Freshworks Inc. (NASDAQ:FRSH) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC increased its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 9.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,429,366 shares of the company’s stock after purchasing an additional 293,266 shares during the quarter. Renaissance Technologies LLC’s holdings in Freshworks were worth $55,453,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Freshworks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company’s stock valued at $405,283,000 after buying an additional 1,357,526 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after buying an additional 1,752,995 shares in the last quarter. State Street Corp grew its stake in shares of Freshworks by 7.1% in the third quarter. State Street Corp now owns 4,729,093 shares of the company’s stock valued at $54,290,000 after buying an additional 313,982 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Freshworks by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,673,600 shares of the company’s stock valued at $75,588,000 after buying an additional 79,388 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock valued at $44,934,000 after buying an additional 604,658 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FRSH. Scotiabank increased their target price on Freshworks from $17.00 to $19.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Jefferies Financial Group reduced their price target on Freshworks from $22.00 to $20.00 and set a “hold” rating for the company in a report on Monday, March 31st. StockNews.com raised Freshworks from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Barclays increased their price target on Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Finally, Morgan Stanley increased their price target on Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Freshworks has a consensus rating of “Moderate Buy” and a consensus target price of $20.79.

Freshworks Trading Up 9.4 %

Shares of NASDAQ FRSH opened at $13.22 on Thursday. The company has a market cap of $3.99 billion, a price-to-earnings ratio of -41.31 and a beta of 0.98. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The stock’s 50 day simple moving average is $15.88 and its 200 day simple moving average is $15.18.

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

Insider Buying and Selling

In other news, Director Johanna Flower sold 21,400 shares of Freshworks stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total transaction of $385,200.00. Following the transaction, the director now directly owns 41,491 shares in the company, valued at approximately $746,838. This trade represents a 34.03 % decrease in their position. The sale 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 on Friday, January 10th. The shares were sold at an average price of $15.49, for a total value of $72,570.65. Following the transaction, the director now owns 37,286 shares in the company, valued at approximately $577,560.14. This trade represents a 11.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,262 shares of company stock valued at $955,812. 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.