Oak Harvest Investment Services Raises Holdings in Freshworks Inc. $FRSH

Oak Harvest Investment Services grew its position in Freshworks Inc. (NASDAQ:FRSH) by 174.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 205,630 shares of the company’s stock after purchasing an additional 130,630 shares during the quarter. Oak Harvest Investment Services owned approximately 0.07% of Freshworks worth $3,066,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FRSH. Envestnet Asset Management Inc. increased its stake in Freshworks by 267.7% in the first quarter. Envestnet Asset Management Inc. now owns 82,502 shares of the company’s stock valued at $1,164,000 after purchasing an additional 60,063 shares during the last quarter. Cerity Partners LLC acquired a new position in shares of Freshworks in the 1st quarter valued at $270,000. Xponance Inc. grew its position in shares of Freshworks by 5.1% in the 1st quarter. Xponance Inc. now owns 15,605 shares of the company’s stock valued at $220,000 after buying an additional 758 shares during the last quarter. Arizona State Retirement System grew its position in shares of Freshworks by 3.3% in the 1st quarter. Arizona State Retirement System now owns 53,432 shares of the company’s stock valued at $754,000 after buying an additional 1,728 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in Freshworks by 75.8% during the 1st quarter. New York State Common Retirement Fund now owns 489,511 shares of the company’s stock worth $6,907,000 after acquiring an additional 211,102 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Stock Performance

Shares of FRSH stock opened at $11.91 on Friday. The stock has a fifty day moving average price of $11.79 and a 200 day moving average price of $13.48. The stock has a market cap of $3.47 billion, a PE ratio of -119.09 and a beta of 0.90. Freshworks Inc. has a 1 year low of $10.51 and a 1 year high of $19.77.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. The company had revenue of $204.68 million for the quarter. Freshworks had a negative net margin of 3.65% and a negative return on equity of 0.37%. As a group, equities research analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current year.

Insider Transactions at Freshworks

In other news, Director Jennifer H. Taylor sold 4,685 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $12.96, for a total transaction of $60,717.60. Following the completion of the transaction, the director owned 44,218 shares of the company’s stock, valued at $573,065.28. This represents a 9.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mika Yamamoto sold 4,289 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $13.18, for a total transaction of $56,529.02. Following the transaction, the insider directly owned 533,993 shares in the company, valued at approximately $7,038,027.74. This represents a 0.80% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 23,138 shares of company stock valued at $300,202. Corporate insiders own 11.17% of the company’s stock.

Wall Street Analysts Forecast Growth

FRSH has been the subject of a number of research reports. Morgan Stanley reduced their price objective on Freshworks from $18.00 to $16.00 and set an “equal weight” rating for the company in a research note on Friday, September 12th. Robert W. Baird decreased their price target on shares of Freshworks from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, September 15th. JMP Securities restated a “market outperform” rating and issued a $27.00 price objective on shares of Freshworks in a research note on Friday, September 12th. Zacks Research downgraded shares of Freshworks from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Finally, Canaccord Genuity Group lowered their price target on Freshworks from $23.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $19.38.

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.