28.10 and a beta of 0.73.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $174.13 million for the quarter, compared to analysts’ expectations of $169.05 million. During the same period in the previous year, the firm posted ($0.12) EPS. Freshworks’s revenue was up 20.0% compared to the same quarter last year. On average, research analysts forecast that Freshworks Inc. will post -0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

FRSH has been the subject of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and set a $20.00 price target on shares of Freshworks in a research report on Wednesday, July 31st. StockNews.com downgraded shares of Freshworks from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Jefferies Financial Group cut their price target on Freshworks from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Barclays lowered their target price on Freshworks from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Finally, Piper Sandler dropped their target price on Freshworks from $22.00 to $17.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.69.

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.