EP Wealth Advisors LLC Makes New Investment in Freshworks Inc. (NASDAQ:FRSH)

EP Wealth Advisors LLC bought a new position in Freshworks Inc. (NASDAQ:FRSH) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 16,706 shares of the company’s stock, valued at approximately $270,000.

A number of other large investors have also added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in 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 purchasing an additional 954 shares in the last quarter. Versor Investments LP grew its stake in shares of Freshworks by 3.0% during the fourth quarter. Versor Investments LP now owns 34,400 shares of the company’s stock worth $556,000 after acquiring an additional 1,000 shares during the last quarter. Covestor Ltd grew its stake in shares of Freshworks by 30.2% during the fourth quarter. Covestor Ltd now owns 4,686 shares of the company’s stock worth $76,000 after acquiring an additional 1,087 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Freshworks by 2.2% during the fourth quarter. Arizona State Retirement System now owns 51,704 shares of the company’s stock worth $836,000 after acquiring an additional 1,103 shares during the last quarter. Finally, Xponance Inc. grew its stake in shares of Freshworks by 10.2% during the fourth quarter. Xponance Inc. now owns 14,847 shares of the company’s stock worth $240,000 after acquiring an additional 1,369 shares during the last quarter. 75.58% of the stock is currently owned by institutional investors.

Freshworks Trading Up 2.0%

Shares of NASDAQ:FRSH opened at $15.98 on Wednesday. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The company has a market capitalization of $4.71 billion, a PE ratio of -49.94 and a beta of 0.97. The business has a 50 day moving average of $14.10 and a two-hundred day moving average of $15.59.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.05. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The company had revenue of $196.27 million during the quarter, compared to the consensus estimate of $191.90 million. During the same period in the previous year, the company posted $0.10 earnings per share. Freshworks’s revenue for the quarter was up 18.9% on a year-over-year basis. Equities research analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Robert W. Baird set a $18.00 price target on Freshworks in a research note on Wednesday, February 12th. Cantor Fitzgerald boosted their price target on Freshworks from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. StockNews.com upgraded Freshworks from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. UBS Group dropped their price target on Freshworks from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. Finally, Piper Sandler restated an “overweight” rating and set a $22.00 price target (up previously from $20.00) on shares of Freshworks in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Freshworks has a consensus rating of “Moderate Buy” and an average price target of $20.21.

Insider Buying and Selling at Freshworks

In other news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $15.41, for a total transaction of $72,195.85. Following the completion of the transaction, the director now directly owns 37,895 shares of the company’s stock, valued at $583,961.95. This represents a 11.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through 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 stock was sold at an average price of $18.01, for a total value of $26,114.50. Following the transaction, the director now directly owns 41,491 shares of the company’s stock, valued at approximately $747,252.91. The trade was a 3.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,871 shares of company stock valued at $629,278. 19.15% of the stock is owned by company insiders.

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.