Federated Hermes Inc. Acquires 75,307 Shares of Freshworks Inc. (NASDAQ:FRSH)

Federated Hermes Inc. boosted its holdings in Freshworks Inc. (NASDAQ:FRSH) by 16.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 545,922 shares of the company’s stock after acquiring an additional 75,307 shares during the quarter. Federated Hermes Inc. owned 0.18% of Freshworks worth $12,824,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Freshworks by 14.6% in the 3rd quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after acquiring an additional 2,363,550 shares in the last quarter. FMR LLC increased its stake in Freshworks by 76.5% in the 3rd quarter. FMR LLC now owns 2,222,907 shares of the company’s stock valued at $44,280,000 after buying an additional 963,426 shares during the last quarter. Clearbridge Investments LLC increased its stake in Freshworks by 20.9% in the 3rd quarter. Clearbridge Investments LLC now owns 1,803,628 shares of the company’s stock valued at $35,928,000 after buying an additional 312,253 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in Freshworks in the 3rd quarter valued at about $34,644,000. Finally, Northern Trust Corp increased its stake in Freshworks by 4.0% in the 3rd quarter. Northern Trust Corp now owns 1,637,507 shares of the company’s stock valued at $32,619,000 after buying an additional 63,726 shares during the last quarter. Institutional investors own 75.58% of the company’s stock.

Insiders Place Their Bets

In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the sale, the director now directly owns 88,431 shares of the company’s stock, valued at $1,904,803.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Freshworks news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.44, for a total value of $8,792,245.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the completion of the transaction, the director now owns 88,431 shares in the company, valued at approximately $1,904,803.74. The disclosure for this sale can be found here. Insiders sold 460,792 shares of company stock valued at $9,408,403 over the last three months. Insiders own 26.66% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FRSH shares. Morgan Stanley decreased their price objective on shares of Freshworks from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Cantor Fitzgerald restated an “overweight” rating and set a $25.00 price target on shares of Freshworks in a research note on Wednesday, February 7th. Piper Sandler raised their price target on shares of Freshworks from $24.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Needham & Company LLC raised their price target on shares of Freshworks from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, December 28th. Finally, Wolfe Research upgraded shares of Freshworks from a “peer perform” rating to an “outperform” rating and set a $27.00 price target for the company in a research note on Tuesday, February 20th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Freshworks currently has an average rating of “Moderate Buy” and a consensus target price of $25.29.

Freshworks Stock Performance

NASDAQ FRSH opened at $18.35 on Wednesday. The company has a market capitalization of $5.47 billion, a P/E ratio of -39.04 and a beta of 0.90. The company has a fifty day moving average of $18.87 and a 200-day moving average of $20.06. Freshworks Inc. has a 52-week low of $12.22 and a 52-week high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.04. The business had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative net margin of 23.04% and a negative return on equity of 12.55%. As a group, analysts forecast that Freshworks Inc. will post -0.37 EPS for the current fiscal 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.