Magnetar Financial LLC Purchases 22,429 Shares of Freshworks Inc. (NASDAQ:FRSH)

Magnetar Financial LLC increased its position in Freshworks Inc. (NASDAQ:FRSH) by 173.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,324 shares of the company’s stock after acquiring an additional 22,429 shares during the period. Magnetar Financial LLC’s holdings in Freshworks were worth $571,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Blue Trust Inc. grew its holdings in shares of Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock worth $63,000 after acquiring an additional 954 shares during the period. Versor Investments LP grew its holdings in Freshworks by 3.0% during the fourth quarter. Versor Investments LP now owns 34,400 shares of the company’s stock valued at $556,000 after purchasing an additional 1,000 shares during the period. Arizona State Retirement System grew its holdings in Freshworks by 2.2% during the fourth quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock valued at $836,000 after purchasing an additional 1,103 shares during the period. Xponance Inc. grew its holdings in Freshworks by 10.2% during the fourth quarter. Xponance Inc. now owns 14,847 shares of the company’s stock valued at $240,000 after purchasing an additional 1,369 shares during the period. Finally, Avion Wealth bought a new stake in Freshworks during the fourth quarter valued at about $26,000. Institutional investors own 75.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FRSH. UBS Group set a $22.00 price target on Freshworks in a report on Thursday, February 6th. StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Wells Fargo & Company downgraded Freshworks from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $16.00 to $13.00 in a research report on Tuesday, January 21st. Scotiabank boosted their price objective on Freshworks from $17.00 to $19.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Finally, Morgan Stanley boosted their price objective on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and a consensus target price of $21.14.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.72, for a total transaction of $140,999.76. Following the sale, the director now directly owns 24,187 shares in the company, valued at $404,406.64. This represents a 25.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Johanna Flower sold 1,450 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $18.01, for a total value of $26,114.50. Following the sale, the director now owns 41,491 shares in the company, valued at approximately $747,252.91. This trade represents a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 62,200 shares of company stock worth $1,073,021 over the last ninety days. Company insiders own 19.15% of the company’s stock.

Freshworks Trading Up 1.6 %

NASDAQ:FRSH opened at $15.54 on Friday. The company has a market capitalization of $4.69 billion, a P/E ratio of -48.56 and a beta of 0.92. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The business’s 50-day moving average is $17.02 and its 200 day moving average is $14.91.

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

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.